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Junk-Bond Buyers Are Getting Pushier

  • Almost one third of deals see terms altered: Covenant Review
  • European junk yields at highest level in more than a year
Updated on

Europe’s junk-debt investors are gaining ground after years of borrowers chipping away at the safeguards enshrined in the small print of bond documents.

As the balance of power shifts, around 32 percent of Europe’s high-yield bond issuers have altered terms to meet investors’ demands this year, almost double the rate in the last six months of 2017, according to preliminary findings from research firm Covenant Review.