North American Bond Covenant Quality Indicator: With the lowest-rated issuers essentially sidelined, covenant quality plummets
28 Oct 2022|Moody's Investors Service
A majority of the third quarter's bonds were high-yield lite, reflecting the market's preference for higher-rated debt and worsening the average covenant quality score.
High Yield Covenants – Global: Downturn is giving creditors rare chance to assert bargaining power on terms
24 Oct 2022|Moody's Investors Service
Creditors have greater bargaining power in the current environment. Creditors can seize this moment to recalibrate documentation standards before PE sponsors regain the upper hand.
Leveraged Finance – North America and EMEA: Private equity has more options to preserve returns, most at creditors' expense
10 Oct 2022|Moody's Investors Service
We expect to see private equity-owned companies carry out more out-of-court debt restructurings and other forms of liability management in coming months.
29 Sep 2022|Moody's Investors Service
All of Embarq's existing senior unsecured notes will remain outstanding but become subordinated to Brightspeed's proposed secured debt. For bondholders, this risk was hiding in plain sight.
21 Sep 2022|Moody's Investors Service
Issuance remained limited. With rates rising and earnings under pressure, borrowers are seeking additional flexibility to incur debt.