How are High Yield Bond Covenants unique or different to other lending covenants, leveraged loans or bank facilities?

As a start high yield covenants are typically set up as incurrence covenants and not maintenance covenants that you would see in the leveraged loan market or other banking facilities.

Key areas covered include redemption covenants; restrictive covenants; incurrence covenants; change of control.

Attached is an article written at Skadden Arps, published in the Butterworths journal of international banking and financial law. Whilst written in 2014, is still relevant today...