US loan covenants sink to weakest level on record
Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level.
Investor protections have slumped as investors pile into the loan market in search of yield, the report showed on Thursday.“Borrowers are making the most of a wide-open loan market,” wrote Derek A. Gluckman, senior covenant officer at Moody’s. “As demand continues to outpace supply, pressure on covenant ...
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