Tue 02/28/2023 04:00 AM
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Over the years, issuers have continued to include off-market and aggressive permitted debt baskets in European high-yield bonds. These features have elicited varying degrees of investor pushback, depending among other things on the state of the market at the time.

As the graph below shows, pushback efforts focused on reducing additional debt capacity in 2022. An overview of 2022 pushback areas of focus is available in our 2022 High Yield Wrap. This is not surprising given the weakened...
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