Covenants
This page aggregates all research regarding covenants published by Moody's Investors Service.
  • 概要
  • レポート

  • SECTOR IN-DEPTH
    14 Sep 2021|Moody's Investors Service
    Leveraged loans continue to provide borrowers with extraordinary capacity to incur debt and pay dividends to equity holders at their lenders' expense.

    SECTOR IN-DEPTH
    03 Aug 2021|Moody's Investors Service
    For new money term loans, borrowers are moving to access their incremental facilities with fewer strings attached. Terms around incremental debt capacity are also becoming more aggressive.

    SECTOR IN-DEPTH
    02 Sep 2021|Moody's Investors Service
    Investors have sacrificed covenant protections for yield over the past decade. Based on our analysis of 422 Asian full-package high-yield bonds from 2011 to 2020, bondholders have been increasingly exposed to weaker covenant protections as bond issuance from Chinese property developers has increased in proportion and these bonds have included weakening covenant structures over the years.

    SECTOR IN-DEPTH
    29 Jul 2021|Moody's Investors Service
     The CQI worsened to 4.45 in the second quarter as investors resume the trade-off of covenants for yield. Volumes remain near last quarter's record, while spreads further narrow.
    SECTOR IN-DEPTH
    03 May 2021|Moody's Investors Service
     The LCQI weakened by 36 basis points to 4.47 in Q4 2020, as a resurging market allowed borrowers to refinance on terms much more friendly than what were available in the first half of 2020.

    SECTOR IN-DEPTH
    19 Jul 2021|Moody's Investors Service
    CQ scores improved modestly for two consecutive quarters. The average covenant quality (CQ) score for Asian full-package high-yield bonds improved in the second quarter of 2021 to 3.44 (weak ↑) from 3.54 (weak ↑) in Q1 2021 and an all-time weakest score of 3.63 (weak) in Q4 2020.

    SECTOR IN-DEPTH
    10 May 2021|Moody's Investors Service
    Emerging markets (EM) covenant quality scores weaken further. The average covenant quality score for full-package EM bonds issued in the six months ended 31 March 2021 weakened by 3% to an all-time weakest level of 3.56 (weak ↑) from 3.45 (weak ↑) for the six months ended 30 September 2020.
    Bond Covenant Quality
    Bond Covenant Qualtiy Assessments
    Moody's Investors Service
    List of all Bond Covenant Quality Snapshots to date.
    Loan Covenant Quality
    Loan Covenant Quality Assessments
    Moody's Investors Service
    List of all Loan Covenant Quality Snapshots to date. 

    お問い合わせ先
    Evan Friedman
    SVP – Head of Covenant Research
    Evan.Friedman@moodys.com
    Jake Avayou
    VP-Senior Covenant Officer
    Jake.Avayou@moodys.com
    Enam Hoque
    VP-Senior Covenant Officer
    Enam.Hoque@moodys.com
    Derek Gluckman
    VP - Senior Covenant Officer
    Derek.Gluckman@moodys.com
    Lisa Gundy
    VP - Senior Covenant Officer
    Lisa.Gundy@moodys.com