Covenants

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.

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

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