2Q26 Quarterly Covenant Trends: European Leveraged Loans & High Yield Bonds

In this webinar, Covenant Review’s Q2 2026 update explores how European leveraged loan and high yield bond documentation continues to evolve amid record issuance volumes and a refinancing-driven market. Shoshanna Harrow and Ahu Yalgin discuss key documentation trends, including covenant flexibility, EBITDA addbacks, portability provisions, documentation flex, and the growing imbalance between borrower and lender negotiating power.

The session also examines emerging drafting risks, aggressive covenant structures, and ongoing liability management transaction litigation, including developments involving Selecta, Hunkemöller, and Serta. For credit investors and leveraged finance professionals, this webinar offers practical insight into where creditor protections are strengthening, where they are weakening, and the trends shaping European credit markets.