Latest from Debt Explained
Tensions over junk bond covenants start to boil over
Asset managers worry safeguards are being eroded, leaving them more exposed to losses, according to the FT
The Chairman's View: What can we learn from high yield 2017?
The high yield market has kicked off with a bang again in 2018 but we have slight pause and a chance to reflect. For me it is an opportunity to turn my thoughts to what we can learn from 2017.
Cov Lite dominates in 2017
Debt Explained's 2017 Loan Market Review shows that cov lite officially prevailed as the most popular deal type at 52% of European leveraged loans in 2017, up from 37% in 2016.
Aggressive Terms in European High Yield 2017
European high-yield documentation continued the trend of erosion of investor covenant protection, increasingly complex ratio definitions and growing flexibility in such ratio calculations.
Ashurst stays on top with Market Maker
Leading international law firm Ashurst has a dedicated high yield team in London. The team prides itself on being able to offer client-led solutions across the range of funding packages. To enable it to stay on top of the market, the firm uses Debt Explained data.
The Chairman's View: The barricades have fallen on transfers - true or false?
The trade off used to be that as deal terms got looser (in favour of the sponsor/borrower) so did the restrictions on transferability (in favour of the lender). Whatever the reason, the general principle of free transferability during any event of default has gone without a noticeable fight.