Credit Crunch!
Come together.
Grant a credit investor three wishes and they will request the following: more covenants, better covenants, any covenants.
Everything that is wrong with covenants has been documented extensively, in this magazine and elsewhere, so I will not waste time going into much detail about it here. Suffice to say that many investors consider that there aren’t enough covenants and that where they do exist, they don’t actually mean much – for example, the standard (or should that
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