Title

No, Not the End of Covenants
Client Memorandum

Created date

1/11/2017

Or, Some Perspective on Indenture Language Restoring the Commercial Understanding of “Make-Whole” Premiums That Prevailed Before Summer 2016

A covenant review service recently proclaimed that new language in capital markets notes indentures is “the end of covenants” and the “single worst change to ever emerge” in the bond market. We thought some historical context would be helpful.