次貸危機
In July 2007, turmoil that had been affecting the [[Subprime mortgage crisis|mortgage markets]], spilled over into the [[leverage (finance)|leveraged finance]] and [[high-yield debt]] markets. The markets had been highly robust during the first six months of 2007, with highly issuer friendly developments including [[PIK loan|PIK and PIK Toggle]] (interest is ""P"ayable "I"n "K"ind") and [[Cov-lite|covenant light]] debt widely available to finance large leveraged buyouts. July and August saw a notable slowdown in issuance levels in the high yield and leveraged loan markets with only few issuers accessing the market. Uncertain market