What Tighter Credit Terms Are Really Telling You

And How to Address Them

Covenants, reserves, sweeps and amortisation are not just protections.

They are signals.

When terms tighten, it usually reflects concern around how the plan performs under pressure — not necessarily a lack of appetite.

The right response is not to argue structure in isolation. It is to understand which assumptions are driving it, and address those directly.

Because when conviction improves, better terms often follow.