Skip to content
Subscriber Only

Fierce Demand Has Lenders Fighting for Crumbs on Loan Terms

  • Europe’s loan documentation weakest on record: Covenant Review
  • Buyers focus on key protections in the face of broad erosion

Lenders are clinging to small victories in the fight against aggressive covenants sought by companies looking to capitalize on Europe’s red-hot leveraged loan market.

Investor-friendly changes have been scarce this year. Last week software firm P&I Personal & Informatik made minor adjustments but otherwise left untouched documentation that investors looking at the deal said was highly aggressive.