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The Authority on Bond and Loan Covenants

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

We give you:

- Detailed covenant analysis on 3,000+ bonds and 1,000+ issuers
- 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 seven year track record serving the buyside

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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
“ [The analysis of] several different scenarios was timely and helpful. ”
 – Distressed debt analyst, hedge fund
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 – Portfolio manager, credit hedge fund, appreciating assistance on a distressed capital structure trade
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 – Credit analyst, commenting on Covenant Review figuring out how a deal could be done ahead of its announcement.
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 – Credit analyst commenting on new issue covenant terms that were changed based on a Covenant Review report
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 – Hedge fund analyst commenting on our helping to get covenants changed on a recent new deal
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 – Credit analyst, high yield mutual fund
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 – Credit Analyst, distressed strategy hedge fund
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 – Credit 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. ”
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 – Portfolio manager, high yield mutual fund, commenting on Covenant Review’s impact on a new offering
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 – General Counsel, $2+ billion credit fund manager, commenting on why his firm subscribed
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 – Managing Director, $5+ billion multi-strategy asset manager, commenting on cross-issue analysis
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 – Associate General Counsel, $2+ billion hedge fund
“ Thanks – another job well done. ”
 – Research Analyst, mutual fund, commenting on analysis of new issue covenants and the resulting changes to those covenants
“ 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
“ 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
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 – In-house counsel, $5+ billion multi-strategy asset manager
“ An independent and authoritative source of textual exegesis for the bond buyer. ”
 – James Grant, Publisher, Grant’s Interest Rate Observer
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