Restless Investors Covenant Pushback in European HY 2021


Market Wrap

Restless Investors Covenant Pushback in European HY 2021

Oliva Mantock's avatar
Brian Dearing's avatar
  1. Oliva Mantock
  2. +Brian Dearing
9 min read


In 2021, 76 European High Yield sponsored deals priced, and 16 (~21%) of those deals were subject to covenant changes before pricing. In this trends piece, we take a closer look at the key covenant battlegrounds where investors had success pushing for change.

In addition, if you want to see the full landscape of changes made during marketing on recent deals, be sure to check out the latest addition to our suite of legal tools, Covenant Pushback. The tool sets out every change that happened in sponsored deals in 2021 and 2022, and provides you with quick links to 9fin’s Covenant Explorer tool so you can view the actual changes in context.

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