Unlock the building blocks of credit documentation with our comprehensive covenant fundamentals course. Learn directly from our team of expert lawyers as you explore real-world documents, with clear, practical analysis of common provisions. Perfect for those new to European leveraged finance as well as a helpful refresher for more experienced market participants.

COVENANT FUNDAMENTALS:
Building Knowledge & Understanding the Basics Series
European High Yield Bonds and Leveraged Loans
Navigate the Complexities of Covenants with Confidence
Learn from the Leading Experts
Benefit from the knowledge and insight of seasoned lawyers averaging 19 years’ experience drafting and interpreting leveraged finance documents.
Practical, Real-World Application
Gain actionable skills through real-life examples and clear explanations—giving you practical tools for your own bond and loan analysis on a day-to-day basis.
Comprehensive and Flexible Learning
Master all the core covenant concepts at your own pace, with bite-sized modules and accessible content that fits your schedule—perfect for busy credit professionals.
”Covenant Review’s training materials were essential in understanding how to think about covenants and have been incredibly helpful in my day-to-day work.
Vice Presidenta Global Asset Management Fund
Program Structure:
This comprehensive course lays the foundations for covenant analysis, including a thorough explanation of what the key covenants in European bond and loan documents are intended to do, how they work, and what they typically permit borrowers and issuers to do.
Module 1: The Covenant System and Restricted Group
Learning Objectives
- Grasp what covenants are and why they matter in high yield and leveraged finance
- Identify the entities covered by covenants—and why the “Restricted Group” is key
Module 2: Credit Support, Ranking, and Subordination
Learning Objectives
- Decode the basics of guarantees and collateral in European leveraged financings
- Understand how ranking and subordination determine your place in the capital stack
Module 3: Debt and Liens
Learning Objectives
- Demystify how covenants control debt incurrence and asset pledging
- Spot the most common “baskets” and carveouts for new debt and liens
Module 4: Restricted Payments and Permitted Investments
Learning Objectives
- Learn how covenants protect against value leakage through restricted payments
- Navigate typical payment and investment exceptions, including the “build-up basket”
Module 5: Asset Sales
Learning Objectives
- Explore how asset sales covenants shape how proceeds can (and can’t) be used
- Find out when—and at what price—creditors may get a share of asset sale proceeds
Module 6: Financial Metrics, Covenant Calculations, and Reporting
Learning Objectives
- Master the key financial ratios and metrics underpinning covenant compliance
- Uncover calculation flexibilities that increase covenant capacity
- Understand the routine reporting obligations for borrowers and issuers
Module 7: Change of Control and Mergers
Learning Objectives
- Pinpoint what triggers change of control and mergers covenants
- See what’s typically required when transformative events occur
- Examine standard exceptions and carveouts
Module 8: Amendments and Waivers
Learning Objectives
- Discover what it takes to amend or waive bond and loan terms
- Recognize potential vulnerabilities in amendment provisions
Module 9: Call Protection, Transfer Provisions, and Debt Buybacks
Learning Objectives
- Understand the rules for prepaying or buying back debt early
- Get to grips with transfer restrictions affecting lender exit strategies
- Navigate borrower and sponsor buyback requirements
Module 10: Liability Management Transactions
Learning Objectives
- Break down the mechanics and risks of dropdowns, uptiers, and double dips
- Identify document terms that can expose investors to liability management strategies
Module 11: Intercreditor Agreements
Learning Objectives
- Learn the purpose and scope of intercreditor agreements
- Understand key provisions: ranking, payment priority, enforcement, and payment stops
Meet your Hosts:

Jane Gray, Solicitor
Head of European Research
Jane is a dual-qualified solicitor with more than 15 years of experience in the European leveraged finance market.
Shoshanna Harrow, J.D.
Senior Covenant Analyst
As a securities law and corporate finance specialist, Shoshanna has advised issuers, underwriters, and investment funds on a variety of financing transactions.

Alastair Gillespie, J.D.
Senior Covenant Analyst
Alastair is a New York securities lawyer with a decade of experience representing issuers and underwriters in the London and New York high yield and leveraged finance markets.
Shane Burke, Solicitor
Senior Covenant Analyst
Shane has extensive experience advising both sponsors and arrangers on broadly syndicated leveraged loans.

Nicholas Diamond-Krendel
Senior Covenant Analyst
Nick has over 10 years’ experience advising a wide range of investment banks, sponsors and corporates on various LBOs, refinancings, bank/bond deals and other cross-border financing transactions.
Register for the Covenant Fundamentals Series Here.
Covenant Review is the market’s trusted authority on covenant analysis and insights for bonds and loans. Hosted by our team of expert lawyers, this series provides an excellent educational opportunity for building a strong foundation in credit analysis, whatever your experience level.
Please note the course is only available to Covenant Review subscribers and trialists.