Sign Of The Times

Given the shenanigans investors are willing to tolerate in the high yield market for a pittance of spread, it is hardly a surprise to see leveraged loan covenants have deteriorated to the weakest level on record. But it’s still a stat worth scrapbooking.

1Q18_Leveraged_Loan_Covs
Source: Image from FT.com; Data from Moody’s

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