As 2015's debt markets heave into life, European high
yield's ceaseless covenant war continues. The pushing and
pulling over change of control provisions, restricted payment
baskets and their ilk is detailed in our annual high yield
special focus on page 51.
Certain covenants and deal terms are obviously crucial. The
10% call provision and its application in Europe is causing
justifiable concern among investors. And covenants continue to
erode generally for buyers.
But it's tempting to question whether they're all