1Q26 Quarterly Covenant Trends in European Leveraged Loans and High Yield Bonds
April 14, 2026
Covenant Review’s Q1 2026 update explores how European leveraged loan and high‑yield bond documentation is evolving amid volatile market conditions, focusing on primary issuance trends, covenant flexibility, documentation flex, and the growing role of liability management transactions.
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Speakers:
Jane Gray, Head of European Research, Covenant Review
Shoshanna Harrow, Senior Director, Covenant Review
Timestamps:
00:00 – Introduction
01:11 – Bond market volume and terms
03:45 – Loan market trends and flex
13:08 – LMT blockers and Flighter
18:26 – Select LMT litigation
23:34 – Audience Q&A
27:19 – Conclusion & Key Takeaways
Related Resources:
CR European TrendLines: European Leveraged Loans: Loan Covenant Trends in Q1 2026
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CR European TrendLines: Monthly Documentation Score Sheet: March 2026
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European Loans March Wrap-Up: With Market Volatility and Low Volumes, Tolerance for Flexibility Remains for a Favoured Few with Overall Tightening
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