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This one-day course will review and analyze the key covenants used in high-yield bond documentation.
Whether representing investor or issuer interests, attendees will become familiar with the purpose and structure of high-yield bond covenants through the use of tools and real-life examples. We will focus on recognizing the strengths and pitfalls of covenants and how creative drafting of covenants and definitions can enhance or weaken a covenant’s intent.
- Understand the purpose of each of the key high-yield bond covenants.
- Analyze and summarize key covenants with an increased ability to focus on material issues.
- Recognize, describe, and assess restricted payments and debt incurrence covenants by analyzing their component parts.
- Determine the level of subordination risk inherent in a structure.
- Analyze covenants individually and as a covenant package to assess the overall quality of investor protection.
- High-yield fund managers
- Bond analysts
- Leveraged finance lenders
- Investment banking advisors
- Other finance professionals with an interest in bond documentation