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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

Irina Brooklier
Associate Analyst
Irina.Brooklier@moodys.com

Raven Burnett
Associate Analyst
Raven.Burnett@moodys.com

Cristina Cincilei
Associate Analyst
Cristina.Cincilei@moodys.com

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Covenants

Highlights

  • 14 Sep 2016
    • Aggressive Incremental Facility Structures Put Investors at Risk
      Incremental facilities enable new lenders to make loans under an existing facility's guarantee and security agreements, without requiring additional inter-creditor negotiations. The weakening structure of these provisions pose investor risk by permitting a large, open-ended amount of incremental debt and increasing default and repayment risk, while diluting an existing loan facility's guarantees and liens... Press Release l Full Report
  • 13 Sep 2016
    • North American high-yield bond covenant quality plummets in August; stable overall
      Favorable market conditions resulted in uncharacteristically high issuance in August and investors, eager to capitalize on those conditions, didn't press for protective covenant packages. The average covenant quality score for bonds issued in August was 4.57, against 4.08 in July, and was the second-weakest single-month score on record... Full Report
  • 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

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
23 Sep 2016 Covenant Quality Assessment Country Garden Holdings Company Limited: Covenant Quality Post-Sale Snapshot: US$650m 4.75% Senior Notes due 2023 Country Garden Holdings Company Limited
23 Sep 2016 Covenant Quality Assessment inVentiv Health, Inc.: Covenant Quality Pre-Sale Snapshot: $720m _% Senior Notes Due 2024 inVentiv Health, Inc.
23 Sep 2016 Covenant Quality Assessment RP Crown Parent, LLC: Covenant Quality Pre-Sale Snapshot: $400m _% Senior Notes due 2024 RP Crown Parent, LLC
23 Sep 2016 Covenant Quality Assessment Station Casinos LLC: Loan Covenant Quality Snapshot Station Casinos LLC
22 Sep 2016 Covenant Quality Assessment LSC Communications, Inc.: Covenant Quality Pre-Sale Snapshot: $400m _% Senior Secured Notes due 2024 LSC Communications, Inc.
22 Sep 2016 Covenant Quality Assessment Penney (J.C.) Corporation, Inc.: Loan Covenant Quality Snapshot Penney (J.C.) Corporation, Inc.
22 Sep 2016 Covenant Quality Assessment Groupe FNAC S.A.: Covenant Quality Pre-Sale Snapshot: €650m _% Senior Notes due 2023 Groupe FNAC S.A.
22 Sep 2016 Covenant Quality Assessment AMN Healthcare, Inc.: Covenant Quality Pre-Sale Snapshot: $300m _% Senior Notes due 2024 AMN Healthcare, Inc.
22 Sep 2016 Sector In-Depth Moody's High-Yield Covenant Database: Oil & Gas Issuers’ Fall From Investment Grade Weakens Investor Protections
21 Sep 2016 Covenant Quality Assessment Donnelley Financial Solutions, Inc.: Covenant Quality Pre-Sale Snapshot: $300m _% Senior Notes due 2024 Donnelley Financial Solutions, Inc.
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