2018 year-to-date has seen hitherto unprecedented levels of substantive and sustained documentary tightening in European high yield bonds in our experience at Xtract Research.
We first covered several covenant improvements we had observed in our Xtract Europe 1Q 2018 Review. We are encouraged to note that the wave of covenant tightening has continued apace on several fronts since then.
In this Special Report, we outline for subscribers the various areas in which buyside engagement and scrutiny of bond terms during roadshows has caused flaws to be removed from, or otherwise meaningful refinements to be made to, the covenant packages on offer.
To request the full Special Report, please click here.