Speculative-grade non-financial corporates - EMEA: Covenant-lite returns with a vengeance, eroding investor protection
CORPORATES SECTOR IN-DEPTH 19 June 2017 TABLE OF CONTENTS Summary 1 A lack of any financial maintenance covenants will become standard during 2017 2 Financial maintenance covenants to be used primarily in smaller transactions in more volatile sectors through 2018 3 Headroom under maintenance covenants will continue to increase eroding investor protection 4 Guarantor coverage test will remain widel
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