US PP investors fear lighter covenants await in 2020

The Scream 230x150
By Silas Brown
04 Dec 2019

US private placement investors, who have long held firm on covenant structures, have started to notice early signs that their ranks may be breaking, and that 2020 may be a year when weaker covenant packages become more commonplace. But arrangers have resolutely dismissed this claim.

“We are cognisant that covenant structures may get weaker,” said a London-based investor at a US institution, who is preparing to present his views on the state of the UK private placement market to his superiors in New York. “The market is awash with cash and so understandably ...

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