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Margin protection dives as cov-lite remains dominant in Europe – report

Covenants continue to loosen in Q3 across several areas including margin protection and the way leverage is calculated for acquisitions.

WATCH: ‘Beware leverage deep in the structure’

Increased leverage deep in the capital structure will cause problems for those firms unable to fix problems, maintains GSO's Dwight Scott in this video shot at the PDI New York Forum.

WATCH: The asset class’s deepest concerns revealed

Leverage, pricing, yield and documentation were among the issues haunting delegates at our New York Forum, as discussed in this two-minute video.

There are challenges, but don’t assume they’re all about cov-lite

Those thinking that covenant-lite is the root of all evil may need to reassess where the biggest potential problems really lie. Francois Decoeur of MV Credit examines the deal landscape.

North America’s credit market gets real

The US offers stable loan underwriting standards and an opportunity for debt funds to take back market share from banks, which have lent more in recent quarters. By Andrew Hedlund

Twin Brook’s Williams not in key-man clause for Fund III – exclusive

The firm co-founder is on indefinite leave from the firm and has since invested in a car wash business.

Asia top region for covenant strength

North America has seen covenants significantly weaken as credit supply expands.

How to hedge risk with the French fiducie

A cheaper alternative to the Credit Default Swap, the fiducie is expected to play a bigger role as the use of French law increases post-Brexit. Benjamin Raillard of Solutions Fiducie explains its applications.

Investor fightback over loose terms

The vast majority of Europe’s syndicated loan deals are seeing investors forcing documentary and pricing changes, with a marked increase over last year.

Why lawyers are urging lenders to get aggressive

With documentation strongly in favour of borrowers, financiers are being told to look for excuses to redress the balance of power.

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