Syndicated Leveraged Loan Covenant Quality Is At Record Weakness [Forbes]
Moody's Corporation (MCO)
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Source: Forbes
Moody's Investors Service (AP Photo/Mark Lennihan, File)ASSOCIATED PRESSThe quality of syndicated leveraged loan covenants deteriorated to a record low the last quarter of 2019. Leveraged loans are typically defined as loans to companies, which carry debt levels of five times or more than their stated Earnings Before Interest Tax and Depreciation (EBITDA). Leveraged loans with fewer covenants, known as covenant-lite, have grown enormously since 2013, since interest rates have been low and lenders were chasing yield. No law prohibits lending to highly indebted companies, so lenders underwrote leveraged loans in their chase for yield.As I have written in over forty articles in the last two years, leveraged loans that are covenant-lite mean that there is
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Earnings
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MCO
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