Covenant Review | 3Q25 Quarterly Covenant Trends in European Leveraged Loans and High Yield Bonds

Welcome to the CreditSights Covenant Review! [Please note: This webinar was broadcasted on October 16th 2025]

In this webinar, we dive deep into European high yield bond and leveraged loan covenant trends, exploring key market shifts, investor risks, and structural innovations with Shoshanna Harrow and Shane Burke. This session provides essential knowledge for debt capital market participants, offering critical analysis of covenant structures, borrower flexibilities, and protection mechanisms that shape risk-reward dynamics across European leveraged finance markets in today's evolving credit landscape.

Speakers
•Shoshanna Harrow, Senior Director, Covenant Review:
A Senior Director and high yield lawyer at Covenant Review, Shoshanna brings extensive expertise in European high yield covenants and credit structuring.
•Shane Burke, Senior Director, Covenant Review:
A Senior Director at Covenant Review, Shane brings extensive leveraged finance expertise from leading international law firms.

Timestamps
00:00 – Introduction
01:13 – Q3 Bond Market Overview
02:01 – Refinancing Trends and Volume
03:12 – Non-Refinancing Deals Analysis
04:20 – Boots: Worst Deal Analysis
06:24 – Apetito Covenant Package Changes
09:03 – Liability Management Transactions
09:41 – Victoria Case Study
11:46 – Three Key Covenant Weaknesses
13:51 – Distress Disposals as LMT Tool
16:21 – Anti-LMT Protective Provisions
19:17 – Loan Market Overview
19:38 – Ticking Fees Trends
20:11 – Call Protection Issues
20:57 – MFN Protections and Margins
22:07 – J-Blockers and Inside Baskets
23:19 – EBITDA Calculation Flexibilities
24:54 – Synergy Adjustment Horizons
27:17 – No Worse Ratio Tests
29:42 – Transfer Restriction Trends
31:36 – Portability Provisions Update
33:15 – Conclusion and Next Steps

Related Resource:
Unlock exclusive analysis: Worst, Better, Best: Supermajority Provisions in European High Yield Bonds
Expose critical vulnerabilities in European high yield supermajority protections, with covenant gaps enabling aggressive priming transactions—discover the sacred rights loopholes reshaping liability management strategies.
Read the full article here: https://know.creditsights.com/insights/worst-better-best-supermajority-provisions-in-european-high-yield-bonds/?utm_campaign=9769641-2025%20-%20Bond%20Desk%20Growth&utm_source=youtube&utm_medium=social&utm_term=YouTube%20Gated%20Content&utm_content=Worst%2C%20Better%2C%20Best%3A%20Supermajority%20Provisions%20in%20European%20High%20Yield%20Bonds

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