Clifford Chance

The rise of portability in European high yield bonds: Have bond, will travel

15 May 2013

High yield bonds have become increasingly attractive to sponsors in financings and, most importantly, refinancings. Sustained liquidity and growing investor demand, coupled with the reduced availability of new M&A credits, has driven the inclusion of flexible "portability" features into European high yield bond terms. In the US this has also resulted in increasingly flexible tenors, shorter call periods and larger equity claws. To find out more about these developments and how they may be used in new deals to enhance a private equity sponsor's options – read on.

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