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Alexander Dill, Esq
Head of Covenant Research

Evan Friedman
VP – Senior Covenant Officer

Jake Avayou
VP-Senior Covenant Officer

Lisa Gundy
AVP-Covenant Analyst 

Danny Gao
Associate Analyst

Yifan Chen
Associate Analyst

Irina Brooklier
Associate Analyst

Raven Burnett
Associate Analyst

Pablo Mateo Pulido
Associate Analyst

Find An Analyst




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.



  • 21 Apr 2015
    • Media Covenants Offer Stronger than Average Protection in North America
      The Media sector offered stronger covenant protection than the North American market from 2011 through 2014. We expect covenant quality protection for Media to track the market and remain stable over the next two years…Full Report
  • 15 Apr 2015
    • Asian covenant quality for high-yield bonds comes out on top in first-quarter 2015
      Covenant protections for Asian high-yield bonds issued in the first quarter of 2015 are on par with those issued in the fourth quarter of 2014 and remain stronger than those in other regions. Specifically, Indian bonds had the strongest covenant protections, with two of them containing fewer quantifiable restricted payments, risky investments and debt carve-outs than the rest of the bonds issued during this period… Press Release l Full Report
    • North American high-yield bond covenant quality remains near record low
      A rebound in issuance from the oil and gas sector in March aided the improvement in the monthly average bond covenant quality score. Nonetheless, investor protections remain weak, with the average covenant quality score coming in at 4.25, not far from February’s 4.51, which was the weakest average monthly score on record. Meanwhile, the Covenant Quality Index, a three-month rolling average, remains near its record low… Press Release l Full Report

Research & Ratings

  DateDocument Type Title Issuer/Entity
24 Apr 2015 Covenant Quality Assessment Sabre GLBL Inc.: Covenant Quality Post-Sale Snapshot: $530m 5.375% Senior Secured Notes due 2023 Sabre GLBL Inc.
24 Apr 2015 Covenant Quality Assessment Rapid Holding GmbH: Covenant Quality Pre-Sale Snapshot: €400m _% Senior Secured Notes due 2020 Rapid Holding GmbH
24 Apr 2015 Covenant Quality Assessment HealthSouth Corporation: Covenant Quality Post-Sale Snapshot: $300m 5.125% Senior Notes due 2023 HealthSouth Corporation
23 Apr 2015 Covenant Quality Assessment ZF North America Capital, Inc. guaranteed by ZF Friedrichshafen AG: Covenant Quality Pre-Sale Snapshot: $_m _% Notes due 2020 / 2022 / 2025 ZF North America Capital, Inc.
23 Apr 2015 Covenant Quality Assessment 21st Century Oncology, Inc.: Covenant Quality Pre-Sale Snapshot: $400m _% Senior Notes due 2023 21st Century Oncology, Inc
23 Apr 2015 Covenant Quality Assessment Progroup AG: Covenant Quality Pre-Sale Snapshot: €_m Senior Secured Floating Rate Notes due 2022/€_m Senior Secured _% Notes due 2022 Progroup AG
23 Apr 2015 Monthly Commentary-LFS High Yield Interest: Latin America Edition - April 2015
23 Apr 2015 Covenant Quality Assessment Central China Real Estate Limited: Covenant Quality Post-Sale Snapshot: US$300m 8.75% Senior Notes due 2021 Central China Real Estate Limited
22 Apr 2015 Covenant Quality Assessment DJO Finco Inc. (to be assumed by DJO Finance LLC / DJO Finance Corporation): Covenant Quality Pre-Sale Snapshot: $1,045m _% Second Lien Notes due 2021 DJO Finance LLC
22 Apr 2015 Covenant Quality Assessment Novalis S.A.S.: Covenant Quality Pre-Sale Snapshot: €800m _% Senior Notes due 2022 Novalis S.A.S.
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