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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 Click HERE to request unpublished loan covenant analysis.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

  • 12 Jun 2013
    • North American High-Yield Covenant Quality Index Remains Near Record Low in May
      While the three-month rolling average and single-month scores improved slightly, May was still the fifth-worst month in terms of bond covenant quality of the past year. And two contrary forces were at play: Although the percentage of Ba rated bonds, which generally are of worse quality, fell to 21% from 41% the prior month, the covenant quality of lower-rated bonds materially worsened… Press Release l Full Report
  • 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

Research & Ratings

Research
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  DateDocument TypeTitleIssuer/Entity
17 Jun 2013 Covenant Quality Assessment Tech Finance & Co S.C.A. - Pre-Sale Snapshot - $330m _% Senior Secured Notes due 2020 Tech Finance & Co S.C.A.
17 Jun 2013 Covenant Quality Assessment Gibson Energy Inc. - Pre-Sale Snapshot - $750m Senior Notes consisting of: _% US$ due 2021 / C$ _% due 2020 Gibson Energy Inc.
17 Jun 2013 Covenant Quality Assessment Pacnet Limited - Pre-Sale Snapshot - US$_m _% Senior Secured Guaranteed Notes due 2018 Pacnet Limited
13 Jun 2013 Covenant Quality Assessment The Yankee Candle Company, Inc. - Pre-Sale Snapshot - $450m __% Senior Notes due 2018 Yankee Candle Company, Inc, The
13 Jun 2013 Covenant Quality Assessment SMCP S.A.S. - Post-Sale Snapshot - €290m __% Senior Secured Notes due 2020 SMCP S.A.S
13 Jun 2013 Covenant Quality Assessment Bakkavor Finance (2) plc - Post-Sale Snapshot - £_ _% Senior Secured Notes due 2020 Bakkavor Finance (2) plc
12 Jun 2013 Covenant Quality Assessment Summit Midstream Holdings, LLC / Summit Midstream Finance Corp. - Pre-Sale Snapshot - $300m __% Senior Notes due 2021 Summit Midstream Holdings, LLC
11 Jun 2013 Special Comment North American Covenant Quality Index: Bond Covenant Quality Remains Weak in May
10 Jun 2013 Special Comment Moody's High-Yield Covenant Database: US Retailers' PE-Backed Bond Covenants Are Much Weaker Than Non-PE Backed Issues
10 Jun 2013 Covenant Quality Assessment United Continental Holdings, Inc. - Post-Sale Snapshot - $300m 6.325% Senior Notes due 2018 United Continental Holdings, Inc.
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