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LevFinLevFin High Yield Bonds

Merlin bonds enchant investors despite toothless covenants

rollercoster

Investors have piled into bonds to fund the buyout of UK theme park operator Merlin, despite the covenants on the unsecured debt being considered the worst ever. Meanwhile, the “net short” provision, designed to curb CDS investors, looks to have made it to the final documentation for the first time in a European deal.

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