Time to apply pressure on covenants – opinion

09 Sep 2013

Investor complaints over loosening covenants mounted as Asia’s bond bull market gathered steam. Now the tables have turned, investors should take the opportunity to demand better protection.

Asian high yield bond investors have long felt hard done by on the covenants front. With a market made up solely of credits from China and Indonesia investors are limited to a small pool of issuers.

This was not a problem historically, when yields of up to 20% ...

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