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.