Expert covenant analysis that flags creditor risk, fast.

Combining the power of human analysis and artificial intelligence, means we are able to produce timely and detailed reports in an accessible language. Our Flash Reports focus your attention on the most market relevant terms to watch in preliminary OMs. Key terms are placed side by side with market averages, providing context and making it quicker for you to be able to decide if the covenants are a concern in a potential deal.

Whether Liability Management Transactions involve creditor-on-creditor violence, or are plain vanilla out-of-court restructurings, or distressed debt exchanges, they have become the stage for an increasingly intense arms race of gamesmanship between creditors and borrowers, marked by rising frequency and strategic complexity since 2020. Our expertise helps you navigate and understand the dynamics at play.

We give you timely market trend reports, with up-to-the-minute analysis of key investment factors such as covenant headroom, documentation flexibility, and leverage multiples.  We also explain what covenants do (or don’t) allow across major transactions—spin-offs, LBOs, asset sales, exchange offers, and “J. Crew” moves—while monitoring market developments and highlighting what matters most to investors.

Our Special Situations analysis is designed to equip investors, creditors, and market participants with critical insights and analysis to navigate complex credit market dynamics effectively. We provide expertise in assessing risks and identifying opportunities in non-standard credit scenarios. Our coverage includes analysis of distressed debt and restructuring situations, offering insights into corporate restructurings and debt reorganizations.

We deliver clear, creditor-focused conclusions and upfront red flags so you can move quickly on risk, negotiation, and pricing. We spotlight loopholes, aggressive baskets, and permissive carveouts, with interpretations that let you assess risk and price with confidence. Each report includes concise summaries, red flags, and benchmarks across HY, BSL, and CLO. 

We end the scramble to track new deals, covering every HY bond and syndicated loan of USD 250m+ in Europe and North America. Within hours of launch you get key metrics and issuer context; term-sheet analysis follows within 24 hours. Then we deliver full note descriptions, draft agreement reviews, and final document updates on a set cadence to keep you informed at every stage.