BONDSTATS CREDIT REFERENCE
Credit Markets & Capital Structure Encyclopedia
Credit risk, capital structure, covenants and restructuring explained.
A structured map of corporate credit from issuer fundamentals to creditor priority. The encyclopedia connects capital structure, covenant protection, ratings, leveraged loans, private credit, CLO mechanics, distressed exchanges and the legal documentation behind debt claims.
392 ENTRIES10 CATEGORIESINSTITUTIONAL CREDIT KNOWLEDGE GRAPH
A–Z CREDIT MECHANICS
001
Default Risk
Credit Analysis & Fundamentals
Default Risk is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
002
Migration Risk
Credit Analysis & Fundamentals
Migration Risk is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
003
Upgrade Risk
Credit Analysis & Fundamentals
Upgrade Risk is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
004
Recovery Risk
Credit Risk & Pricing
Recovery Risk is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
005
Spread Risk
Credit Risk & Pricing
Spread Risk is a credit-market pricing measure used to describe compensation for credit risk or the sensitivity of a credit instrument to changes in spread.
006
Credit Event
Credit Analysis & Fundamentals
Credit Event is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
007
Jump-to-Default Risk
Credit Analysis & Fundamentals
Jump-to-Default Risk is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
008
Probability of Default
Credit Analysis & Fundamentals
Probability of Default is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
009
Exposure at Default
Credit Analysis & Fundamentals
Exposure at Default is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
010
Distance to Default
Credit Risk & Pricing
Distance to Default is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
011
Default Intensity
Credit Risk & Pricing
Default Intensity is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
012
Hazard Rate
Credit Risk & Pricing
Hazard Rate is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
013
Cumulative Default Probability
Credit Risk & Pricing
Cumulative Default Probability is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
014
Default Correlation
Credit Risk & Pricing
Default Correlation is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
015
Asset Correlation
Credit Risk & Pricing
Asset Correlation is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
016
Recovery Value
Credit Risk & Pricing
Recovery Value is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
017
Recovery Hierarchy
Credit Risk & Pricing
Recovery Hierarchy is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
018
Recovery Analysis
Credit Risk & Pricing
Recovery Analysis is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
019
Enterprise Value
Credit Analysis & Fundamentals
Enterprise Value is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
020
Going-Concern Value
Credit Analysis & Fundamentals
Going-Concern Value is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
021
Liquidation Value
Credit Analysis & Fundamentals
Liquidation Value is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
022
Reorganization Value
Credit Analysis & Fundamentals
Reorganization Value is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
023
Debt Capacity
Capital Structure & Seniority
Debt Capacity is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
024
Debt Service Capacity
Credit Analysis & Fundamentals
Debt Service Capacity is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
025
Interest Coverage
Capital Structure & Seniority
Interest Coverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
026
Fixed Charge Coverage
Capital Structure & Seniority
Fixed Charge Coverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
027
Net Leverage
Capital Structure & Seniority
Net Leverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
028
Gross Leverage
Capital Structure & Seniority
Gross Leverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
029
Secured Leverage
Capital Structure & Seniority
Secured Leverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
030
Total Leverage
Capital Structure & Seniority
Total Leverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
031
First-Lien Leverage
Capital Structure & Seniority
First-Lien Leverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
032
Debt-to-EBITDA
Capital Structure & Seniority
Debt-to-EBITDA is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
033
Net Debt-to-EBITDA
Capital Structure & Seniority
Net Debt-to-EBITDA is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
034
Funds From Operations to Debt
Credit Analysis & Fundamentals
Funds From Operations to Debt is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
035
Free Cash Flow to Debt
Credit Analysis & Fundamentals
Free Cash Flow to Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
036
Cash Flow Coverage
Capital Structure & Seniority
Cash Flow Coverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
037
Capital Structure
Capital Structure & Seniority
Capital Structure is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
038
Capital Stack
Capital Structure & Seniority
Capital Stack is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
039
Debt Waterfall
Capital Structure & Seniority
Debt Waterfall is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
040
Creditor Priority
Credit Analysis & Fundamentals
Creditor Priority is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
041
Seniority
Capital Structure & Seniority
Seniority is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
042
Senior Debt
Capital Structure & Seniority
Senior Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
043
Senior Secured Debt
Capital Structure & Seniority
Senior Secured Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
044
Senior Unsecured Debt
Capital Structure & Seniority
Senior Unsecured Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
045
Subordinated Debt
Capital Structure & Seniority
Subordinated Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
046
Junior Debt
Credit Analysis & Fundamentals
Junior Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
047
Mezzanine Debt
Capital Structure & Seniority
Mezzanine Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
048
Super Senior Debt
Capital Structure & Seniority
Super Senior Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
049
First-Lien Debt
Capital Structure & Seniority
First-Lien Debt is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
050
Second-Lien Debt
Capital Structure & Seniority
Second-Lien Debt is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
051
Third-Lien Debt
Capital Structure & Seniority
Third-Lien Debt is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
052
Unsecured Debt
Credit Analysis & Fundamentals
Unsecured Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
053
Secured Debt
Credit Analysis & Fundamentals
Secured Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
054
Structural Subordination
Capital Structure & Seniority
Structural subordination arises when debt at a holding company depends on distributions from operating subsidiaries whose own creditors generally have prior claims on subsidiary assets and cash flows.
