'Cov-lite' is used to describe a loan where the lender, typically a bank, does not impose standard performance conditions on a borrower. The loan documentation is therefore literally 'covenant light'. The standard covenants, or clauses, typically waived would normally set operating targets to ensure that the borrower, often a private equity firm, generates sufficient cash flow to meet interest and capital repayments. A breach would give the bank the right to demand repayment or take control of the company.
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Nationwide: House price growth slows but market remained resilient despite Budget worriesThe average price of a house in the UK was £272,998 in November, as annual house price growth slowed to just 1.8%, Nationwide said.
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ChatGPT turns three: what’s next for the ‘AI era’?Three years after its launch kickstarted the age of AI, ChatGPT and its maker OpenAI are driving the stock market. But concerns are growing over whether OpenAI will be able to turn its AI dominance into profit.
