‘Sympathetic’ investors to waive covenants in US private placements
Institutional investors in the US private placement market are preparing for a round of covenant waivers, as companies brace for the economic impact of the coronavirus pandemic. Bankers in turn are shelving primary issuance plans and turning their attention to winning amendment mandates.
Revenues are plummeting across a vast range of sectors and companies will struggle to control net debt-to-Ebitda ratios as the pandemic rumbles on.Investors in the PP market, which has seen a drop in primary deal flow since Covid-19 reached Europe and the US, have set about identifying ...
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