THE AUTHORITY ON BOND
AND LOAN COVENANTS

Covenant Review creatively analyzes the indentures, credit agreements,
and other contracts that determine creditor rights.

  • All reports written by New York licensed attorneys with extensive covenant experience
  • Detailed covenant analysis on 4,000+ bonds and loans; 1,200+ issuers covered
  • New issue and secondary market analysis
  • Comparative analysis of covenants across the capital structure
  • Timely research on exchange offers, LBOs, and other actionable events
  • A successful ten year track record as the trusted authority on covenants

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An independent and authoritative source of textual exegesis for the bond buyer.
‒ James Grant, Publisher, Grant’s Interest Rate Observer
We really rely on your service [and] think your product’s great…It’s in everyone’s interest to have you widely read.
‒ In-house counsel, $5+ billion multi-strategy asset manager
It's great to finally see someone taking covenants seriously!
‒ High yield trader, $5+ billion high yield asset manager
You guys have one of the best products we use here.
‒ Analyst, $1 billion credit hedge fund
We hate reading indentures - this is perfect.
‒ Analyst, $1+ billion credit hedge fund
The response has been fantastic.
‒ Head of Research, $5+ billion fixed income manager, commenting on his team's adoption of Covenant Review
We noticed this deal has very shady covenants, and we're glad you put out the report.
‒ Portfolio Manager, $5+ billion hedge fund, commenting on a sponsor offering
It was very helpful and did score some points.
‒ Partner, $5+ billion hedge fund, commenting on his success in using our report to change covenants for a major sponsor offering
Thanks – another job well done.
‒ Research Analyst, mutual fund, commenting on analysis of new issue covenants and the resulting changes to those covenants
You provide a great service!
‒ Associate General Counsel, $2+ billion hedge fund
I like it. It allows me to get a quick snapshot of the major differences between the various issues.
‒ Managing Director, $5+ billion multi-strategy asset manager, commenting on cross-issue analysis
The commentary [is] sufficiently detailed to be meaningful, but not overbearingly so.
‒ General Counsel, $2+ billion credit fund manager, commenting on why his firm subscribed
Very timely and helpful.
‒ Director, $10+ billion pension fund manager, commenting on LBO scenario analysis
Covenant changes look good…price talk backed up a lot, too.
‒ Portfolio manager, high yield mutual fund, commenting on Covenant Review’s impact on a new offering
How sweet it is! I salute you.
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A great service.
‒ Portfolio Manager, top 10 high yield fund
It helps everyone who subscribes to have more investors reading your analysis as it gives all a basis on which to push back on many of the aggressive covenant packages being thrown our way.
‒ Analyst, insurance company
All the answers are right there on your website.
‒ Portfolio Manager, $10+ billion asset manager, commenting on questions about a credit after realizing we had written on it
You have really been on top of these issues, you guys are doing a really excellent job.
‒ Analyst, high yield mutual fund
This is exactly the type of analysis [we are] interested in and seems more thorough and thoughtful than [other research]…. I mentioned that [provision] to the analyst and he shrugged. Now I realize that his shrug meant that he had no idea whether this was a problem rather than he was indifferent to this language in the covenant.
‒ Portfolio Manager, insurance company
Please keep up the good work. Your run downs of new issues are very helpful.
‒ Credit Analyst, high yield mutual fund
We read your stuff carefully.
‒ Credit Analyst, high yield mutual fund
I think the work you do is incredibly specialized and important, and it's hard finding people who are good at it!
‒ Credit Analyst, distressed strategy hedge fund
You guys do an absolutely fantastic job.
‒ Analyst, high yield asset manager
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‒ Analyst, high yield asset manager
Thanks for the guidance. We got them to make the change.
‒ Director of Research, high yield asset manager, commenting on his use of our new issue report
Very helpful.
‒ Analyst, high yield asset manager, commenting on a new issue report
[You have] done a great job helping us understand [issuer]. We just found that the people on different desks and even other funds did not understand all the holes in the cap structure. [You] helped us work through that and I think we have a better understanding than most now.
‒ Analyst, distressed fund
I was blown away by some of the discussion points…Your firm's analysis is very impressive.
‒ Analyst, credit fund
We love what you guys write….we hang on your every word…we initially thought these bonds were too good to be true and wanted to know what the catch was, especially given that there’s heavy sponsor ownership there….because of the report you put out there, we’re kind of on the fence now. We really appreciate what you do.
