The Loan Market Association recently published a book titled “The LMA: 25 Years in the Loan Market”, honoring its 25th anniversary analyzing the development of the syndicated loan market since the LMA’s inception. Matthew Dunlap and Chris Kandel, London-based finance partners at Morrison & Foerster, contributed a chapter titled “The Development of High Yield Documentation”. They reflect on the evolution and drivers of the European high-yield notes market, along with current trends and future outlook. Specific areas covered include:
- The growth of the European high-yield market
- The evolution of ‘super senior’ and ‘pari-passu’ structures
- The variation of terms with regards to LMA high-yield documents over time
- Market developments such as the recent acceptance of ‘future-proofing’ intercreditor agreements.
Download the chapter and access a full copy of the book.