An analysis of covenant trends in the first half of 2023 for leveraged loans and high-yield bond markets in Europe, focusing on refinancings, amended extend transactions, acquisition financings, and dividend recaps. The chapter emphasizes the improvements in covenant terms compared to the previous year, largely driven by the recycling of existing terms in refinancings.
Each episode of Reorg's weekly EMEA Core Credit podcast series features detailed discussions on issues and companies across the credit lifecycle. This week’s podcast includes discussions on:
-The half-year report for 2023 on leveraged loans and high-yield bond covenants and what trends can be seen;
-Key credit metrics trends for European automotive issuers and the market prices of their debt instruments;
-TalkTalk’s RCF lenders who are taking pitches from financial advisors ahead of 2024 maturity; and
-Highlights of the primary market.
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