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Pass the debt: comparative portability analysis across leveraged finance products and markets

Pass the debt: comparative portability analysis across leveraged finance products and markets
Published Date
Mar 4 2026
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Portability has been available in European leveraged debt markets for some time. On the high yield side, it has appeared in over 70% of sponsored deals every year since 2023. Less frequently seen in loans, syndicated TLB nonetheless saw an uptick in portability over 2025.

This article explores:

  • the drivers for portability’s increased popularity
  • the conditions applied to the exercise of portability
  • how these conditions differ across leveraged markets and products
  • other forms of portability
  • what's next

Download our full article to read more about portability across loans, bonds, and private debt in the European and U.S. markets.

If you would like to discuss any of the content in this article or find out more, please reach out to your usual A&O Shearman contact.

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Pass the debt: comparative portability analysis across leveraged finance products and markets

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