Covenant Review Europe @CovReviewEurope
Covenant Review lawyers publish independent, in-depth analysis of indentures and credit agreements that determine creditor rights. A @FitchSolutionService covenantreview.com 30 N Colonnade, London E14 5GN Joined January 2019-
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#HIGHYIELD WEEKLY WRAP: New-issue comeback in sight as deals pre-market against more stable backdrop —.“M&A has taken off, we’re back to sleepless nights to get documentations right,” says a source at a major private equity firm… 🥺🔑 capital-structure.com/clientfacing/f…
Telecom Italia is considering a separation of its business into a network company & a services company. We consider whether a separation of the network #business would implicate #covenants for the #Telecom Italia Dollar-Denominated #Bonds. Request report: ow.ly/AsXo50ICcmY
The Dirty Half-Dozen, European Loans Edition: Six Problematic Features Investors Should Push Back on When the Primary Market Reopens. #covenants #leveragedloans #primary #covenantreview #fitchsolutions Request Report: covenantreview.com/subscriptions
Loan clearing spreads gapped out & Covenant Review Doc Scores tightened in March. The worm may be turning, however. Today, Forefront Dermatology was the first borrower to flex spreads lower since Feb 16, per LevFin Insights, following a week long rally in…lnkd.in/d-nqiX4F
In our latest Trendlines report, "Covenant Flex Soars in March as Tone Sours", CR provides an analysis of recent covenant flex trends. #loans #loanmarket #markets #finance #levfin Request our report: ow.ly/xe6x50Iqqhl
Join CreditSights Strategist, Tomas Hirst, as he presents the March European Market Wrap this Friday, 25 March 2022 at 14:00 GMT / 15:00 CET / 10:00am EDT. If you would like to attend, please register here: hubs.li/Q016nBSC0 #IG #RealEstate #Strategy
Join CreditSights' sovereign, corporate and financials analysts, next Wednesday, March 23rd at 3:30pm SGT/HKT as they discuss their views on the Ukraine crisis and the impact on Asia credit. Register here: know.creditsights.com/insights/ukrai…
Inovie Senior Secured Facilities - Loan Covenant Review (Amended Terms) Released. Covenant Review Doc Score: 3 Collateral Protection: 3 Default Protection: 3- Request Report: covenantreview.com/subscriptions
Avis Budget Group Credit Facilities - Loan Covenant Review (Amended Terms - Sixth Restatement) Released. Covenant Review Doc Score: 3- Collateral Protection: 3- Default Protection: 4+ Request Report: covenantreview.com/subscriptions
We have recently released our Monthly ESG Trends in European Leveraged Loans. Multiple data points, coupled with our quarterly ESG commentary, short and long-term trends can be tracked in sustainability-linked leveraged loans. Request Report: covenantreview.com/subscriptions
We identify the winners and losers in the China industrial space on the back of the ongoing Russia-Ukraine conflict, surging commodity prices and elevated market volatility. Read on for our views in the full report: creditsights.com/articles/436135 #china #russia #ukraine #commodity
Unit4 First Lien Facilities - Loan Covenant Review Released. Covenant Review Doc Score: 4 Collateral Protection: 4 Default Protection: 4- Request Report: covenantreview.com/subscriptions
We review the probability of a near-term upside event at Adler Group, and ask is it time to buy? We discuss our thoughts on recent developments and what it means for the credit here: creditsights.com/articles/435489
Gates Corporation Credit Facilities - Loan Covenant Review (Amended Terms) Released. Covenant Review Doc Score: 4+ Collateral Protection: 4+ Default Protection: 4 Request Report: covenantreview.com/subscriptions
#HIGHYIELD WEEKLY WRAP: Primary awaits its Knight Valiant 🔑 capital-structure.com/clientfacing/f… + 14 bonds under our Ukraine/Russia watch + 9 bond redemptions coming + 12 M&A situations you should know 👈
Hexion First Lien Term Loan Facility - Loan Covenant Review Released. Covenant Review Doc Score: 4- Collateral Protection: 4- Default Protection: 5+ Request Report: covenantreview.com/subscriptions
Following Russia's invasion of Ukraine, we share an update regarding the impact on spreads in the US market. Read the full report here: hubs.li/Q0151lqM0 #InvestmentGrade #HighYield #ETF #Ukraine
In our latest TrendLines report, "Covenant Flex Picks Up in February as Conditions Cool but Final Terms Remain Loose", Covenant Review provides an analysis of recent covenant flex trends. #loans #loanmarket #markets #finance #levfin Request the report: ow.ly/6gVg50I4pNl
Armor IIMAK Senior Secured Facilities - Loan Covenant Review Released. Covenant Review Doc Score: 4 Collateral Protection: 4 Default Protection: 4 Request Report: covenantreview.com/subscriptions
