In 9fin's annual European high yield bonds covenant trends report, Alice Holian and Chris Osborne focus on the core restrictive covenants in bond documentation, and analyse the way certain terms were trending.

We start by looking at capacity based on transaction purpose, before considering other hot topics like EBITDA caps, portability, J. Crew blockers, RP builder baskets and structural subordination. We close out this piece by highlighting transactions we consider particularly noteworthy.

For broader commentary on the market, check out 9fin’s recently published market trends piece and outlook piece. For a recap of our observations from the first half of 2023, see here.

Fill in your details below to get your exclusive copy of 9fin's 'Nearly half of deals don EBITDA caps — 2023 European High Yield Bonds Covenant Trends Report.'