Bill Whelan Authors Article on Financial Covenants in U.S. High‑Yield Bonds

An article authored by Cravath partner William J. Whelan III, entitled “Shifting Sands: While U.S. Bond Issuers Would Tend To Favour Flexibility in Devising Their Covenant Packages, Investors Can Also Fight Back,” appeared in the April 2017 issue of International Financial Law Review. The article discusses trends in the covenant market, including issuers’ attempts to loosen covenants by weakening change of control provisions and mechanisms that investors can use to resist unduly flexible covenants.

Please click here to read the article.