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Reorg Radio

H1 Covenant Trends; Automotive Issuers Analysis; TalkTalk RCF Lenders Hold Pitches With Advisors

Aug 1, 2023
14:52
Snipd AI
The podcast discusses covenant trends in leveraged loans and high-yield bonds, key credit metrics for European automotive issuers, TalkTalk's RCF lenders' pitches, and highlights of the primary market activities.
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Podcast summary created with Snipd AI

Quick takeaways

  • Refinancings in 2023 showed improved covenant terms and reduced investor pushback, especially in loans.
  • Introduction of a loan scoring system in 2023 indicated decreased dilutive debt capacities and aligning capabilities between bonds and loans.

Deep dives

Covenant Terms in 2023 First Half Compared to 2022

Refinancings dominated in both bond and loan markets in the first half of 2023 and represented improvements in covenant terms compared to 2022. Investor pushback decreased due to terms being recycled from prior years, with loans showing a significant pushback percentage when excluding add-ons.

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