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Thanks, you guys are the best.
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I've polled the analysts, and their reaction was: if there's any service we need, this has got to be it...keep making my job easier
‒ Head of Research, separate account management company
This is extremely useful to us.
‒ Analyst, credit hedge, using Covenant Review for new issue analysis
I know who you guys are. You’re the ones who make things difficult for me every time I am working as issuer’s counsel.
‒ Law firm partner, meeting a Covenant Review analyst
You guys are such big geeks over there, you know this stuff inside and out….we consider ourselves geeks on the analysis we produce, but definitely not on this stuff, and that’s why we have you guys.
‒ Credit analyst, high yield mutual fund
I hope you don’t get upset about what the sellside guys say about you. You guys are one of our best assets on the buyside.
‒ Hedge fund analyst commenting on our helping to get covenants changed on a recent new deal
You're the only guys who know this stuff.
‒ Analyst, credit hedge fund
Thanks again. Your input was spot on and definitely helped get this done.
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They produce an outstanding product.
‒ Law firm partner
Covenant Review is right.
‒ Investment banker, admitting that the issuer gave a misleading answer on the deal call
The banker just confirmed management was wrong. Management’s interpretation of covenant flexibility was incorrect.
‒ - Credit analyst, after the issuer and banker initially tried to debate a Covenant Review statement
I'm grateful that you took the time to help us with this last week so that we're not scrambling right now to figure it out.
‒ Credit analyst, commenting on Covenant Review figuring out how a deal could be done ahead of its announcement.
You have done a great job in my opinion framing the situation and getting investors to key in on the critical aspects. You are definitely more than a normal research firm.
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I just love you guys. You're so passionate about your work, you're so responsive...it's the day before Thanksgiving and I have complicated questions, and I am getting answers right now.
‒ - Analyst, credit fund
Thanks very much for this. Very helpful to have a view from the experts.
‒ - Sell side analyst, after Covenant Review politely corrected his misunderstanding of a Change of Control put
Thanks for the input on that one. There was a lot of brain damage on that one but ended up working out.
‒ - Credit hedge fund analyst thanking Covenant Review for help constructing an M&A covenant trade
This is very helpful and I appreciate it very much. Thanks again and keep well.
‒ Portfolio manager, credit hedge fund, appreciating assistance on a distressed capital structure trade
Congratulations on your thought provoking analysis!
‒ - Mutual fund analysis reacting to the Elan make-whole trade idea
The law firm added your language. Thanks for your help.
‒ - Portfolio manager, telling Covenant Review how the proposed covenant terms were changed following our research
I find your research to be extremely helpful.
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Getting your service is the best thing we ever did in my opinion.
‒ - Industry analyst, insurance company, grateful that he no longer has to figure out the covenants on his own
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Thank you so much for [analyzing the situation] so quickly…this was exactly what we were looking for.
‒ - Analyst, credit hedge fund
You guys have a great service, I really appreciate everything that you do.
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[The analysis of] several different scenarios was timely and helpful.
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I’ve ended up using your service a lot more than I expected when we signed up, it was money well spent.
‒ Portfolio Manager, Mutual Fund
Your team has added significant value to our business and you have always been a pleasure to deal with.
‒ Chief Operating Officer, Hedge Fund
Thanks so much! Your research is incredibly helpful!
‒ - High yield research analyst, insurance company
You guys really do phenomenal work.
‒ Analyst, CLO manager
Thanks so much for the help today on Caesars. I spent the afternoon reading your last 2 or so years of research on this! Needless to say you were on top of all of these issues and folks should have listened to your concerns with more seriousness.
‒ - Analyst, distressed credit hedge fund
"Thanks so much for all your hard work this year, we really enjoy your research here."
‒ - Analyst, distressed credit hedge fund
The Clear Channel capital structure is so complicated and I just don’t trust anyone else but Covenant Review on it.
‒ - General counsel of a distressed debt hedge fund
I find this stuff fascinating, but understanding the mechanics is critical, and I just can't do that on my own.
‒ - Credit analyst, multi-line asset manager
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