Partner Caroline Leeds Ruby (London-Finance) authored a chapter in The International Comparative Legal Guide to Lending & Secured Finance, published by Global Legal Group. Now in its sixth edition, the book provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of lending and secured finance. 

The chapter by Leeds Ruby, titled “Global Trends in the Leveraged Loan Market in 2017,” examines the reasons for the high level of leveraged loan issuances in both the U.S. and European markets last year – the most since the credit crisis a decade ago. The authors discuss the preference of leveraged covlite term loans over high yield bonds; the erosion of pricing protections; the softening of change of control provisions; the increasing flexibility to incur incremental and incremental equivalent debt; and U.S. tax reform, among other topics. 

Read ‘Global Trends in the Leveraged Loan Market in 2017’