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 leveraged finance as well as a helpful refresher for more experienced market participants.
COVENANT FUNDAMENTALS:
Building Knowledge & Understanding the Basics Series
High Yield Bonds and Leveraged Loans
Register Here
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 for covenant analysis, including a thorough explanation of what the key covenants in bond and loan documents are intended to do, how they work, and what they typically permit borrowers and issuers to do. Choose between US and EU fundamentals after you register.
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 (European Exclusive)
Learning Objectives
- Learn the purpose and scope of intercreditor agreements
- Understand key provisions: ranking, payment priority, enforcement, and payment stops
Module 12: Altice International: Hung Out to Drahi Again (European Exclusive)
Learning Objectives
- Use Altice as a case study for controversial liability management exercises, including examining silos, dropdown structures and the enabling covenant terms.
Meet your Hosts:
European Series
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.
Ricky Sharma, Solicitor
Senior Covenant Analyst
Ricky Sharma joined Covenant Review in 2018 and is a senior covenant analyst at the firm. He graduated from University College London in 2003 and BBP law school in 2005. Prior to joining Covenant Review, Ricky both trained and practiced law at Clifford Chance LLP, focusing primarily on corporate and sponsor-backed finance transactions representing financial institutions, sponsors, and corporate borrowers.
United States Series
Anthony P. Canale, J.D.
Global Head of Research
Anthony is an experienced attorney with over 20 years in high‑yield finance, leveraged transactions, and covenant research across law firms, in‑house roles, and issuer analysis.
Jessica Reiss, J.D.
Head of U.S. Loans Research
Jessica brings more than 20 years of experience across syndicated loans, leveraged buyouts, and layered debt structures, shaped by senior roles at leading law firms and Moody’s covenant research.
Scott Josefsberg, J.D.
Head of U.S. High Yield Research
Scott has over 10 years of experience advising on high‑yield and investment‑grade debt offerings, equity financings, and leveraged buyouts.
Ross Hallock, J.D.
Head of U.S. Bond Covenant Data
Ross brings long-standing experience advising both borrowers and capital providers on a broad spectrum of financing structures, including sponsor-backed and complex debt transactions.
Avon Khowong, J.D.
Senior Covenant Analyst
Avon has extensive experience representing corporate borrowers, sponsors, agent banks, arrangers, and other financial institutions in a variety of financing transactions.
Ian Feng, J.D.
Senior Covenant Analyst
Ian is a finance lawyer with over a decade of experience advising financial institutions and corporate borrowers on sponsor‑backed, acquisition, and project finance transactions.
Jason Suh, J.D.
Senior Covenant Analyst
Jason has worked across investment‑grade and high‑yield debt, equity transactions, and restructurings, advising banks, issuers, and investors.
Kevin Grondahl
Covenant Analyst
Kevin is a New York lawyer with over 15 years of experience advising lenders, arrangers, sponsors, and companies on broadly syndicated and privately placed financing transactions.
Rebecca Quan, J.D.
Senior Covenant Analyst
Rebecca advises across acquisition and LBO financings, bringing over 10 years of experience working with borrowers, sponsors, and financial institutions on liened and syndicated debt structures.
Chenelle N. Idehen, J.D.
Senior Covenant Analyst
Chenelle is an experienced debt finance attorney who has advised private equity sponsors, lenders, and corporate borrowers on complex leveraged finance transactions within the broadly syndicated loan and private credit markets.
Maribeth A. Lemen, J.D.
Senior Covenant Analyst
As a leveraged finance specialist, Maribeth has extensive experience in the leveraged finance and high yield markets, in both advisory and research roles.
Sean Hanssler, J.D.
Director, Covenant Analyst
Sean is a former corporate finance attorney with experience at McGuireWoods and Reed Smith, bringing a strong transactional background to his work at Covenant Review since 2023.
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.