Supply-demand dynamics – too much cash and too few deals – have pushed second-lien spreads down since the credit crisis. Average Spread of Middle Market Second-Lien Loans Source: S&P Capital IQ You may also likeBig GamePDI Picks – 3/12/2018Chart of the Week – Flex DriveLoan Stats at a Glance – 7/31/2023LevFin Insights: High-Yield Bond Statistics –...