May’s High Yield Bonds In Review – Xtract Research
In a new special report Xtract Research highlights some things you may have missed in May’s high yield bonds. Q1 2021 hedge fund letters, conferences and more May's High Yield BondsHighlights from the report include: One noteworthy deal is that of DT Midstream. Its debt and lien regime appears to contain limits on secured debt, but it is illusory. The covenants are essentially worthless, because the permitted lien carveout for Credit Facilities permits any "Credit Facility" to be secured, regardless of what debt exception is used (including the 2x FCCR or even refinancing debt). As a result, a...