Register for the Course
This course will focus on covenants and other features designed to protect investor interests and emphasize ways in which these defensive tools can be undermined by creative drafting.
The publicly available methodology of our sister company, Moody's Investors Service, for evaluating covenants in bond indentures will be discussed, and participants will learn how the framework for assessing covenant quality can be applied to their daily work.
- Identify important features in standard documents.
- Structure documents effectively for proper protection and understand what document structures are appropriate for various types of debt.
- Understand how the strength of covenants can be mitigated by weak definitions, ambiguous language, exceptions, carve-outs, and the like.
- Understand how our sister company, Moody's Investors Service rates covenant quality and defines protective markers.
- Discuss documentation issues with, and ask proper questions of, one's lawyer.
- Commercial and investment bankers
- Fixed income professionals (both buy and sell sides)
- Loan administrators
- Syndication desks
- Structured finance investors