The leveraged finance market in Europe has been continuing to develop in sophistication and depth over recent years. With the advent of sponsors operating globally, many law firms in the market having strong US and UK practices and the geographical investor base deepening and crossing the Atlantic on a regular basis in both directions, we are seeing more US loan products and documentation provisions than ever before.

COVENANT LITE AND LOOSE: PROTECTION IS DECLINING -

Whereas pre-financial crisis a certain number of covenant lite, bond-style loans closed, over the last twelve months this has become more pronounced, although not yet a flood and very credit-specific. There are a few trends here which we think are worth identifying...

Originally published in Private Debt Investor – December/January 2015.