Loans are yielding more than high-yield bonds for the first time amid recent "gyrations" in the credit market, according to Bank of America Corp.

Leveraged loans are yielding 9 percent after adjusting for fixed-rate differentials and floors on the London interbank offered rate, compared with 8.7 percent for U.S. high-yield bonds, Oleg Melentyev and Christopher Hays, New York-based Bank of America strategists, wrote in a Sept. 2 research report.

Loan yields have jumped on concern about a possible double-dip recession and the Federal Reserve's pledge to keep its benchmark rate at a record low through at least mid-2013, Melentyev said today in a telephone interview. Bonds typically yield 100 basis points to 150 basis points more than loans, he said. A basis point is 0.01 percentage point.

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