The article suggests that the convergence of covenant-lite and high-yield bond terms have reached its limit of expansion as leveraged lending rules come into effect in Europe and the U.S. An example is given citing the distinction between high-yield bonds and covenant-lite loans in terms of structure. Also discussed is the added risk posed by the convergence of high-yield bond terms for covenant-lite loans. The difference of the two financial instruments in terms of call protection is stated.
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