HY covenants in line of fire as European issuance ramps up
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.
Can a company waive a change of control put with fewer than 90% of bondholders agreeing? Can pari passu debt be repaid from sale proceeds without a proportionate par redemption offer? Is the total amount of permitted debt basket clear?These questions are part of a seven-point ...
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