And Europe is now seeing the introduction of “covenant-lite” loans, which offer little protection to lenders if the borrower's financial position deteriorates.

欧洲开始出现”克莱”贷款(注1)，在这样的安排下，其贷款人在借款人财务状况恶化时没有什么保障。

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Covenant-lite loans removed some of those safeguards, creating the risk that default, when it occurred, would be more painful for creditors.

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As a veteran of the 2007-2008 turmoil, I am focused on one in particular: "covenant-lite" loans.

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Issuers also took advantage of their technical advantage to structure 55% of new loans as covenant-lite.

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