The debate surrounding the usefulness of
portability clauses in European high-yield continues, with one
in-house counsel at IFLR’s Capital Markets Forum
insisting it has no place in emerging market corporate-led
The clause, which enables issuers to have the
change of control offer requirement waived on certain
conditions, has gained prominence in recent years. It appeared
on 30% of European deals in 2014.
However, its use has been criticised by some market
participants, who believe...