The Cov-lite Liquidity Advantage, Regulatory Pressures, and the Evolution of the Leveraged Loan Market
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Following the global financial crisis (GFC), regulators made it harder for banks to retain leveraged loan exposure. We conjecture their actions increased the share of leveraged loan issuances with no maintenance covenants (cov-lite loans) because such loans are easier to sell. We find that, post-GFC
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美国国家经济研究局创建时间：
2026-08-01
