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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

  • 21 Jul 2016
    • North American high-yield bond covenant quality shows year-over-year decline
      Among sectors with 10 or more high-yield bonds issued during the 12-month period ended 30 June 2016 and 30 June 2015 , none provided better than weak investor protections. For the 12-month period ended 30 June 2016, bonds from construction and homebuilding companies were the weakest, followed by those from the retail and business products sector and manufacturing... Full Report
  • 12 Jul 2016
    • US high-yield bond covenant quality improves in June, but remains at weakest level
      The Covenant Quality Index, a three-month rolling average, came in at 4.30 last month compared to 4.32 in May, with the latest reading still 91 basis points weaker than its record best. Meanwhile, the average covenant quality score for bonds issued in the month of June alone improved to 4.25 from 4.56 in May; the June score, however, reflects issuers’ success in capitalizing on market demand to negotiate for limited investor protections... 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

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
22 Jul 2016 Covenant Quality Assessment WMG Acquisition Corp.: Covenant Quality Pre-Sale Snapshot: $300m _% Senior Secured Notes due 2023 WMG Acquisition Corp.
21 Jul 2016 Covenant Quality Assessment Six Flags Theme Parks Inc.: Loan Covenant Quality Snapshot Six Flags Theme Parks Inc.
21 Jul 2016 Covenant Quality Assessment IDH Finance plc: Covenant Quality Pre-Sale Snapshot £425m Senior Secured Notes: _% Fixed Rate due 2022/Floating Rate Notes due 2022 IDH Finance plc
21 Jul 2016 Sector In-Depth Moody's Quarterly Covenant Quality Sector Report: Protection Weakens in Five Sectors, Resulting in Overall Quality Decline
20 Jul 2016 Covenant Quality Assessment Reynolds Group Issuer Inc.: Covenant Quality Post-Sale Snapshot: $800m 7.000% Senior Notes due 2024 Reynolds Group Issuer Inc.
20 Jul 2016 Covenant Quality Assessment Reynolds Group Issuer Inc.: Covenant Quality Post-Sale Snapshot: $1,350m 5.125% / $750m Floating Rate Senior Secured Notes due 2023 / 2021 Reynolds Group Issuer Inc.
19 Jul 2016 Covenant Quality Assessment Naviera Armas, S.A.: Covenant Quality Pre-Sale Snapshot: €250m Floating Rate Senior Secured Notes Due 2023 Naviera Armas, S.A.
19 Jul 2016 Covenant Quality Assessment Lecta S.A.: Covenant Quality Pre-Sale Snapshot: €590m of Senior Secured Notes. Floating Rate Notes due 2022 / _% Notes due 2023 Lecta S.A.
19 Jul 2016 Covenant Quality Assessment HT Global IT Solutions Holdings Limited: Covenant Quality Post-Sale Snapshot: US$300m 7% Senior Notes due 2021 HT Global IT Solutions Holdings Limited
19 Jul 2016 Sector In-Depth High-Yield-Bond Covenants - Asia: Covenant Quality Strengthens in Q2
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