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Covenants
Section Overview
Read our Covenant Quality Indicator reports
Read our Loan Covenant Quality Snapshots (North America only)
Read all of our Bond Covenant Quality Snapshots
Highlights
Research & Ratings
Research
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Date
Document Type
Title
Issuer/Entity
18 Apr 2024
Sector Comment
Leveraged loan covenants – US: Emerging double-dip protection set to spread across syndicated, private markets
28 Mar 2024
Sector In-Depth
High-Yield Bond Covenants – North America: As risks ease, big investor protection gains in 2023 will prove short-lived
27 Mar 2024
Sector In-Depth
High Yield Bond Covenants – EMEA: Covenants improved a little in 2023, but issuers maintain key flexibilities
05 Mar 2024
Sector In-Depth
Leveraged Loan Covenants – EMEA: Quantifiable covenant capacity decreased in 2023 as borrowers refinanced
01 Feb 2024
Sector Comment
EMEA Bond Covenant Quality Indicator: European CQI jumps back as renegotiation does not follow refinancing
31 Jan 2024
Sector In-Depth
North American Bond Covenant Quality Indicator: Shift toward higher rated debt in Q4 2023 carries indicator back into weakest level
22 Jan 2024
Sector Comment
Corporates – Europe: Issuer reluctance, not covenant curbs, prevents US liability management in Europe
16 Nov 2023
Sector In-Depth
Not-for-Profit and Public Healthcare – US: Risk of covenant violations has decreased, but remains heightened
08 Nov 2023
Sector In-Depth
Securities & Exchanges – Cross Region: Operating conditions for securities firms remain broadly supportive of credit
31 Oct 2023
Sector In-Depth
North American Bond Covenant Quality Indicator: Improved secured bond protections bring indicator out of weakest level
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