"The LMA: 25 Years in the Loan Market” - Chris Kandel and Matthew Dunlap Discuss the Development of the European High Yield Market

23 Mar 2022

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.



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