We’re more than halfway through 2024, so it’s a good time to put together some thoughts on the pushback we’ve seen in European HY so far this year.

You might be wondering why this report covers a seven-month period rather than six. Admittedly it would have been easier (and cleaner!) to stick to H1 24, but there were some important developments last month, so this piece covers pushback trends from January to July 2024.

The majority of deals this year have cleared the market without pushback: only 12% of the European deals we’ve covered had changes. While this piece does make references to the broader trends (see our H1 2024 European HY Trends report for more) in the market, that large majority of unchanged deals is not the focus here — this piece zooms in on the 12%, and draws out the most noteworthy developments in 2024 relative to market standards and previous years.

9fin clients can see all pushback points from 2021 to 2024 listed in our Covenant Pushback feature.