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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

  • 10 May 2016
    • North American high-yield bond covenant quality improves again in April
      The Covenant Quality Index came in at 4.19 in April, compared to 4.26 the prior month, with the latest reading marking the first time this year it has indicated better than weakest-level covenant protections. Meanwhile, the average covenant quality score for the month of April alone was 3.95, a significant improvement on March's 4.31 and the strongest score since December 2014... Press Release l Full Report
  • 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

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
25 May 2016 Covenant Quality Assessment Sri Rejeki Isman Tbk (P.T.): Covenant Quality Pre-Sale Snapshot: US$_m _% Senior Notes due 2021 Sri Rejeki Isman Tbk (P.T.)
24 May 2016 Covenant Quality Assessment EMI Music Publishing Group N.A. Hldgs Inc: Covenant Quality Pre-Sale Snapshot: $350m _% Senior Notes due 2024 EMI Group North America Holdings Inc.
24 May 2016 Covenant Quality Assessment Gogo Intermediate Holdings LLC: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Secured Notes due 2022 Gogo Intermediate Holdings LLC
23 May 2016 Covenant Quality Assessment Penske Automotive Group, Inc.: Covenant Quality Post-Sale Snapshot: $500m 5.500% Senior Subordinated Notes due 2026 Penske Automotive Group, Inc.
23 May 2016 Covenant Quality Assessment Calumet Specialty Products Partners, L.P.: Covenant Quality Post-Sale Snapshot: $400m 11.5% Senior Secured Notes due 2021 Calumet Specialty Products Partners, L.P.
23 May 2016 Covenant Quality Assessment Tri Pointe Homes, Inc.: Covenant Quality Pre-Sale Snapshot: $300m _% Senior Notes due 2021 Tri Pointe Homes, Inc.
20 May 2016 Covenant Quality Assessment NXP B.V.: Covenant Quality Post-Sale Snapshot: $850m 4.125% Senior Notes due 2021/$900m 4.625% Senior Notes due 2023 NXP B.V.
NXP Funding LLC
20 May 2016 Covenant Quality Assessment Tempur Sealy International Inc.: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Notes due 2026 Tempur Sealy International Inc.
19 May 2016 Covenant Quality Assessment Tempur Sealy International Inc.: Covenant Quality Post-Sale Snapshot: $450m 5.625% Senior Notes due 2023 Tempur Sealy International Inc.
19 May 2016 Covenant Quality Assessment APX Group, Inc.: Covenant Quality Pre-Sale Snapshot: $350m _% Senior Secured Notes due 2022 APX Group, Inc.
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