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Covenants


 

Moody’s Covenant Service delivers research, data and analytical tools to help you better assess and compare the investor protections of high-yield bonds and leveraged loans:

 

 NEW!!:  Pre-Closing Loan Covenant Quality Snapshots, providing the same detailed analysis as the Loan Covenant Quality Snapshots. Click HERE to request unpublished loan covenant analysis.

 NEW!!:  Moody’s High-Yield Covenant Database provides a unique analytical platform combining all of our analysis and data on high-yield corporate bond covenants allowing for quick comparisons of covenant provisions and structures across issues and industries. Click HERE to access the database.
 
 TIME-SAVING SUMMARIES:  Our Covenant Snapshots summarize the key risk factors governing bonds and loan agreements published prior to pricing to ensure you do not miss important details in the fine print before your commitment; post-sale recap if needed. Click HERE to receive an alert every time one of our Covenant Snapshots are published.

 EASILY COMPARABLE COVENANT QUALITY:  Our Covenant Quality Scores provide an absolute rank ordering of the level of protection that a particular bond covenant package provides compared to other bonds. Moody’s Covenant Quality Index tracks the overall investor protection in covenant packages using aggregated Covenant Quality Scores.

HIGH COVERAGE:  Nearly 100% coverage of Moody’s rated high-yield bonds with issue sizes of more than $250M globally.

EXPERT OPINION:  Experienced team of covenant lawyers who can provide you their deep insight and opinions.

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Highlights

  • 23 Apr 2013
    • 12 most-active private equity bond sponsors offer weak covenant protections
      The 12 most-active private equity sponsors provide the weakest covenant protections, on average, our study of more than 200 high-yield bonds issued by sponsored North American companies shows. Weaker covenants leave creditors at greater risk of debt-funded dividend recapitalizations and subordination that could see them take losses in a default… Press Release l Full Report
  • 17 Apr 2013
    • Market accommodates North American homebuilders on high-yield-lite covenants
      Our review of 23 bonds from North American homebuilders reveals that the sector has weaker-than-average covenants. Just over half have weak high-yield-lite covenant packages. However, homebuilder bonds with a full package of covenants offer more protection than do those of other North American non-financial sectors… Press Release l Full Report
  • 9 Apr 2013
    • Bond covenant quality hits another new low in March
      The covenant quality of North American high-yield bonds continued to decline last month, when our three-month rolling average Covenant Quality Index reached a record low. And although covenant quality improved in the month of March alone and high-yield-lite issuance reverted toward the historical average, the relationship between ratings and covenant quality broke down again... Full Report

Research & Ratings

Research
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  DateDocument TypeTitleIssuer/Entity
07 May 2013 Covenant Quality Assessment Atlas Pipeline Partners, L.P. /Atlas Pipeline Finance Corporation - Pre-Sale Snapshot - $325m _% Senior Notes due 2021 Atlas Pipeline Partners, L.P.
07 May 2013 Covenant Quality Assessment Seven Generations Energy Ltd. - Pre-Sale Snapshot - $250m _% Senior Notes due 2020 Seven Generations Energy Ltd
07 May 2013 Covenant Quality Assessment Andrade Gutierrez International S.A. (Guaranteed by Construtora Andrade Gutierrez S.A.) - Post-Sale Snapshot - US$500m 4.000% Notes due 2018 Andrade Gutierrez International S.A.
07 May 2013 Covenant Quality Assessment NXP B.V. / NXP Funding LLC - Pre-Sale Snapshot - $500m _% Senior Notes due 2018 NXP B.V.
06 May 2013 Special Comment Frequently Asked Questions: Moody's Pre-Closing Loan Covenant Quality Snapshots
03 May 2013 Covenant Quality Assessment Ottawa Holdings Pte. Ltd., PT Bhakti Investama Tbk (Parent Guarantor) - Pre-Sale Snapshot - US$_m _% Senior Secured Notes due 201 Bhakti Investama Tbk. (P.T.)
03 May 2013 Covenant Quality Assessment Sirius XM Radio Inc. - Pre-Sale Snapshot - $500m _% Senior Notes due 2020 Sirius XM Radio Inc.
02 May 2013 Covenant Quality Assessment Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. - Post-Sale Snapshot - $350m 4.875% Senior Notes due 2021 Pinnacle Foods Finance LLC
01 May 2013 Covenant Quality Assessment Safway Group Holding LLC / Safway Finance Corp. - Pre-Sale Snapshot - $540m _% Senior Secured Second Lien Notes due 2018 Safway Group Holding LLC
30 Apr 2013 Covenant Quality Assessment Constellation Brands, Inc. - Pre-Sale Snapshot - $1.55bn: _% Senior Notes due 2021 / _% Senior Notes due 2023 Constellation Brands, Inc.
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