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reviews the extent to which non-bank intermediation contributed to the rise of sovereign and corporate debt levels and … vulnerabilities, including leverage loans and collateralised loan obligations (CLOs), fixed-income investment funds, and bank …-based tools in non-bank credit intermediation to address vulnerabilities without undermining the benefits of market-based finance. …
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High-yield corporate and leveraged loans have grown substantially over the past decade. However, the COVID-19 pandemic means downside risks are rising alongside expectations of severe negative impacts on corporate earnings and economic growth. The proportion of leveraged corporate debt exposed...
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