The restricted payments covenant has changed unrecognisably as borrowers seek more room for manoeuvre in a downturn.
3 min read · 30 January 2020
The trend of deteriorating covenants looms over lenders’ risk protections, yet Asia still ranks top in covenant quality globally.
3 min read · 15 January 2020
Unable to force deal sponsors to the table in times of stress, lenders find themselves effectively handcuffed. No wonder the covenant-lite loan remains one of the asset class’s big talking points.
2 min read · 09 January 2020
Complacency may have crept into the private debt market. An inevitable change in circumstances will put firms to the test, says Oaktree co-chairman Howard Marks in this video.
1 min read · 16 October 2019
What defines the Stateside private credit market in 2019? Our recently published US report identified the following themes.
3 min read · 05 September 2019
Can the statistical model that revolutionised a great American sport be applied to private debt? Tom Quimby, managing partner with Tree Line Capital Partners, thinks it can
6 min read · 02 September 2019
Whether it is high leverage levels or covenant-lite loans, there are plenty of issues weighing on fund managers’ minds, say Kevin Griffin, CEO and CIO, and Greg Racz, president, of MGG Investment Group
5 min read · 02 September 2019
Steven Miller and Jessica Reiss of Fitch Solutions examine the subtle changes to credit agreements that could pose a danger when today’s deals are affected by the next downturn.
5 min read · 01 July 2019
The European Leveraged Finance Alliance has sent would-be investors in high yield bonds a questionnaire to encourage issuers to open up on key deal terms.
2 min read · 18 June 2019
Who has been benefiting from covenant-lite leveraged loans from Australia this year?
4 min read · 13 June 2019
