Thu 07/27/2023 09:14 AM
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Key Takeaways


  • H1’23 consisted primarily of refinancings, A&Es and add-ons, as was expected at the start of the year.

  • In that context, our prediction that existing covenant packages would largely be recycled appears to have hit the mark in most cases. Data for various individual covenant terms are largely in line with the market seen between 2019 and 2021. The spike in certain aggressive terms recorded in 2022 is largely fading away.

  • Investor pushback declined...
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