Tue 11/15/2022 08:25 AM
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Dividend-to-debt toggles, also known as “pick-your-poison” features, have grown in popularity over recent years. In 2021, this feature was seen in about 20% of leveraged loans, and increased significantly to 46% in the first half of this year. A similar picture is seen with European high-yield bonds, with this feature being present in 31% of high-yield bond deals in the first half of this year, nearly double the 16% seen in 2021.

A dividend-to-debt toggle gives the borrower group the option...
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