Pass The Debt: Comparative Portability Analysis Across Leveraged Finance Products And Markets

Portability has featured in European leveraged debt markets for some time. Over 70% of sponsored high yield deals have included leveraged based portability in each year since 20231 . Whilst less frequently seen in loans, European syndicated TLB saw an increase in portability features in 2025 with such features appearing in 20% of loan documents compared to 5% in 20242 . The U.S. loan market is seeing a similar trend, although the incidence of portability appears to be lower overall than it is in... By: A&O Shearman