Cross-border leveraged loan documentation has become increasingly permissive with respect to third party debt, in some respects similar to high yield bonds, thus offering some previously unconsidered opportunities for specialist debt funds and special situations lenders, writes Latham & Watkins partner James Chesterman

Whilst Europe still doesn’t have a market that is as deep as the US, nor documentation that is as sponsor-friendly, there are new trends afoot that no practitioner can afford to ignore, writes James Chesterman.