The Risk of Junk Upends Leverage

" Lenders are supposed to call the shots in the midst of a credit drought. But a few junk-rated borrowers have been flexing their muscles lately. Using the specter of about $460 billion of high-yield loans that mature from 2011 through 2014, they’ve gotten creditors to agree to change terms in ways that indicate that leverage has swung to the borrowers from the banks."