• On 21 May 2013, Moody’s announced rating actions on MBIA Insurance Corp., National Public Finance Guarantee Corp., MBIA Inc. and other related entities. Because of the large number of credits across several asset classes affected by these rating actions, including Moody's-rated securities that are guaranteed or "wrapped" by these companies, ratings appearing on this website may not yet reflect current information. For current information on affected credits, please visit www.moodys.com/fig.
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UPCOMING EVENTS

KEY CONTACTS

Alexander Dill, Esq
Head of Covenant Research
Alexander.Dill@moodys.com

Matthew Musicaro
Associate Analyst
Matthew.Musicaro@moodys
.com

Jessica Reiss
VP – Senior Covenant Officer
Jessica.Reiss@moodys.com

Jeannie-Marie Noyce
AVP – Covenant Analyst
Jeannie-Marie.Noyce
@moodys.com

Michael Tsai
Associate Analyst
Michael.Tsai@moodys.com

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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 Click HERE to request unpublished loan covenant analysis.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.

 

Highlights

  • 22 May 2013
    • Looser covenants could leave investors exposed in a downturn
      Robust issuance of covenant-lite loans and high-yield bonds with weak protections suggests a "covenant bubble" that could leave fixed-income investors exposed to losses in a credit cycle downturn. Currently, the risk remains in the background, but conditions could change quickly. In a distressed scenario, subordinated bondholders would suffer the brunt of losses... Press Release l Full Report​​​
  • 15 May 2013
    • North American covenant quality index remains relatively flat in April
      The covenant quality of North American high-yield bonds improved only marginally in April. But while in recent months the primary driver of worsening covenant quality has been high-yield lite issuance, in April it was the high percentage of Ba rated bonds that was most noteworthy, exerting downward pressure on both covenant quality and spreads… Press Release l Full Report
  • 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

Research & Ratings

Research
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  DateDocument TypeTitleIssuer/Entity
23 May 2013 Covenant Quality Assessment Dynegy Inc. - Pre-Sale Snapshot - $500m 5.875% Senior Notes due 2023 Dynegy Inc.
23 May 2013 Covenant Quality Assessment AG Spring Finance II Limited - Pre-Sale Snapshot - €175m ¬ _% Senior Unsecured Notes due 2019 AG Spring Finance II Limited
23 May 2013 Covenant Quality Assessment AG Spring Finance Limited - Pre-Sale Snapshot - €175m ¬ _% Senior Secured Notes due 2019 AG Spring Finance II Limited
22 May 2013 Covenant Quality Assessment Midstates Petroleum Company, Inc./Midstates Petroleum Company LLC - Pre-Sale Snapshot - $700m _% Senior Notes due 2021 Midstates Petroleum Company Inc.
22 May 2013 Covenant Quality Assessment Legacy Reserves LP /Legacy Reserves Finance Corporation - Pre-Sale Snapshot - $250m _% Senior Notes due 2021 Legacy Reserves LP
22 May 2013 Covenant Quality Assessment CommScope Holding Company, Inc. - Pre-Sale Snapshot - $550m _% Senior PIK Toggle Notes due 2020 CommScope Holding Company, Inc.
22 May 2013 Covenant Quality Assessment Central China Real Estate Limited - Pre-Sale Snapshot - US$_m _% Senior Notes due 20_ Central China Real Estate Limited
21 May 2013 Covenant Quality Assessment Cinemark USA, Inc. - Pre-Sale Snapshot - $530m _% Senior Notes due 2023 Cinemark USA, Inc.
21 May 2013 Covenant Quality Assessment Century Aluminum Company - Pre-Sale Snapshot - $250m _% Senior Secured Notes due 2021 Century Aluminum Company
21 May 2013 Special Comment Signs of a ‘Covenant Bubble' Suggest Future Risks for Investors
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