Bondholders turn up the heat in covenant battle
While 'covenant-lite' loans are grabbing headlines in the loan markets, issuers are being forced to add stronger covenant protection to get bonds away. Matthew Attwood reports
What do Estee Lauder, the Spanish infrastructure company Obrason Huarte Lain (OHL) and UK asset manager Henderson Group all have in common? All, to a greater or lesser extent, have felt the wrath of the investor community as they marketed new deals recently.
The A2/A/A rated fashion house, in the market with its first transaction since 2003, attempted to place the dollar deal without a change-of-control clause. Finding its rarity as an issuer insufficiently enticing for investors to forget their
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