A call to arms

Before conditions in the debt world deteriorated last summer, one of the most energetically contested topics in the market was that of bond covenants. In an environment defined by the easy availability of cash, the biggest corporate names were vulnerable to leveraged buy-outs and many investors wanted explicit protection against corporate restructurings, in the form of change-of-control language. Change of control obliges issuers to buy back their bonds in the event of disposals and other owners

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