EMEA Leveraged Loans Wrap 2023
Download now! 2023 Covenants Less Permissive Compared With 2022, but Slight Loosening at Year-End Gives Borrowers Cause for Optimism in 2024 Key Takeaways: A&E and refinancing transactions dominated 2023. However, a number of LBOs reinvigorated the market, and dividend recaps gave sponsors a route to extract returns where other exit options were not available.Our predictions at the start of the year have largely hit the mark. In A&E deals, covenant terms were mostly recycled, leading to improved overall covenant quality compared with 2022. There were few new money deals for investors to choose from though, leading to relatively looser terms on those...
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