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Date | Document Type |
Title
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Issuer/Entity
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18 Apr 2024
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Sector Comment
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Leveraged loan covenants – US: Emerging double-dip protection set to spread across syndicated, private markets
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28 Mar 2024
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Sector In-Depth
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High-Yield Bond Covenants – North America: As risks ease, big investor protection gains in 2023 will prove short-lived
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27 Mar 2024
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Sector In-Depth
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High Yield Bond Covenants – EMEA: Covenants improved a little in 2023, but issuers maintain key flexibilities
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05 Mar 2024
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Sector In-Depth
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Leveraged Loan Covenants – EMEA: Quantifiable covenant capacity decreased in 2023 as borrowers refinanced
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01 Feb 2024
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Sector Comment
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EMEA Bond Covenant Quality Indicator: European CQI jumps back as renegotiation does not follow refinancing
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31 Jan 2024
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Sector In-Depth
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North American Bond Covenant Quality Indicator: Shift toward higher rated debt in Q4 2023 carries indicator back into weakest level
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22 Jan 2024
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Sector Comment
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Corporates – Europe: Issuer reluctance, not covenant curbs, prevents US liability management in Europe
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16 Nov 2023
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Sector In-Depth
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Not-for-Profit and Public Healthcare – US: Risk of covenant violations has decreased, but remains heightened
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08 Nov 2023
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Sector In-Depth
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Securities & Exchanges – Cross Region: Operating conditions for securities firms remain broadly supportive of credit
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31 Oct 2023
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Sector In-Depth
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North American Bond Covenant Quality Indicator: Improved secured bond protections bring indicator out of weakest level
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25 Oct 2023
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Sector Comment
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EMEA Bond Covenant Quality Indicator: European CQI stable but qualitative changes chip away at covenant protections
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23 Oct 2023
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Sector In-Depth
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Covenants – EMEA: Leveraged loan covenants improve in first half of 2023
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04 Oct 2023
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Compilation
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Leveraged Finance Interest: US Edition, September 2023
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|
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02 Aug 2023
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Sector Comment
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EMEA Bond Covenant Quality Indicator: Repeat issuers and secured structures drive covenant quality uptick for second quarter
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31 Jul 2023
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Sector In-Depth
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North American Bond Covenant Quality Indicator: Q2 bond covenants weaken as higher-rated companies dictate looser terms
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31 Jul 2023
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Sector In-Depth
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Leveraged Loan Covenants – North America: Creditors face future setbacks as borrowers win latest uptiering battle
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31 Jul 2023
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Compilation
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Leveraged Finance Interest: US Edition, July 2023
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17 Jul 2023
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Sector In-Depth
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Financial stability – Global: Higher rates are increasing risks in non-bank finance
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06 Jul 2023
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Sector In-Depth
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Leveraged Loan Covenants — North America: Tighter credit conditions bring mostly cold comfort in loan documents
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30 Jun 2023
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Compilation
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Leveraged Finance Interest: US Edition, June 2023
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|
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31 May 2023
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Compilation
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Leveraged Finance Interest: US Edition, May 2023
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17 May 2023
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Sector In-Depth
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High Yield Covenants – Europe: New financial calculation flexibilities undercut covenant controls
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11 May 2023
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Sector In-Depth
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High-Yield Bond Covenants – North America: Private equity bond covenants threaten already low recoveries
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04 May 2023
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Sector In-Depth
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High-Yield Covenants – Europe: With earnings at risk and rates rising, debt capacity is in the spotlight for issuers
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02 May 2023
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Sector In-Depth
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Private Equity – US: LBO lenders on the hook as sponsors face less accommodative environment
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02 May 2023
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Sector Comment
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High Yield Covenants - Europe: Covenant quality slightly improves in Q1 as issuers unwilling to test boundaries
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28 Apr 2023
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Compilation
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Leveraged Finance Interest: US Edition, April 2023
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28 Apr 2023
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Sector In-Depth
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North American Bond Covenant Quality Indicator: First quarter bond covenants loosen materially despite lower ratings and smaller yields
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05 Apr 2023
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Sector In-Depth
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Covenants – EMEA: Leveraged loan covenants now even weaker than high-yield bonds in some key areas
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27 Mar 2023
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Sector In-Depth
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Leveraged Loan Covenants - North America: Covenant provision in second lien allows junior lenders to leapfrog first lien debt
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