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UPCOMING EVENTS

KEY CONTACTS

Evan Friedman
SVP – Head of Covenant Research
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
VP - Senior Covenant Officer
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

  • 10 Aug 2016
    • North American bond covenant quality deteriorated in July
      The covenant quality of North American high-yield bonds deteriorated to 4.35 in July from 4.30 in June, pushing the proportion of low-rated bonds with weak covenants close to a record level. And while the average CQ score for July’s bonds actually improved to 4.08 in July from 4.25, volume was half of what it was two months ago. Covenant packages clearing the market this summer are still not as protective as those that cleared in the first four months of 2016... Full Report l Press Release
  • 4 Aug 2016
    • North American high-yield bond covenant quality continues to degrade in H1 2016
      Investors’ hunt for yield and the proliferation of weak covenant protections continue to underlie the broad degradation in high-yield bond covenant quality in 2016. During the remainder of this year, we expect covenant quality scores to remain near or deteriorate slightly from their June level... Press Release l Full Report
  • 4 May 2016
    • Moody’s: Loan covenant quality finally picking up; some risks remain
      After years of significant, across-the-board increases, our loan covenant quality scores stabilized between 2015 and 2014, indicating a shift away from the increasingly permissive covenant terms that dominated the borrower-friendly market. Meanwhile, spreads, ratings and covenant protections all signal a tightening market…Press Release l Full Report

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
26 Aug 2016 Covenant Quality Assessment Calpine Corporation: Loan Covenant Quality Snapshot Calpine Corporation
24 Aug 2016 Sector In-Depth Speculative-grade Bond Covenants - Europe: Growth in High-yield Lite Issuance To Continue Through 2016
23 Aug 2016 Covenant Quality Assessment Diamond Resorts International, Inc. (NEW): Covenant Quality Pre-Sale Snapshot: $400m _% First Priority Senior Secured Notes due 2023 Diamond Resorts International, Inc. (NEW)
22 Aug 2016 Covenant Quality Assessment Hilton Escrow Issuer LLC: Covenant Quality Post-Sale Snapshot: $1,000m 4.250% Senior Notes due 2024 Hilton Escrow Issuer LLC
19 Aug 2016 Covenant Quality Assessment MGM Resorts International: Covenant Quality Post-Sale Snapshot: $500m 4.625% Senior Notes due 2026 MGM Resorts International
19 Aug 2016 Covenant Quality Assessment Tallgrass Energy Partners, LP: Covenant Quality Pre-Sale Snapshot: $400m _% Senior Notes due 2024 Tallgrass Energy Partners, LP
18 Aug 2016 Covenant Quality Assessment Wolverine World Wide, Inc: Covenant Quality Pre-Sale Snapshot: $250m _% Senior Notes due 2026 Wolverine World Wide Inc
17 Aug 2016 Covenant Quality Assessment NRG Yield Operating LLC: Covenant Quality Pre-Sale Snapshot: $350m _% Senior Notes due 2026 NRG Yield, Inc.
17 Aug 2016 Covenant Quality Assessment Boise Cascade Company: Covenant Quality Pre-Sale Snapshot: $300m _% Senior Notes due 2024 Boise Cascade Company
16 Aug 2016 Covenant Quality Assessment RKI Overseas Finance 2016 (A) Limited: Covenant Quality Post-Sale Snapshot: US$450m 5.0% Guaranteed Senior Notes due 2019 RKI Overseas Fi...
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