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 “Navigating the Perfect Storm” event last...
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