Cloud 9fin On becoming the voice of Europe's buyside
Dec 4, 2024
Sabrina Fox, co-founder and CEO of the European Leveraged Finance Association, dives deep into the world of leveraged finance. She discusses the evolution of covenant protections, including the impact of J.Crew blockers on negotiations. Sabrina highlights ESG's complex role in the market, advocating for realistic lender expectations. As founder of Good Girl to Goddess, she champions women's empowerment in finance, offering practical advice to combat imposter syndrome. Additionally, she talks about the potential of AI to transform legal work, freeing up professionals for more creative tasks.
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Member-Led Trade Body Wins Credibility
- Alpha was founded to give the buy side an independent, member-led voice in leveraged finance.
- Sabrina Fox credits its credibility to member-driven committees and efficient, focused execution.
Use Practical Tools To Build Influence
- Use Alpha as a practical toolbox: publish guides, host events, and engage regulators to advance buy-side priorities.
- Focus on transparency, disclosure and engagement to build market influence.
J.Crew Triggered A Covenant Wake-Up
- J.Crew's use of unrestricted subsidiaries surprised lenders and sparked a wave of blocker clauses.
- That shock pushed lenders to learn terms and negotiate protections like the J.Crew blocker.