Cov-lite loans undergo repricing

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European and US leveraged finance markets faced a shake-up in July, with underwriters shouldering billions of dollars of unplaced debt, while other deals had terms revised to attract jittery investors. In particular, covenant-lite (cov-lite) loans, a form of leveraged financing that places less financial restrictions on borrowers, have undergone a repricing since mid-July.

The loans are now being offered at a premium of up to 100 basis points compared with traditional covenant loans. Until mid

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