This report includes data on 68 high yield bonds reviewed by the 9fin US legal team during the first half (“H1”) of 2025, including 21 sponsor deals.

For purposes of the statistics we present in this report, we have excluded any investment grade bonds or “high yield lite” bonds (by which we mean a covenant package somewhere between investment grade and high yield). Where bonds we reviewed did not allow us to quantify “Day One Capacity” (because, for example, an EBITDA figure was not disclosed or the covenants were of a bespoke nature) these are not included in the metrics presented herein. This report does not include statistics on bonds reviewed by the European legal team.

In presenting our data, we focus in particular on debt incurrence and leakage through restricted payments and investments.

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