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KEY CONTACTS

Alexander Dill, Esq
Head of Covenant Research
Alexander.Dill@moodys.com

Jessica Reiss
VP – Senior Covenant Officer
Jessica.Reiss@moodys.com

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

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

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

Mark Scioscia
Associate Analyst
Mark.Scioscia@moodys.com

Danny Gao
Associate Analyst
Danny.Gao@moodys.com

Kyle Goodwin
Associate Analyst
Kyle.Goodwin@moodys.com

Yifan Chen
Associate Analyst
Yifan.Chen@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

  • 9 Apr 2014
    • North American high-yield bond covenant quality improves in March
      The covenant quality of North American high-yield bonds improved in March, after it had reached a record low in February. Stronger covenants for B-rated bonds led to the improvement, which was nonetheless constrained by a high percentage of high-yield lite bonds during the month… Press Release l Full Report
  • 8 Apr 2014
    • Moody's launches covenant quality scores for leveraged loans
      We have launched covenant quality scores that assess the protections US and Canadian leveraged loan covenants provide to investors. The scores compare covenant quality across sectors, rating levels, private equity sponsors and domiciles, among many other comparisons... Press Release l Full Report
  • 12 Mar 2014
    • US high-yield bond covenant quality hits new record low in February
      North American high-yield bond covenant quality fell to a new low in February after three months of improvement in a period of light debt issuance. The decline in covenant quality stemmed from record weak scores for bonds rated single B, and a near-record percentage of high-yield-lite bonds…Press Release l Full Report

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
24 Apr 2014 Covenant Quality Assessment Constellium N.V. - Pre-Sale Snapshot - €590m: $_ _% Senior Notes due 2024 / €_ _% Senior Notes due 2021 Constellium N.V.
22 Apr 2014 Covenant Quality Assessment Signode Industrial Group US Inc. / Signode Industrial Group Lux S.A. - Post-Sale Snapshot - $750m 6.375% Senior Notes due 2022 Signode Industrial Group US Inc.
21 Apr 2014 Covenant Quality Assessment Altice S.A. - Pre-Sale Snapshot - €4,150m: $_m _% Senior Notes due 2022; €_m _% Senior Notes due 2022 Altice S.A.
21 Apr 2014 Covenant Quality Assessment NRG Energy, Inc. - Post-Sale Snapshot - $1,000m 6.25% Senior Notes due 2024 NRG Energy, Inc.
21 Apr 2014 Covenant Quality Assessment Infor Software Parent, LLC. / Infor Software Parent, Inc. - Post-Sale Snapshot - $750m 7.125% / 7.875% Senior PIK Toggle Notes due 2021 Infor Software Parent, Inc.
21 Apr 2014 Covenant Quality Assessment Walter Energy, Inc. - Loan Covenant Quality Snapshot - Sixth Amendment to Credit Agreement (3/18/2014) Walter Energy, Inc.
18 Apr 2014 Covenant Quality Assessment Ocean Rig UDW Inc. - Post-Sale Snapshot - $500m 7.25% Senior Notes due 2019 Ocean Rig UDW Inc.
17 Apr 2014 Covenant Quality Assessment Athlon Holdings LP / Athlon Finance Corp. - Pre-Sale Snapshot - $500m _% Senior Notes due 2022 Athlon Holdings LP
17 Apr 2014 Covenant Quality Assessment Denbury Resources Inc. Denbury Resources Inc.
17 Apr 2014 Covenant Quality Assessment Numericable Group S.A. - Pre-Sale Snapshot - €6.04bn (equivalent) / €500m/$920m _% Senior Secured Notes due 2019 / €1bn/$2bn _% Senior Secured Notes due 2022 / €1bn/$2bn _% Senior Secured Notes due 2024 Numericable Group S.A.
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