Euro cov-lites return as Dell blowout sets new standard

Dell’s €700m landmark paves the way for further covenant-lite leveraged loans in Europe, bankers and investors agreed this week. Part of the US computer maker’s jumbo LBO financing, the oversubscribed and increased deal defied the scepticism that has long surrounded the product in Europe — especially since publisher Springer Science+Business Media had to offer a discount of 96.5 on an ambitious €615m offering in July.