For professional investors only.
What do Swiss cheese and high yield covenants have in common? A lot of holes!
Unfortunately for investors, the covenants are not supposed to have holes. They are meant to preserve a lender’s claim value. In this update, Lale Topcuoglu, Senior Fund Manager and Head of Credit on the JOHCM Multi-Asset Value team, explores why covenants are important and why investors should care about them.
Disclaimer
The views expressed are those of the portfolio manager as of May 2019, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice.
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