Fri 07/01/2022 09:03 AM
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In this week’s Covenant Trends, Reorg's EMEA Covenants team analyze the “reclassification” provisions in European high-yield bonds and leveraged loans. This classic high-yield mechanic helps borrowers squirrel away hard-capped or grower basket capacity. In combination with other covenant innovations, reclassification provisions can be used to generate greater-than-expected aggregate basket capacity more
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