Editorial: Worth the fight?

Author: | Published: 22 Jan 2015

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 worth...