The writer is a former investment banker and author of ‘Power Failure: The Rise and Fall of an American Icon’
The time has come for buyers of new corporate debt to push back against issues and deals that have been stripped of protective covenants, often rendering investors sitting ducks for the Wall Street pastime of creditor-on-creditor violence.
In fact, it’s been a mystery for years as to why creditors have been putting up with such agreements when they know better, and for what? A few extra basis points of yield? The trade-off isn’t worth it.
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