European HY ducks latest US loose cov craze
While fund managers and issuers' law firms in the US go to war over protection covenants for high yield investors, European market participants are intent on dodging a similar conflict. But investor advisers say bond buyers should check the fine print in Europe, too.
On Tuesday, Goldman Sachs and Covenant Review, the boutique research company, held a conference call in the US to discuss problematic developments in debt covenants, which include "no premium on default" language.An argument in the US high yield market has raged since January 9, when ...
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