European High-Yield Covenants Pushback Tracker; Investors Main Focus Is Calculation Flexibility; Capacities Across ‘Four Corners’ of Bond Documentation Trimmed Pre-Pricing

In the last few years, borrowers have held the negotiating power and documentary flexibilities have proliferated in European high-yield bonds. This year, the tables have begun to turn, and investors are insisting on and achieving more balanced documentation.

EMEA Covenants by Reorg has been tracking changes made during roadshows through its Market Maker database for many years. To keep our subscribers up to date on “covenants pushback” we will publish a European high-yield bond Covenants...