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Federated Hermes

2023 Top 500 ranking: 33

Cov-lite loans: the new normal, but at what cost?

Cov-lite loans - the new normal, but at what cost?

Lending protections are eroding in Europe: cov-lite loans are now the norm in the large-cap loan segment, while cov-loose loans and add-backs to EBITDA are gaining ground in mid-market deals. Today, we explore the implications of loosening covenants and explain why we avoid these instruments, focusing instead on mid-market deals, ...

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