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Aggressive Covenant Terms Scoring


In today's fast-paced bond market, market participants need to:

  • Faster and more effectively than ever
  • Visual data allows you to make sense of the deal immediately
  • Not tomorrow when you have read the report – but right now

Introducing Aggressive Covenant Terms Scoring 

Debt Explained's unique Market Maker database holds highly granular data on European high yield bonds. Aggressive Covenant Terms Scoring (ACTS) utilises this data to provide a data-driven score of the “standard aggressive terms” of every European HYB issue. 

The score is a combination of static and dynamic data. Scores are calculated with reference to each individual deal and where that deal sits in relation to more than 600 deals in the Market Maker database. Dynamic scoring means scores will change with the market. ACTS criteria has been determined following a lengthy consultation with market participants.  

 

 

The ACTS score provides clarity and transparency on the covenant package.  

 

"It's great to have all of the risks presented in data." 

-- Leading French asset manager

 

How is an ACTS score calculated? 

Static scores: 

Dynamic scores:

 

Scoring criteria areas (number of score points vary): 

In summary: 

How can you access ACTS?

  • Individual deal scores released at time of issue direct to your mailbox
  • ACTS database searchable by deal name and date
  • Access and sort overall deal score plus individual criteria scores for each deal
  • Filter by sector or country or such criteria as you select
  • Track development of scores over time

 

ACTS Benefits 

 

ACTS benefits for the whole market

 

About Debt Explained 

Debt Explained was founded by Stephen Mostyn-Williams, a Senior Partner at four international law firms and the chair and co-founder of the European High Yield Association.

It is staffed by experts in Capital Markets and Financial law with extensive experience in new issuance, corporate advisory work and restructurings.

We pride ourselves on hiring experienced professionals as we know the level of expertise that is required to put deals together. All of our lawyers have at least 10 years in capital markets or financial law and with deep knowledge of our product areas.

 

 

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