The convergence of terms on leveraged loans and high-yield bonds is “all but complete”, Moody’s analysts wrote in a report published on April 30.
Leveraged loan investors have accepted terms that are similar to bonds, such as those that limit extra borrowing, and waived the right to regularly test debt levels. A Moody’s analysis of so-called permitted indebtedness baskets in Europe, which govern the amount of extra debt a company can borrow after it has first issued debt, shows that loans in 2018 allowed extra borrowings up to 28 percent of total assets. The comparable figure for bonds was 22 percent.
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