The writer is founder of Fox Legal Training Much ink has been spilled about the degrading quality of investor protections in high-yield bond and leveraged loan agreements, also known as “covenants”. These promises by the borrower to its lenders were originally designed to ensure payment of interest and principal at maturity — indeed, though they came in many different forms , each and every provision contributed to this key goal.
However, covenants are not straightforward. To begin with, they are written in legalese, not English, and they are drafted by overworked senior associates working off the last deal with the closest precedent, without the luxury of time to recheck that everything works as planned.
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