Investors wanting more transparency on European senior
secured notes need to work together and put a price on the
information, according to a high-yield partner.
While the US has the Edgar (Electronic data gathering,
analysis and retrieval) system for lodging documents publicly,
in Europe the level of disclosure in the offering documentation
is at the discretion of issuers and their counsel.
A London high-yield partner said that it is up to investors
to band together and link pricing of a deal to transparency.
Do investors really think its bad not having it?
They havent penalised companies for not giving it to
them, the partner said.
Given there is no regulatory requirement for transparency,
there is little incentive for private equity groups or
financial sponsors to give details of credit agreements if they
arent going to affect the execution or the pricing of the