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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

  • 27 Jan 2015
    • North American Covenant Quality Weakens Most in Manufacturing and Aerospace/ Defense sectors
      The Construction & Homebuilding and Retail & Business Products sectors saw average covenant quality strengthen in 2014 compared to 2013 for their full-package high-yield bonds. The sectors with the most covenant deterioration were Manufacturing and Aerospace/Defense…Press Release l Full Report
  • 13 Jan 2015
    • North American high-yield bond covenant quality improves in December amid low issuance
      Despite an improvement in the covenant quality of the North American high-yield bonds that were issued in December, Moody’s Covenant Quality Index remains near November’s record low. The index stood at 4.33 in December and at 4.42 in November, continuing the trend of weakest-level investor protections... Press Release l Full Report
  • 8 Jan 2015
    • Falling oil prices raise subordination risk for oil and gas bondholders
      The halving of oil prices since mid-2014 is increasing the liens subordination risk of oil and gas bonds. New financing for exploration and development will generally rank senior to unsecured bondholders, and the flexible structures of many of the bonds permit substantial future subordination…Press Release l Full Report

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
27 Mar 2015 Covenant Quality Assessment VeriSign, Inc.: Covenant Quality Post-Sale Snapshot: $500m 5.25% Senior Notes due 2025 VeriSign, Inc.
27 Mar 2015 Covenant Quality Assessment RSI Home Products, Inc.: Covenant Quality Post-Sale Snapshot: $575m 6.500% Senior Secured Second Lien Notes due 2023 RSI Home Products Inc.
27 Mar 2015 Covenant Quality Assessment GCI, Inc.: Covenant Quality Pre-Sale Snapshot: $450m _% Senior Notes due 2025 GCI, Inc.
27 Mar 2015 Covenant Quality Assessment Jaguar Land Rover Automotive plc: Covenant Quality Post-Sale Snapshot: $500m 3.5% Senior Notes due 2020 Jaguar Land Rover Automotive Plc
25 Mar 2015 Covenant Quality Assessment Whiting Petroleum Corporation: Covenant Quality Pre-Sale Snapshot: $750m _% Senior Notes due 2023 Whiting Petroleum Corporation
25 Mar 2015 Covenant Quality Assessment Calumet Specialty Products Partners, L.P. / Calumet Finance Corp.: Covenant Quality Pre-Sale Snapshot: $325m _% Senior Notes due 2023 Calumet Specialty Products Partners, L.P.
24 Mar 2015 Covenant Quality Assessment CONSOL Energy Inc.: Covenant Quality Pre-Sale Snapshot: $650m _% Senior Notes due 2023 CONSOL Energy Inc.
24 Mar 2015 Covenant Quality Assessment TA Mfg Limited: Covenant Quality Pre-Sale Snapshot: €330m _% Senior Notes due 2023 TA Mfg Limited (UK)
24 Mar 2015 Covenant Quality Assessment Sunoco LP / Sunoco Finance Corp.: Covenant Quality Pre-Sale Snapshot: $800m _% Senior Notes due 2023 Sunoco LP
24 Mar 2015 Covenant Quality Assessment Townsquare Media, Inc.: Covenant Quality Pre-Sale Snapshot: $320m _% Senior Notes due 2023 Townsquare Media, Inc.
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