Transcription of UNDERSTANDING HIGH-YIELD BONDS
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UNDERSTANDING HIGH-YIELD BONDS A complete guide for investors, issuers, banks and advisersHYB cover blue 90% AI 70%.indd 126/06/2014 17:29:48 IntroductionAboutMilbankKey ContactsTo discuss our capabilities, please visit our website at or contact any of the attorneys following is an excerpt of chapters 6-11 from PEI s publication UNDERSTANDING HIGH-YIELD BONDS : A complete guide for investors, issuers, banks and advisers. Authored by members of Milbank s Global Securities HIGH-YIELD team, Chapters 6 11 are an essential reference guide for all professionals involved in originating, structuring/restructuring, issuing and investing in HIGH-YIELD BONDS , and drafting and negotiating the covenant package.
High-yield covenants and terms – introductory concepts Lien covenants in high-yield indentures typically permit issuers to pledge collateral or otherwise incur liens to secure debt or other obligations, but only to the extent an issuer equally and ratably secures the bonds under the indenture with the same collateral, subject
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