These PIK bonds seem a little binary to me.

Dealbook:

Fourth Apollo Company Flips Its PIK Toggle

According to The Financial Times, a fourth company owned by the private
equity giant has started paying interest on some of its debt by issuing
more notes, instead of paying cash. The decision by Momentive Performance Materials
is a reminder of the excesses of the buyout boom, which popularized the
so-called pay-in-kind toggle that allows a company to pile on debt
instead of paying it off

Nothing like leveraging up when the trend iagainst you. Sort of a heads I win, tails you lose deal for the borrower. I believe I am a seller only.