Risks posed by rising inflation, concerns about a global recession and the lingering impact of the war in Ukraine are seeing lenders and investors start to chip away at the loose, borrower-friendly terms that have...more
Management teams and private equity (PE) sponsors have successfully deployed a range of liability management tools to steer companies through the COVID-19 downturn and avoid both bankruptcies and full-blown restructurings. ...more
We are sadly amid one of the most extraordinary times any of us can remember. The prevailing hope and expectation is that the current extraordinary times and related disruption is temporary. The rise in “cov-lite” and...more
HEADLINES - Default levels remain historically low at 1 per cent to 2 per cent - Prevalence of cov-lite loans in Europe may be concealing some underperformance, but there are no conventional triggers for lenders to...more
- The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent - European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion - High yield bond...more
Much has been written about the influence of US terms on European transactions and particularly the steady migration of US concepts into English law facilities agreements, resulting from the supply-demand imbalance in the...more
A decade on from the onset of the financial crisis, the leveraged debt landscape is almost unrecognisable and continues to evolve as lenders, borrowers and advisers find new ways to come to market. In the aftermath of the...more