This course teaches the purpose and structure of covenants, whether for investor or issuer interests, through the use of tools and real-life examples.
Participants learn to recognize the strengths and pitfalls of covenants and how creative drafting can enhance or weaken a covenant’s intent.
The course uses Moody’s Investors Service Loan Covenant Quality Assessments (LCQA) to create a structured view of the strengths and weaknesses of a credit agreement.
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Gain skills in leveraged loan agreement analysis so you can:
Understand the purpose of each of the key leveraged loan covenants.
Analyze and summarize key covenants with an increased ability to focus on material issues.
Recognize, describe, and assess restricted payments, investments, and debt incurrence covenants by analyzing their component parts.
Determine the level of subordination risk inherent in a structure.
Understand default provisions and the importance of voting rights in protecting lenders.
Understand how different credit agreements – such as a revolving credit facility and a term loan – relate to one another, and how they may be mutually supportive.
Analyze covenants individually and as a package to assess the overall quality of investor protection.
Who Attends?
High-yield and leveraged loan fund managers
Bond analysts
Leveraged finance lenders, including collateralized loan obligation (CLO) managers
Investment banking advisors and other finance professionals with an interest in bank documentation
This is a sample only. Upon request, Moody’s Analytics shall provide an invitation letter for those attendees who require a visa. You can request the visa invitation letter via email to learningsolutions@moodys.com only after your registration for the respective course is completed and the proof of payment is attached in the request email.
