Protecting her interests

Estelle Mironesco, head of credit research at Crédit Lyonnais Asset Management, has a message for the debt capital markets: improve bondholder protection.

“Documentation for euro bonds is poor as there are not enough covenants. We, as investors, need a minimum level of protection, such as negative pledge or change of control,” she says.

Covenants are one topic that many European investors feel strongly about, but surprisingly little has been done to argue their case. The euro market