The Big Interview: LMA


The European High Yield Association brought the issue of loan disclosure to the fore with its recent call for all high-yield issuers to disclose full details of their financing arrangements. Without access to this information, bond investors' credit analysis is flawed, says the EHYA, because they may not be aware of covenants that could, for example, enable lenders to take over the business of a failing borrower.

The Loan Market Association, on the other hand, argues that any discussions about

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