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UPCOMING EVENTS

KEY CONTACTS

Evan Friedman
VP – Senior Covenant Officer
Evan.Friedman@moodys.com

Jake Avayou
VP-Senior Covenant Officer
Jake.Avayou@moodys.com

Enam Hoque
VP-Senior Covenant Officer
Enam.Hoque@moodys.com

Lisa Gundy
AVP-Covenant Analyst
Lisa.Gundy@moodys.com 

Danny Gao
Associate Analyst
Danny.Gao@moodys.com

Yifan Chen
Associate Analyst
Yifan.Chen@moodys.com

Irina Brooklier
Associate Analyst
Irina.Brooklier@moodys.com

Raven Burnett
Associate Analyst
Raven.Burnett@moodys.com

Pablo Mateo Pulido
Associate Analyst
Pablo.MateoPulido@moodys.com

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Covenants


 

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.

 

Highlights

  • 30 Apr 2015
    • Covenant quality eroded in second half of 2014; high-yield lite issuance spikes
      Covenant quality for North American high-yield corporate bonds weakened during the third and fourth quarters of 2014 compared to the first half of the year. The percentage of high-yield lite bonds issuance increased drastically, rising from 22.4% in the first half of 2014 to 37.6% in the second half… Press Release l Full Report
  • 21 Apr 2015
    • Media Covenants Offer Stronger than Average Protection in North America
      The Media sector offered stronger covenant protection than the North American market from 2011 through 2014. We expect covenant quality protection for Media to track the market and remain stable over the next two years…Full Report
  • 15 Apr 2015
    • Asian covenant quality for high-yield bonds comes out on top in first-quarter 2015
      Covenant protections for Asian high-yield bonds issued in the first quarter of 2015 are on par with those issued in the fourth quarter of 2014 and remain stronger than those in other regions. Specifically, Indian bonds had the strongest covenant protections, with two of them containing fewer quantifiable restricted payments, risky investments and debt carve-outs than the rest of the bonds issued during this period… Press Release l Full Report

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
21 May 2015 Covenant Quality Assessment Berry Plastics Corporation: Covenant Quality Pre-Sale Snapshot: $700m _% Second Priority Senior Secured Notes due 2023 Berry Plastics Corporation
21 May 2015 Covenant Quality Assessment Rose Rock Midstream, L.P. / Rose Rock Finance Corporation: Covenant Quality Post-Sale Snapshot: $350m 5.625% Senior Notes due 2023 Rose Rock Midstream, L.P.
21 May 2015 Covenant Quality Assessment Hilcorp Energy I, L.P. / Hilcorp Finance Company: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Notes due 2025 Hilcorp Energy I, L.P
20 May 2015 Covenant Quality Assessment EP Energy LLC / Everest Acquisition Finance Inc.: Covenant Quality Pre-Sale Snapshot: $800m _% Senior Notes due 2023 EP Energy LLC
20 May 2015 Covenant Quality Assessment YPF Sociedad Anónima: Covenant Quality Post-Sale Snapshot: $1,500m 8.500% Senior Notes due 2025 YPF Sociedad Anonima
20 May 2015 Covenant Quality Assessment Hikma Pharmaceuticals Public Limited Company: Covenant Quality Post-Sale Snapshot: $500m 4.25% Senior Notes due 2020 Hikma Pharmaceuticals PLC
19 May 2015 Covenant Quality Assessment Energy Transfer Equity, L.P.: Covenant Quality Pre-Sale Snapshot: $_m _% Senior Notes due 2027 Energy Transfer Equity, L.P.
19 May 2015 Covenant Quality Assessment Plantronics, Inc.: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Secured Notes due 2023 Plantronics, Inc.
19 May 2015 Covenant Quality Assessment SM Energy Company: Covenant Quality Post-Sale Snapshot: $500m 5.625% Senior Notes due 2025 SM Energy Company
19 May 2015 Covenant Quality Assessment ArcelorMittal: Covenant Quality Post-Sale Snapshot: €500m 3.00% Notes due 9 April 2021 (under the €6bn Euro Medium Term Note Programme) ArcelorMittal
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