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UPCOMING EVENTS

KEY CONTACTS

Evan Friedman
SVP – Head of Covenant Research
Evan.Friedman@moodys.com

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

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

Derek Gluckman
VP - Senior Covenant Officer
Derek.Gluckman@moodys.com

Lisa Gundy
VP - Senior Covenant Officer
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

Highlights

  • 4 May 2016
    • Moody’s: Loan covenant quality finally picking up; some risks remain
      After years of significant, across-the-board increases, our loan covenant quality scores stabilized between 2015 and 2014, indicating a shift away from the increasingly permissive covenant terms that dominated the borrower-friendly market. Meanwhile, spreads, ratings and covenant protections all signal a tightening market…Press Release l Full Report
  • 12 Apr 2016
    • Covenant bond quality improves marginally as issuance picks up
      Moody's Covenant Quality Index (CQI) strengthened slightly to 4.26 in March 2016, from 4.27 in February. Tighter credit conditions continued to result in a disproportionate percentage of Ba-rated bonds clearing the market, with only one Caa/Ca-rated bond coming to market in March. However, for the first time this year, a company in the oil & gas sector issued a bond, suggesting that cautious investors are willing to invest in the oil & gas sector if the price is right, even without covenant protection... Full Report l Press Release
  • 25 Mar 2016
    • North American chemical sector bonds offer weaker than average investor protections
      Chemical bonds’ weak covenant quality scores reflect the chemical sector’s higher-than-average share of near investment-grade rated bond issuances, as well as its slightly higher portion of private-equity owned companies and high-yield lite deals. Companies with higher-rated bonds are usually able to borrow with less restrictive covenants... Press Release l Full Report

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
05 May 2016 Covenant Quality Assessment United Rentals (North America), Inc.: Covenant Quality Post-Sale Snapshot: $750m 5.875% Senior Notes due 2026 United Rentals (North America), Inc.
05 May 2016 Covenant Quality Assessment Altice US Finance I Corporation: Covenant Quality Post-Sale Snapshot: $1,500m 5.50% Senior Secured Notes due 2026 Altice US Finance I Corporation
04 May 2016 Covenant Quality Assessment INOVYN Finance plc: Covenant Quality Pre-Sale Snapshot: €300m _% Senior Secured Notes due 2021 INOVYN Finance plc
04 May 2016 Covenant Quality Assessment Rexel SA: Covenant Quality Pre-Sale Snapshot: €500m _% Senior Notes due 2023 Rexel SA
04 May 2016 Covenant Quality Assessment PTC Inc.: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Notes due 2024 PTC Inc.
04 May 2016 Covenant Quality Assessment Fantasia Holdings Group Co., Limited: Covenant Quality Post-Sale Snapshot: CNY600m 9.5% Senior Notes due 2019 Fantasia Holdings Group Co., Limited
04 May 2016 Sector In-Depth North American Leveraged Loan Covenants: Covenant Protections Turn the Corner in a Tightening Market, but Key Risks Are Rising
03 May 2016 Covenant Quality Assessment Gestamp Funding Luxembourg S.A.: Covenant Quality Pre-Sale Snapshot: €400m _% Senior Secured Notes due 2023 Gestamp Funding Luxembourg S.A.
03 May 2016 Covenant Quality Assessment Hanesbrands, Inc.: Covenant Quality Pre-Sale Snapshot: $1,500m _% Senior Notes due 2024 / 2026 Hanesbrands, Inc.
03 May 2016 Covenant Quality Assessment United States Steel Corporation: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Secured Notes due 2021 United States Steel Corporation
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