Debut Covenants Cheat Sheet (European BSL): A Market Snapshot to Sharpen Covenant Analysis in Syndication

Legal Analysts: Ian Chin, Brian Conway Research: Elisabeth Campbell Data: Vesta Kaspute Relevant Item: EMEA Covenants BSL Cheat Sheet – PDF Format   Key Takeaways   Our debut Covenants Cheat Sheet for EMEA broadly syndicated loans, or BSLs, gives users a summary of the range and median size of the most typical baskets found in European BSLs over the last four quarters drawn from Deal Term Analytics.   Want this Cheat Sheet built around your deals? The EMEA Covenants and Deal Term Analytics teams can produce a version scoped to your sector, your sponsors or your deals, and walk your team through what it shows. Contact us at [email protected].   This high level summary document is intended to supplement our Covenant Analysis reports on European BSLs. Users of our Covenant Analysis reports can easily compare proposed basket sizes in new primary deals against the overall market at a glance. The Covenants Cheat Sheet also shows how common (or rare) certain aggressive provisions are. Examples include the prevalence of uncapped adjustments for cost savings and synergies, exclusion of revolving debt from ratio calculations, and presence of super-grower baskets. Armed with precise knowledge of the broader market, market participants can use the[...]