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This two-day course provides in-depth understanding of the mechanics of key high-yield bond covenants.
This workshop examines high-yield covenants using two recent transactions rated by our sister company, Moody's Investors Service: one from the US and one from Europe.
- Analyze restricted payments and limitations on debt incurrence in conjunction with Moody’s Investors Service covenant quality assessments.
- Recognize the difference between standard and non-standard carve-outs.
- Assess subordination by liens and structure, and relate to indebtedness/headroom in debt incurrence tests.
- Describe the main differences between US and European covenant quality and trends.
- High-yield fund managers
- Bond analysts
- Leveraged finance lenders
- Investment banking advisors
- Other finance professionals