Syndicated loan volume has surged in recent years, rising 61% from
2003 through 2005 and approaching a record $1.5 trillion according to
Loan Pricing Corporation. Accompanying and fueling this activity has
been a steady loosening of lending standards among banks on
commercial and industrial loans. In fact, according to the Federal
Reserve’s Senior Loan Officer Opinion Survey on Bank Lending
Practices (SLOS), banks’ lending standards are looser now than they
have been in nearly a decade. Improved market conditions,
dramatically lower default rates and heightened competition have
greatly increased banks’ risk tolerance.
One result of this risk receptivity and “borrower-friendly” funding
environment has been visible erosion in covenant usage. This trend has
been most acute among non-investment grade loans despite a steady
decline in the credit quality of newly originated deals. This new study
looks for evidence of changing covenant standards in the syndicated
loan market and discusses the importance of these developments from
a credit perspective. The study also offers an overview of covenant
trends over the past decade.

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