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Covenant Review: 2Q25 Quarterly Covenant Trends in European Leveraged Loans and High Yield Bonds

Date: July 17, 2025

Presenters:

Jane Gray
Head of European Research, Covenant Review

Shoshanna Harrow
Senior Director, Covenant Review

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Covenant Review’s legal experts analyze the latest trends in covenant documentation observed in the European leveraged loan and high yield bond markets during the second quarter. Their discussion highlights aggressive recent terms, documentation flexibility, and significant insights from Covenant Review’s quarterly TrendLines reports.

What topics will be covered?

  • Uncover Trends: Explore covenant trends identified by Covenant Review in European leveraged loans and high yield bonds for Q2 2025
  • Investigate Changes: Delve into the covenant changes and documentation flexibility observed this quarter
  • Explore Aggressive Terms: Highlight the most aggressive recent terms and the related pushback
  • Discover Key Insights: Draw attention to noteworthy datapoints from Covenant Review’s quarterly TrendLines report

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