Search Icon
Not yet a member?   Find out more ->
Member Icon Already a member?

Press Release

Press Release

ELFA Engagement Roundtables Tackle Disclosure Gaps, Rushed Processes, and Transfer Restrictions

London, 31 July 2025 — The European Leveraged Finance Association (ELFA) has published a summary of the industry roundtables, held in response to its recent Open Letter (“Taking Stock of Market Standards on Disclosure, Process, and Engagement in the European Leveraged Finance Market”) which highlighted persistent concerns around limited disclosure, overly compressed deal timelines, and increasingly restrictive transferability terms, all of which are undermining efficiency and resilience in Europe’s leveraged finance market.

The roundtables convened a broad cross-section of market participants, including lenders, law firms, banks, and sponsors, to explore ways to improve market practices and reinforce transparency, fairness, and investor confidence.

The discussions focused on compressed timelines and complexity in leveraged loan and high-yield bond market documentation, insufficient covenant information, increasing restrictions on transferability and the use of password-protected websites for financial information:

  • Compressed Timelines: Rushed documentation processes limit lenders’ ability to accurately assess and negotiate terms, particularly in repricings and new money deals.
  • Insufficient Covenant Disclosure: Lack of clarity around covenant capacity and usage increases risk and hinders investor analysis.
  • Restrictive Transfer Provisions: Onerous transferability restrictions are stifling secondary market liquidity and raising concerns among investors.
  • Password-Protected Information: The use of gated sites is impeding analysis and market access and continues to frustrate both investors and analysts.

ELFA will continue to engage on these issues with Private Equity sponsors – specifically Heads of Businesses and relevant stakeholders; and continue to collaborate with its Partners and Initiative Committees to educate, gather feedback and work on initiatives to further address the issues discussed. ELFA will update the best practice guidance based on suggestions from the discussion.

Ed Eyerman, CEO of ELFA, said “Open dialogue is essential to address these systemic challenges. Through continued engagement, our aim is to ensure a more transparent and efficient market for the benefit of all.”

Read the summary of Engagement Roundtables here 

Download PDF
MAKE A CONTRIBUTION

You don’t need to be a member to add to the discussion. Share your experiences, thoughts and ideas with us and help us make a difference.

NEWS
24 July 2025
Press Release
ELFA and Akin Publish Second Issue in Transferability Series, Spotlighting Whitelist Reform

The European Leveraged Finance Association (ELFA), in collaboration with global law firm Akin, has today published the second issue in its Transferability Series, focusing on the evolving use of whitelists in leveraged finance documentation.

8 July 2025
Press Release
ELFA Appoints Naveed Mukhtar and Paolo Morrone as new Private Credit Committee Co-Chairs and Angela Kontos as a new Engagement & Compliance Committee Co-Chair

The European Leveraged Finance Association (ELFA) is pleased to announce the appointment of Naveed Mukhtar and Paolo Morrone as the new Co-Chairs on the Private Credit Committee and Angela Kontos as the new Co-Chair of the Engagement & Compliance Committee. Naveed and Paolo will take over from Mikko Iso-Kulmala and Angela will take over from Sebastian Potocean following their decisions to step down.

19 June 2025
Press Release
ELFA Unveils First Transferability Series Publication to Promote Transparency and Fairness in Leveraged Loan Transfer Provisions

The European Leveraged Finance Association (ELFA) has today published the inaugural issue of its Transferability Series, an initiative launched by the Leveraged Loan Committee to address the challenges in loan transfer provisions.