In an overly crowded field of financiers chasing deals, larger borrowers have gained leverage—figuratively speaking—as many of them have the pick of the litter when it comes to loans. “We are seeing, across the board in the capital markets and balance sheet space, a war on covenants, if you will,” said Kara McShane, Wells Fargo Securities managing director and head of commercial real estate capital markets and finance. “Some of the larger borrowers ask for things like caps on loans with recourse. When you start to see these things getting done with the best borrowers in the space, then the market follows suit.”