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.
26 Jan 2022|Moody's Investors Service
Weakening covenant structures have allowed Evergrande and other Chinese property developers to fund rapid business expansion.
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
18 Nov 2021|Moody's Investors Service
The average covenant quality (CQ) score for EM bonds issued in the six months ended 30 September 2021 improved modestly by 2% to 3.50 (weak ↑) from an all-time weakest score of 3.56 (weak ↑) for the six months ended 31 March 2021.