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Victor Jimenez 🎗�.. @vctrjmnz
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©️redit From Ⓜ�.. @Credit_Junk
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Robert Smith @BondHack
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Featuring certain uncapped EBITDA addbacks, securing additional debt under peculiar leverage carveouts, and a multi-use portability provision, among others 😵💫 #highyield
Cerved Senior Secured Fixed and Floating Rate Notes due 2029 (Preliminary Terms) Released. Castor S.p.A is offering €1.4 billion of Senior Secured Floating Rate Notes due 2029 and Senior Fixed Rate Notes due 2029. Request Report: covenantreview.com/subscriptions
“…the secured leverage ratio calculation could exclude a potentially significant amount of debt secured on the collateral…”, and many other ‘fun’ facts 👇
AnaCap Financial Europe S.A. SICAV-RAIF is offering €350 million of Senior Secured Floating Rate Notes due 2027. Request Covenant Review Report: covenantreview.com/subscriptions
#HIGHYIELD WEEKLY WRAP: Trail of Single Bs shrugs off softening backdrop but pricing continues to widen; FRNs make an entrance — ““Even if our rates are lower, you can’t stop the Bund selling off when Treasuries do, and that hurts duration…” 🔑 capital-structure.com/clientfacing/f…
When you get told it’s the “standard” sponsor precedent - watch out those pro forma calculations, they are incrementally eroding again
Really interesting Corporates stream at the 2022 Credit Outlook today - and great virtual platform. Looking forward to being part of it. @FitchRatings @FitchSolutions #levfin
Tereos is offering €300m of Senior Notes due 2027. Read the report based on our initial review of the Jan 10, 2022 Preliminary Offering Memorandum: covenantreview.com/subscriptions
VodafoneZiggo guides €2.1bn-equiv 10NC5 cross-border sustainability-linked bond offering in line with IPTs; #hoghyield investors mull perceived tight pricing and 10-year term — TMT remains an attractive sector due to… 🔑 capital-structure.com/clientfacing/f…
We expect the nexus of ‘E’ and ‘S’ to grow in importance as social issues rise in prominence for investors and regulators. Learn More in #ESG Credit Trends 2022: ow.ly/QrmC50Hjq7B
The euro #leveragedloan market has become busier and busier in recent weeks, and new deals keep coming 👇
Sister company @CapStructure Loan Preview released: Investors view XSYS as cash-generative with a ‘simpler’ credit story than Flint, but query projected cost savings and ties to packaging sector. Read Report: covenantreview.com/subscriptions
As proud sponsors of #SIPUGDay, we enjoyed reconnecting with peers today on the importance of building trust in #marketdata and hearing about Fitch’s extensive #ESG expertise in a breakout session led by our #FitchSolutions colleague, Tim Barker. ow.ly/OWrl50GyzUh
HIGH YIELD WEEKLY WRAP: Volatility brings opportunity for buyside as issuers face higher funding costs and tighter docs — A volatile backdrop has offered buysiders improved terms for new-issue bonds, much to their excitement… 🔑 capital-structure.com/clientfacing/f…
Sept hosted a bit under €10bn of HY primary & that's considered underwhelming. Shows growth of mrkt as while 2nd smallest month this yr, it's more than average month in any full yr since at least 2016. And despite softer backdrop emerging. 60% of deals priced tighter than talk
Masmovil is in the market with an offering of €1,750m of Senior Secured Notes due 2027. These Notes are an add-on offering to the 4% Senior Secured Notes due 2027. We reviewed these notes in a September 23, 2020 report. Read the report: covenantreview.com/subscriptions
@9finHQ Glad delegates enjoyed the investor panel moderated by @CovReviewEurope and the conference - great seeing everyone in person #AFME #levfin #highyield #LF2021
AFME has today updated its #ESG guidelines for the European #highyield market. The guidelines complement ongoing regulatory and policy initiatives in the fast-evolving ESG space and provide guidance for issuers and investors in high yield bonds. 📖 lnkd.in/dGf7Dufp
#LF2021 “The Rise of #ESG” panel featuring @AlstonBirdLLP @BankofAmerica @ClearyGottlieb @CovenantReview, Muzinich & Co, discussing #regulation disclosure #duediligence #pricing #ratings #Greenwashing
Opening session at AFME’s LIVE European #LeveragedFinance Conference - it’s good to be back! #LF2021
Vrooommm!
We summarise the covenants for the Notes and highlight key concerns for Europcar Sustainability-Linked Senior Secured Notes due 2026. DM us to access the full report.
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