European High Yield Bonds Wrap 2023
Download now! Aggressive Terms Swamped by Wave of Refinancings but Overall Covenant Capacities Increase This year-end wrap examines covenant trends seen in the European high-yield bond market in 2023, and what we expect to see in 2024. We will cover trends in 2023 European sustainability-linked high-yield bonds and in 2023 leveraged loans in separate reports. An analysis of the trends seen in the European restructuring market is available HERE. Key Takeaways Aggressive covenant terms generally retreated, driven by a wave of refinancings that recycled existing covenant terms. Somewhat counterintuitively though, overall general use covenant capacities largely increased. However, the two don’t...
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