High-Yield IFRS 16 Impact on Covenants

The new International Financial Reporting Standard 16 Leases (IFRS 16) has taken effect, and the companies using IFRS shall adopt IFRS 16 for accounting periods beginning on or after 1 January 2019.

This client briefing provides an analysis of the impact of IFRS 16 on high-yield covenants and an overview of the various approaches adopted by European high-yield issuers in the first quarter of 2019, including some recent deals involving our team (Rexel, Faurecia).

For more information, please see our note here.


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