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
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
- 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
Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more
European Leveraged Finance Client Alert Series: Issue 8 - The traditional approach to the treatment of disposal proceeds in leveraged loan agreements has evolved in recent years, as borrowers seek to retain greater...more
On September 19, the Securities and Exchange Commission’s Investor Advisory Committee held a hearing to discuss the risks of increased leverage in the loan market and the potential impact leveraged loans and collateralized...more
Cov-lite loans can leave lenders with limited restructuring options, but creative lenders will still find ways to bring debtors to the table - Recent data shows that investor protection in loan documents has fallen to its...more
In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market and this...more