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Show me the money: value leakage in European high-yield bonds

28 July 2025 / Author(s): James McDonald , Kenneth Ryan , Michael Chern
Issue: August-September 2025 / Categories: Feature
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In this article, James McDonald, Kenneth Ryan and Michael Chern provide an overview of how high-yield bond covenants regulate the movement of a company’s cash and assets beyond the reach of creditors, or “value leakage”, and recent trends in these covenants, with a focus on the European high-yield market.

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