This page aggregates all research regarding covenants published by Moody's Investors Service.

  • Sector In-Depth
    13 Jun 2022|Moody's Investors Service
    Current vintage EBITDA definitions strain justification - with aggressive terms being adopted widely, and novel add-backs further testing the market.

    Sector In-Depth
    14 Jun 2022|Moody's Investors Service
    Green bonds are often issued by private-equity-backed companies that tend to use recent drafting techniques that are aggressive and incorporate weaker covenant protection.

    Sector In-Depth
    17 May 2022|Moody's Investors Service
    The average covenant quality score for full-package EM bonds issued during the six months to 31 March 2022 improved to 3.24 (moderate ↓) from 3.50 (weak ↑) for the previous six months.

    Sector In-Depth
    03 May 2022|Moody's Investors Service
    The one Asian high-yield bond to price in the first quarter of 2022 was 1.67 (strong).

    Sector In-Depth
    26 Apr 2022|Moody's Investors Service
    The first quarter's average covenant quality score is the second worst on record and in striking distance of the record worst, achieved in the third quarter of 2021.

    Sector In-Depth
    16 Feb 2022|Moody's Investors Service
    The average covenant quality score for Asian high-yield bonds in the fourth quarter of 2021 was 3.34 (moderate ↓).

    Sector In-Depth
    15 Mar 2022|Moody's Investors Service
    By transferring the value of carve-outs from one covenant to another, borrowers are expanding their ability to use almost all of their negotiated dividend capacity to incur debt.

    16 Dec 2021|Moody's Investors Service
    While not monolithic, we believe that private equity’s negotiating strength in the current environment has set new precedents regarding structures and covenant protections
    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. 

    Evan Friedman
    SVP – Head of Covenant Research
    [email protected]
    Derek Gluckman
    VP - Senior Covenant Officer
    [email protected]
    Lisa Gundy
    VP - Senior Covenant Officer
    [email protected]