News and Analysis

2022 in the rearview — European High Yield Covenant Trends Report

Brian Dearing's avatar
Alice Holian's avatar
  1. Brian Dearing
  2. +Alice Holian
15 min read


2022 — what a year! With inflation, the war in Ukraine and innumerable other challenges, the Leveraged Finance market in 2022 was all over the place — and high yield issuance was significantly down year-on-year by all metrics.

9fin’s dataset for European high yield covenant terms includes 35 deals in 2022, compared to 122 in 2021. Out of those 35 deals, 26 were sponsored, and 17 were issued in January and February 2022. Three months (March, April and August) in 2022 had zero issuance! But, despite that backdrop, there are green shoots. As we close out Q1 2023, there have been 13 European high yield bonds issued so far (excluding taps).

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