UPDATE: Stifel Nicolaus Initiates Buy on Apollo Senior Floating Rate Fund
Stifel Nicolaus initiated its coverage on Apollo Senior Floating Rate Fund (NYSE: AFT) with a Buy rating, based on the fact that senior loans are at the top of the company's capital stricture.
Stifel Nicolaus said, "Senior loans are at the top of a company's capital structure. This allows them to be repaid ahead of subordinated debt in the event of a default. Senior loans historically have had recovery rates of approximately 70% after a default."
Apollo Senior Floating Rate Fund closed at $18.73 on Friday.
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