NO.PZ202411040100001201
问题如下:
Q. Discuss the market conditions under which a covenant-lite transaction is likely to occur in private debt markets, and describe one example consistent with a covenant-lite transaction.选项:
解释:
In competitive markets with strong demand for leveraged loans, the types of maintenance covenants typically required for leveraged loans may be weakened to make the loan terms more favorable to the borrower.
One example of a covenant-lite transaction may be to include an incurrence covenant such as requiring the borrower having a debt to EBITDA below a certain level only if the borrower is seeking to issue new debt. This covenant is weaker than a maintenance covenant in which the debt to EBITDA multiple is assessed at each reporting period to ensure that the multiple is below the agreed-upon level.
请问老师对应的是哪个考点在讲义哪一页