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 history of 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.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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