təwˈɔːɹdz mˈɪd tˈuː θˈaʊzənd θˈɜːtiːn, pˌiːˌaɪkˈeɪ tˈɑːɡəl lˈoʊnz ɹᵻtˈɜːnd ɪn fˈoːɹs æz ðə hˈaɪjˈiːld bˈɑːnd mˈɑːɹkɪt ɪnðə juːnˈaɪɾᵻd stˈeɪts ænd, tə sˌʌm dᵻɡɹˈiː, jˈʊɹɹəp ʃˈɪftᵻd ˌɪntʊ hˈaɪ ɡˈɪɹ.
Towards mid-2013, PIK toggle loans returned in force as the high-yield bond market in the United States and, to some degree, Europe shifted into high gear.