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The Credit Roundtable's Proposals to Improve Covenant Protections in the Investment-Grade Bond Market |
February 5, 2008
Previously published on January 2008
The recent downturn in the credit markets has led bond investors to call for stricter covenant
packages. As we discussed in our September 2007 briefing, "Recent Developments in Debt
Financing,"1 the downturn has raised questions about the permanence of some of the more
borrower-friendly innovations that have recently emerged (such as "covenant-lite" loans and
"PIK-toggle" bonds). At the same time, the downturn has impelled recent investor-friendly
developments, such as step-up coupons and change of control puts.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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