EM Covenant Monitor: EM covenant quality scores reach a new all-time weakest level amid a surge in issuance
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.
North American Loan Covenant Quality Indicator: Protection hits record-worst as volume surges on pent-up demand
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.
North American Bond Covenant Quality Indicator: CQI achieves best score in two years but protection remains at weakest level
21 Apr 2021|Moody's Investors Service
The CQI improved to 4.34 (weakest) in Q1 2021 on a record 168 bonds, double the long-term quarterly average of 84. But the CQI is still 4% weaker than its long-term average of 4.18 (wea).
13 Apr 2021|Moody's Investors Service
First quarter 2021 CQ score improves modestly. The average covenant quality (CQ) score for Asian full-package high-yield bonds improved by 3% in Q1 2021 to 3.54 (weak ↑) from an all-time weakest quarterly score of 3.63 (weak) in the previous quarter.