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Introducing Covenant Review’s “Deals at a Glance”

By February 12, 2024No Comments

Our essential one-page snapshots of key financial insights, provide you with a quick summary of key documentation and covenant information from our new issue reports, including Doc Scores, Financial Tests, Key Baskets, Debt Incurrence Capabilities and Loopholes.

We spoke with our experts at Covenant Review to get the lowdown of this exciting new feature and how it can help you to navigate the financial world with ease.

Ian Walker: Managing Director, Head of Legal Innovation
Jessica Reiss: Managing Director, Head of US Leveraged Loan Research
Matt Zloto: Global Head of Leveraged Finance

 

Could you walk us through the inception of Deal at a Glance reports and what specific needs in the market it was created to address for leveraged finance professionals?

We have been exploring how to leverage our peerless data-set for the benefit of our subscribers.  The Deal at a Glance report is just one of the many tools we have built that unlocks the insights that data can provide to leveraged finance professionals.  It reflects a combination of customer feedback on what is important, as well as our own in-house insights on what we consider to be bottom-line concerns.

I almost forgot the most important thing – how did we come up with the name?  As usual, it was a group effort.  A key consideration was a short but accurately descriptive name.  We think we achieved that with this name.

Could you explain how the Deal at a Glance integrates with our existing suite of products and services, and how it complements the tools that fixed income professionals already rely on?  

Busy fixed income professionals want the full range of solutions – bottom-line answers, fulsome summaries, and access to experienced professionals to discuss the tough questions and the nuances.  Our Deal at a Glance reports fill that gap and allows us to provide simplicity and clarity side-by-side with our best in class full reports that have nuance analysis and judgment as needed.  One other key highlight is the Deal at a Glance report draws from our unmatched library of deal data to give customers insight on how a new issue deal stacks up against the market across key covenant terms.
For example, our Deal at a Glance reports will give you a quick answer on whether a deal has a J. Crew Blocker.  But a subscriber that is worried about J. Crew risk can dig deeper with the full report to determine whether the J. Crew blocker is effective.  On top of that, subscribers have access to our team of seasoned covenant analysts if questions remain after reading our reports.

How can “Deal at a Glance” snapshots improve clients decision-making process? 

Deal at a Glance reports crystallize the issues that our subscribers care about on one page alongside information on where market comps are across these same metrics.  That means that clients can utilize their time more efficiently by focusing on the handful of problematic issues brought out by review of the Deal at a Glance report as they read our best in class full reports.

Who can benefit from using these snapshots, and in what scenarios?

  • Analysts and portfolio managers making investment decisions can maximize their review and assessment of documentation;
  • Law firms can instantly see how their deals stack up against peer deals with respect to key terms;
  • Sell side analysts get instant feedback on the likely areas of pushback from the lender group; and
  • Risk managers can use our Deal at a Glance snapshots to spot potential problem areas.

What sets the “Deal at a Glance” apart from our traditional deal reports?

A Deal at a glance report is one page.  Our traditional loan reports can be up to 25 pages.  Neither is meant to replace the other. They are complementary products.

How does one interpret the data within a snapshot for maximum benefit?

The most important advice here is that subscribers should not view the data for any particular deal in isolation.  Our market comps, generated from our proprietary data-set is important to put the deal data in context.  Our loan reports provide the nuance for why certain features, even if prevalent, are problematic.

How can you access “Deals at a Glance” snapshots and integrate them into your workflow?

Deal at a Glance reports are now available for any new issue or amended broadly syndicated USD institutional term loan that comes to market.  Deal at a Glance reports are published side-by-side with the deal report and can be downloaded to Excel.

Not a Subscriber?

Simplify the complex with Covenant Review, request a demo and discover how our data and tools can help you do your best work.