In an investment landscape that has long been starved of yield – at least until the retreat of the past month – investors have embraced second-lien loans, which offer wider margins than either first-lien loans or even high-yield bonds. New-issue second-lien volume soared to $9.8 billion between April 1 and June 15 – the largest quarterly figure in six years – from $5.4 billion during the first quarter.