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Moody’s Covenant Service delivers research, data and analytical tools to help you better assess and compare the investor protections of high-yield bonds and leveraged loans:


 NEW:  Moody’s High-Yield Covenant Database provides a unique analytical platform combining all of our analysis and data on high-yield corporate bond covenants allowing for quick comparisons of covenant provisions and structures across issues and industries. Click HERE to access the database.
 TIME-SAVING SUMMARIES:  Our Covenant Snapshots summarize the key risk factors governing bonds and loan agreements published prior to pricing to ensure you do not miss important details in the fine print before your commitment; post-sale recap if needed. Click HERE to receive an alert every time one of our Covenant Snapshots are published.

 EASILY COMPARABLE COVENANT QUALITY:  Our Covenant Quality Scores provide an absolute rank ordering of the level of protection that a particular bond covenant package provides compared to other bonds. Moody’s Covenant Quality Index tracks the overall investor protection in covenant packages using aggregated Covenant Quality Scores.

HIGH COVERAGE:  Nearly 100% coverage of Moody’s rated high-yield bonds with issue sizes of more than $250M globally.

EXPERT OPINION:  Experienced team of covenant lawyers who can provide you their deep insight and opinions.



  • 27 Jan 2015
    • North American Covenant Quality Weakens Most in Manufacturing and Aerospace/ Defense sectors
      The Construction & Homebuilding and Retail & Business Products sectors saw average covenant quality strengthen in 2014 compared to 2013 for their full-package high-yield bonds. The sectors with the most covenant deterioration were Manufacturing and Aerospace/Defense…Press Release l Full Report
  • 13 Jan 2015
    • North American high-yield bond covenant quality improves in December amid low issuance
      Despite an improvement in the covenant quality of the North American high-yield bonds that were issued in December, Moody’s Covenant Quality Index remains near November’s record low. The index stood at 4.33 in December and at 4.42 in November, continuing the trend of weakest-level investor protections... Press Release l Full Report
  • 8 Jan 2015
    • Falling oil prices raise subordination risk for oil and gas bondholders
      The halving of oil prices since mid-2014 is increasing the liens subordination risk of oil and gas bonds. New financing for exploration and development will generally rank senior to unsecured bondholders, and the flexible structures of many of the bonds permit substantial future subordination…Press Release l Full Report

Research & Ratings

  DateDocument Type Title Issuer/Entity
27 Feb 2015 Covenant Quality Assessment Delphi Automotive PLC: CQ Pre-Sale Snapshot:$_m _% Senior Notes due 20__
27 Feb 2015 Covenant Quality Assessment Project Homestake Merger Corp. (to be merged with and into Riverbed Technology, Inc.: Covenant Quality Pre-Sale Snapshot: $575m _% Senior Notes due 2023 Riverbed Technology, Inc. (New)
27 Feb 2015 Covenant Quality Assessment Manutencoop Facility Management S.p.A.: Covenant Quality Post-Sale Snapshot: €425m 8.5% Senior Secured Notes due 2020 Manutencoop Facility Management S.p.A.
26 Feb 2015 Covenant Quality Assessment CDW LLC and CDW Finance Corporation: CQ Pre-Sale Snapshot:$525m _% Senior Notes due 2023 CDW LLC
25 Feb 2015 Covenant Quality Assessment Digicel Limited: Covenant Quality Pre-Sale Snapshot: $925m _% Senior Notes due 2023 Digicel Limited
25 Feb 2015 Covenant Quality Assessment B/E Aerospace, Inc. - Credit Agreement (12/16/2014): Loan Covenant Quality Snapshot B/E Aerospace, Inc
25 Feb 2015 Special Comment US Software & IT Services: Bond Covenant Protections: Weak Liens Covenants Raise M&A Risk But Change of Control Provisions Offer Better Protection
24 Feb 2015 Covenant Quality Assessment Evergrande Real Estate Group Limited: Covenant Quality Post-Sale Snapshot: US$1bn 12% Senior Notes due 2020 Evergrande Real Estate Group Limited
23 Feb 2015 Covenant Quality Assessment USG Corporation: CQ Post-Sale Snapshot:$350m 5.50% Senior Notes due 2025 USG Corporation
20 Feb 2015 Covenant Quality Assessment Dean Foods Company: CQ Pre-Sale Snapshot:$700m _% Senior Notes due 2023 Dean Foods Company
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