SINGAPORE (Sept 15): The private equity industry will continue to play a growing role in financial markets, fueled by low yields and investors’ willingness to forgo traditional risk protections, Michael Milken said.

“This is their golden age,” Milken, who helped pioneer the junk bond market at Drexel Burnham Lambert Inc., said Thursday in an interview with Bloomberg Television in Singapore. “You can leverage, you can borrow without covenants, and so for equity holders it affords you very unusual rates of return.”

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