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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

Derek Gluckman
VP - Senior Covenant Officer
Derek.Gluckman@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

  • 16 Jun 2015
    • North American automotive industry bonds offer weaker than average investor protections
      Even excluding automobile manufacturers' high-yield lite covenant packages, bonds from the automotive industry had an average covenant quality score of 4.32, still weaker than the 3.91 recorded for other US non-financial sectors. Growth in demand continues to drive investor appetite for bonds from the industry despite their offering less protection in most of the risk categories we look at... Press Release l Full Report
  • 28 May 2015
    • North American paper, packaging and forest products bond covenants deteriorating faster than other industries’
      The faster decline in paper, packaging and forest products bond covenant quality reflects the industry’s attractive business fundamentals, including stable and defensible end markets for many packaging and tissue producers, while wood product producers will see demand grow as housing starts continue to pick up... Press Release
    • Moody's: North American high-yield bond covenant quality worsens in all but one sector in the past year
      The covenant quality of high-yield bonds from all but one North American non-financial corporate sector worsened during the year ended 31 March 2015. The average CQ score for the services sector was the only score to improve, but it did so only mildly, strengthening 0.05 to 3.90. The average CQ score for full-package high-yield bonds weakened by similar amounts during the 12 months ended March this year and the previous period, suggesting that weakening in the overall market has begun to stabilize... Press Release | Full Report

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
26 Jun 2015 Covenant Quality Assessment Nord Anglia Education Finance LLC (unconditionally and irrevocably guaranteed by Nord Anglia Education, Inc.): Covenant Quality Post-Sale Snapshot: CHF200m 5.750 % Senior Secured Notes due 2022 Nord Anglia Edu...
Nord Anglia Edu...
25 Jun 2015 Covenant Quality Assessment LTF Merger Sub, Inc. (to be merged with and into Life Time Fitness, Inc.): Covenant Quality Post-Sale Snapshot: $450m 8.500% Senior Notes due 2023 Life Time Fitness, Inc.
25 Jun 2015 Covenant Quality Assessment Kirk Beauty Zero GmbH: Covenant Quality Pre-Sale Snapshot: €635m _% Senior Secured Notes due 2022 Kirk Beauty Zero GmbH
25 Jun 2015 Covenant Quality Assessment Univar USA Inc.: Covenant Quality Pre-Sale Snapshot: $400m _% Senior Notes due 2023 Univar Inc.
25 Jun 2015 Covenant Quality Assessment China SCE Property Holdings Limited: Covenant Quality Post-Sale Snapshot: US$350m 10% Senior Notes due 2020 China SCE Property Holdings Limited
25 Jun 2015 Covenant Quality Assessment Globo Mobile, Inc.: Covenant Quality Pre-Sale Snapshot: $180m _% Senior Secured Notes due 2020 Globo Mobile Inc.
24 Jun 2015 Covenant Quality Assessment DAE Aviation Holdings, Inc.: Covenant Quality Pre-Sale Snapshot: $485m _% Senior Notes due 2023 DAE Aviation Holdings, Inc.
24 Jun 2015 Covenant Quality Assessment Summit Materials, LLC / Summit Materials Finance Corp.: Covenant Quality Pre-Sale Snapshot: $275m _% Senior Notes due 2023 Summit Materials, LLC
23 Jun 2015 Covenant Quality Assessment CNH Industrial Capital LLC: Covenant Quality Pre-Sale Snapshot: $_m _% Notes due 20_ CNH Industrial Capital LLC
23 Jun 2015 Covenant Quality Assessment Endo Limited / Endo Finance LLC / Endo Finco Inc.: Covenant Quality Pre-Sale Snapshot: $1,435m _% Senior Notes due July 2023 Endo Finance LL...
Endo Finco Inc.
Endo Limited
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