The Asian high-yield debt capital markets have expanded dramatically since the Asian financial crisis of the late 1990s. Credit investors in search of yield have gravitated toward the Asian high-yield market and issuance volumes have surged to record levels. The high-yield market in Asia has evolved as changes naturally have emerged with respect to structures and covenant packages designed to suit new issuers and developing markets, and to address the challenges faced by global macroeconomic factors. In addition, recent cross-border debt defaults from China may well reshape investor expectations. Despite this changing landscape, there are core high-yield principals and structures that remain constant. This course provides an introduction to high-yield debt and addresses the core elements of high-yield as encountered by Asia-based issuers. It aims to provide high-yield market participants and legal practitioners with the tools they need to help understand and navigate high-yield covenant packages, structures and deal execution in Asia.
- Senior bank debt v high-yield debt
- Subordination concepts
- High-yield covenants
- incurrence v maintenance covenants
- restricted v unrestricted subsidiaries
- investment grade v high-yield covenants
- discussion of key high-yield covenants
- Current trends and topics
- Events of default
- High-yield offering structures and deal execution
- Practical considerations
To view our registration conditions click here.