Investors are increasingly throwing their weight in the second-lien loan market as yields on first-lien term loans have contracted to their lowest level in more than a decade, Reuters reports.

According to a report published on April 13, second-lien loan volume reach $8.61 billion in the first quarter-- more than five times higher than the same period last year. Second-lien loan yields have shrunk at a slower pace than investments in first-lien debt, which were 4.5% in the first quarter, down from 6.54% a year earlier.

“The market is incredibly hot right now. In a thin market people tend to take on risk. Where do they go? To the credits they know, but further down the risk spectrum,” one investor told Reuters.

Read the report in its entirety here.