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Forget covenant-lite: The devil is in the document’s details

Steven Miller and Jessica Reiss of Fitch Solutions examine the subtle changes to credit agreements that could pose a danger when today’s deals are affected by the next downturn.

Trade body urges investors to quiz issuers on covenants

The European Leveraged Finance Alliance has sent would-be investors in high yield bonds a questionnaire to encourage issuers to open up on key deal terms.

Cov-lite loans push up tech companies down under

Who has been benefiting from covenant-lite leveraged loans from Australia this year?
Daniel Zwirn

VIDEO: The direct lending mid-market is ‘priced to death’

Daniel Zwirn, a former hedge fund luminary and now head of investment firm Arena Investors, is one of the authors of a white paper predicting trouble ahead for, among other things, mid-market loans and leveraged loans. In this video, he explains his concerns.
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EBITDA on steroids

The EBITDA addback is one of the most worrying aspects of loan documentation. Market professionals detail how prevalent and potentially damaging it has become.

Asia covenant quality weakens due to China factors

Chinese property developers now have more flexibility in cash spending, debt and investment carve-outs
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