Leveraged Loan Covenants - North America: New EBITDA add-backs credit the unlikely, the impossible, and the inexplicable
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.
Covenants – EMEA: Speculative-grade sustainable bonds flourish in 2021, to the detriment of covenants
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.
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.
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).
North American Bond Covenant Quality Indicator: Covenants continue to weaken, with PE sponsors enjoying the most flexibility
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.
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 ↓).
Leveraged Loan Covenants - North America: New features let sponsors turn negotiated RP carve-outs into all-purpose capacity
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