High yield bonds are public securities. They're different from the loans we've been discussing. The first characteristic that makes them appealing is that they have longer maturities. This, of course, raises the credit risk and in turn the cost. Not anyone can issue a bond. Companies need to show some maturity and strong financial track records, a growth or earnings improvement story, cashflow to service the bonds, as well as the other debt. A public rating is needed and as they're securities and SEC filing is required. These two points make a bond issuance more onerous and costly. Lastly, to raise capital in the bond market in issuance size of at least a hundred million is necessary, but that would be the very minimum. The bond market offers several features in addition to the longer term. They're fixed rate. So in this case, refinancing risk is always an issue. Bonds are bullet instruments. They only require interest payments, usually semi-annual until the bond matures. This allows issuers to put their accumulated cash to good use to grow the company. The investor base is large and varied due to being a public security. This can be both good and bad depending on how the company is performing. The risk mitigation given to those investors through the covenant package is minimal. Bonds are the original covenant light debt with only incurrence protections that is limits on taking on additional debt. Bonds cannot typically be taken out or retired before a set number of years without paying exorbitant fees. Bonds can be structured to be senior or junior, secured or unsecured. Each choice impacting the cost.