HY covenants in line of fire as European issuance ramps up

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HY covenants in line of fire as European issuance ramps up

Euro fire FA 230
Close of businessman hand showing in palm glowing euro sign | adam121 - Fotolia

European high yield borrowers returned in force this week after a slow February, but so did issuer-friendly bond terms such as offshore listings and portability clauses. Investors have gone public with their growing fears that covenants are becoming looser.

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