Merlin bonds enchant investors despite toothless covenants
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.
Neither bond can be called for three years.
Deutsche Bank, ...
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