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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

Highlights

  • 30 Jul 2015
    • North American covenant quality weakens across most sectors
      The covenant quality (CQ) of high-yield bonds from all but three North American non-financial corporate sectors deteriorated during the past year. Covenants weakened the most in the metals and mining sector, owing to a surge in the issuance of high-yield lite bonds, followed by consumer products and technology…Full Report
  • 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

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
30 Jul 2015 Covenant Quality Assessment Euramax International, Inc.: Covenant Quality Pre-Sale Snapshot: $385m _% Senior Secured Notes due 20_ Euramax International, Inc.
30 Jul 2015 Special Comment Moody's Quarterly Covenant Quality Sector Report: Protection Weakens in Nine Sectors, Reflecting Overall Quality Decline
29 Jul 2015 Covenant Quality Assessment Finarvedi S.p.A.: Covenant Quality Pre-Sale Snapshot: €300m _% Senior Notes due 2022 Finarvedi S.p.A.
29 Jul 2015 Covenant Quality Assessment Dufry Finance SCA: Covenant Quality Post-Sale Snapshot: €700m 4.500% Senior Notes due 2023 DUFRY FINANCE S.C.A.
29 Jul 2015 Covenant Quality Assessment Sunoco LP / Sunoco Finance Corp.: Covenant Quality Post-Sale Snapshot: $600m 5.500% Senior Notes due 2020 Sunoco LP
29 Jul 2015 Covenant Quality Assessment Cognita Financing plc: Covenant Quality Pre-Sale Snapshot: £280m _% Senior Secured Notes due 2021 Cognita Financing Plc
28 Jul 2015 Covenant Quality Assessment Horizon Holdings III S.A.S.: Covenant Quality Pre-Sale Snapshot: €560m: €_m _% / $_m _% Senior Secured Notes due 2022 Horizon Holdings III SAS
28 Jul 2015 Covenant Quality Assessment CMA CGM S.A.: Covenant Quality Post-Sale Snapshot: €550m 7.75% Senior Notes due 2021 CMA CGM S.A.
28 Jul 2015 Covenant Quality Assessment TerraForm Global Operating, LLC: Covenant Quality Pre-Sale Snapshot: $800m _% Senior Notes due 2022 TerraForm Global Operating, LLC
27 Jul 2015 Covenant Quality Assessment TerraForm Power Operating, LLC: Covenant Quality Post-Sale Snapshot: $800m 5.875% Senior Notes due 2023 TerraForm Power Operating LLC
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