Webinar Recap: Shifting to Semiannual Reporting?
Mark Lightner, Esq. - Head of Special Situations Legal Research, CreditSights
Winnie Cisar - Global Head of Strategy, CreditSights
Davis Hebert, CFA - Co-Head HY Research, Head of Telecom/Media, CreditSights
Scott Josefsberg, J.D. - Head of U.S. High Yield Research, Covenant Review
17 October 2025
Insights into SEC semiannual reporting impact on credit markets, including:
- Regulatory Shift Breakdown: Explore the SEC’s procedural path for adopting semiannual reporting, including anticipated rule changes and political dynamics that could accelerate implementation within three years.
- Bond & Loan Covenant Implications: Understand how most high yield bond covenants allow flexibility for SEC rule changes, but why loan agreements may require negotiation and amendments to accommodate longer reporting intervals.
- Market Volatility & Disclosure Trends: Learn how reduced reporting frequency could heighten credit market volatility, create larger gaps in information flow, and increase reliance on alternative data sources.
- Credit Fundamentals & Investor Impact: See why credit fundamentals will remain key to spread performance, but fewer disclosure catalysts may lead to greater surprise events—making consistent material event reporting best practice.
- SEC Semiannual Reporting Impact on Credit Markets: Discover how the shift could affect sell-side coverage, ETF mechanics, and market liquidity, with a gradual, idiosyncratic adjustment period expected as issuers and investors adapt.
Executive Summary
- On October 15, 2025, CreditSights hosted a special webinar and podcast entitled “SEC Shifting to Semi-Annual Reporting Requirements: Legal Mechanics, Covenant Considerations, and Market Implications.”
- Mark Lightner, Head of Special Situations Legal Research at CreditSights, moderated a panel featuring Jorge Tenreiro (Securities Litigation Partner at Bernstein, Litowitz, Berger & Grossman, and former SEC Chief Litigation Counsel); Winnie Cisar (Global Head of Strategy at CreditSights); Davis Hebert (Co-Head of High Yield Research and Head of TMT at CreditSights); Scott Josefsberg (Head of US High Yield Research at Covenant Review); and Kevin Grondahl (Covenant Analyst at Covenant Review).
- The panel explored the Trump administration and SEC’s support for moving from quarterly 10Q reporting to semi-annual reporting, the legal and regulatory pathways for implementing such a change, impacts to financial reporting covenants in HY bond indentures and leveraged loan credit agreements, and the broader implications for the HY and credit markets.
- Below we provide a link to the replay, key takeaways from each segment of the discussion, and responses to our audience polls.
Discussion
On October 15, 2025, CreditSights hosted a webinar and podcast entitled “SEC Shifting to Semi-Annual Reporting Requirements: Legal Mechanics, Covenant Considerations, and Market Implications.” The panel explored the Trump administration and SEC’s support for moving from quarterly 10Q reporting to semi-annual reporting, the legal and regulatory pathways for doing so, the impacts to financial reporting covenants in HY bond indentures and leveraged loan credit agreement, and the broader implications for the HY and credit markets.
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