2Q26 Quarterly US Covenant Trends: Leveraged Loans and High Yield Bonds

July 29, 2026

In this webinar, CreditSights experts examine key trends shaping the U.S. leveraged loan and high yield markets, including covenant developments, refinancing activity, liability management protections, and AI-related financings. Kerry Kantin, Jessica Reiss, and Scott Josefsberg discuss the growing divide between stronger and more challenged credits, the impact of the 2028 maturity wall, evolving portability and value leakage provisions, and the rise of data center financings.
The session also highlights recent market case studies and what they reveal about investor protections, market risk, and credit conditions. Watch to gain timely insights into the latest developments driving leveraged finance markets.

Watch on YouTube:

Speakers:

Kerry Kantin, US Bureau Chief at LevFin Insights
Jessica Reiss, J.D., Head of U.S. Loans Research at Covenant Review
Scott Josefsberg, J.D., Head of U.S. High Yield Research at Covenant Review

Timestamps:

00:00 Market Overview and Geopolitical Impact
04:55 Evolving Covenant Terms in Leverage Loans
11:43 Software Risk and AI Integration
17:12 High Watermarking: A Controversial Topic
21:38 Portability in High Yield Deals
25:11 Trends in Loan Portability
30:20 Covenant Flexibility and Value Leakage
35:14 High Yield Market Developments
37:49 Data Center Financing Trends
40:35 Unique Features of Data Center Loans
45:02 Optimum Communications and Market Implications