Wed 01/04/2023 06:23 AM
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Following the proliferation of documentary flexibilities in European high-yield bonds in prior years, more and more investors pushed for improved covenant terms thanks to the challenges in accessing the primary markets last year.

Calculation flexibility continues to be a key area of focus for European investors. Investors are especially concerned by the scope and extent of adjustments to the calculation of EBITDA, as one panelist highlighted at our “
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