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.
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.