The Authority On Bond And Loan Covenants

Covenant Review publishes globally on high yield bonds, investment grade bonds, and leveraged loans. We also provide a variety of covenant data tools on a credit-specific and macro level. Our research is written by lawyers with large law firm pedigrees and an average of 15 years of credit markets experience.

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Our bond and loan covenant analysis gives you all the essential descriptive information you need to quickly understand the key covenant protections – and the carveouts and loopholes that can put your credit at risk. Our descriptions are accompanied by deeply insightful commentary by lawyers who continue to follow the credit as new financings and credit events take place.

For loans, we write on the term sheet, the draft credit agreement, and the final credit agreement, and then we critically analyze proposed amendments as they occur. For bonds, we write on the preliminary and final offering terms, and review consents and supplemental indentures. We also predict and analyze the indenture and credit agreement impact on distressed exchange offers, LBOs, asset sales, and other key events.


Covenant Review routinely predicts transactional risks – and opportunities – lurking within debt documents. For example, in December 2014, Covenant Review predicted how a wave of distressed exchange offers might arise due to some Liens covenant loopholes in the E&P space. We specified issuers such as Halcon Resources and Midstates Petroleum, and our early warning helped customers manage risk (or put on a CDS trade for alpha generation).

Customers similarly relied on Covenant Review to trade around Valeant Pharmaceuticals on both the debt and equity sides when we picked up on Valeant’s announcement of a delayed 10-K filing to tell investors how that could lead to a debt default. This early warning became a two week trading opportunity before the stock plummeted on March 15th when Valeant eventually disclosed that the late filing could cause a loan default and cascading bond default.


Covenant Review publishes data and special reports on covenant trends and gives customers a variety of information and tools to enhance our fundamental covenant research. These features include:

  • Monthly reports on covenant trends
  • Special reports on emerging covenant provisions, such as the latest sponsor innovations, and analysis of court decisions like the Marblegate / Trust Indenture Act cases
  • A document database of over 85,000 indentures, credit agreements, and offering documents
  • Blacklining tools to compare covenants between an issuer’s different bonds, and also among issuers, sponsors, and law firms
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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.