055
Contractual Subordination
Capital Structure & Seniority
Contractual subordination is created by agreement, with one class of debt expressly ranking behind another for payment or enforcement.
056
Payment Subordination
Capital Structure & Seniority
Payment subordination restricts when junior creditors may receive payments while senior obligations remain outstanding or after specified defaults.
057
Lien Subordination
Capital Structure & Seniority
Lien subordination places one creditor's security interest behind another creditor's lien over the same collateral.
058
Upstream Guarantee
Capital Structure & Seniority
Upstream Guarantee is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
059
Downstream Guarantee
Capital Structure & Seniority
Downstream Guarantee is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
060
Parent Guarantee
Capital Structure & Seniority
Parent Guarantee is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
061
Subsidiary Guarantee
Capital Structure & Seniority
Subsidiary Guarantee is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
062
HoldCo Debt
Capital Structure & Seniority
HoldCo debt is borrowing issued at a holding-company level, typically relying on dividends, distributions or upstream payments from operating subsidiaries for debt service.
063
OpCo Debt
Capital Structure & Seniority
OpCo debt is borrowing issued by an operating company whose creditors generally have direct claims on that entity's assets and cash flows.
064
HoldCo-OpCo Structure
Capital Structure & Seniority
HoldCo-OpCo Structure is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
065
Unrestricted Subsidiary
Credit Analysis & Fundamentals
Unrestricted Subsidiary is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
066
Guarantor Group
Capital Structure & Seniority
Guarantor Group is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
067
First-Priority Lien
Capital Structure & Seniority
First-Priority Lien is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
068
Second-Priority Lien
Capital Structure & Seniority
Second-Priority Lien is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
069
Pari Passu
Capital Structure & Seniority
Pari passu describes claims that rank equally in right of payment within the relevant contractual and legal framework.
070
Pro Rata Recovery
Credit Risk & Pricing
Pro Rata Recovery is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
071
Subordination Agreement
Capital Structure & Seniority
Subordination Agreement is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
072
Intercreditor Agreement
Capital Structure & Seniority
An intercreditor agreement governs the relative rights of multiple creditor groups, including lien priority, enforcement control, payment waterfalls and standstill provisions.
073
Security Agreement
Credit Analysis & Fundamentals
Security Agreement is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
074
Security Package
Capital Structure & Seniority
A security package is the collection of collateral, guarantees and security interests pledged to support a financing.
075
Collateral Coverage
Capital Structure & Seniority
Collateral Coverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
076
Asset Coverage
Capital Structure & Seniority
Asset Coverage is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
077
Borrowing Base
Capital Structure & Seniority
A borrowing base is the amount a lender is willing to advance against eligible collateral after applying agreed eligibility rules and advance rates.
078
Collateral Leakage
Credit Analysis & Fundamentals
Collateral Leakage is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
079
Collateral Release
Credit Analysis & Fundamentals
Collateral Release is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
080
Guarantee Release
Capital Structure & Seniority
Guarantee Release is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
081
Bond Covenant
Covenants & Creditor Protection
Bond Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
082
Affirmative Covenant
Covenants & Creditor Protection
Affirmative Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
083
Negative Covenant
Covenants & Creditor Protection
Negative Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
084
Financial Covenant
Covenants & Creditor Protection
Financial Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
085
Maintenance Covenant
Covenants & Creditor Protection
Maintenance Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
086
Incurrence Covenant
Covenants & Creditor Protection
Incurrence Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
087
Springing Covenant
Covenants & Creditor Protection
Springing Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
088
Covenant-Lite
Covenants & Creditor Protection
Covenant-lite debt has fewer or weaker maintenance-style financial covenants than traditional leveraged lending, giving borrowers greater operating flexibility between payment events.
089
Covenant Headroom
Covenants & Creditor Protection
Covenant Headroom is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
090
Covenant Breach
Covenants & Creditor Protection
Covenant Breach is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
091
Covenant Default
Covenants & Creditor Protection
Covenant Default is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
092
Covenant Cure
Covenants & Creditor Protection
Covenant Cure is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
093
Equity Cure
Credit Analysis & Fundamentals
An equity cure permits new equity contributions, subject to documentation limits, to remedy a financial covenant breach or improve the relevant covenant calculation.
094
Covenant Waiver
Covenants & Creditor Protection
Covenant Waiver is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
095
Covenant Amendment
Covenants & Creditor Protection
Covenant Amendment is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
096
Covenant Package
Covenants & Creditor Protection
Covenant Package is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
097
Covenant Erosion
Covenants & Creditor Protection
Covenant Erosion is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
098
Covenant Leakage
Covenants & Creditor Protection
Covenant Leakage is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
099
Debt Incurrence Covenant
Covenants & Creditor Protection
Debt Incurrence Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
100
Debt Incurrence Test
Credit Analysis & Fundamentals
Debt Incurrence Test is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
101
Restricted Payments Covenant
Covenants & Creditor Protection
Restricted Payments Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
102
Restricted Payments Basket
Covenants & Creditor Protection
Restricted Payments Basket is a negotiated covenant capacity that permits specified transactions up to an amount or formula defined in the debt documentation.
103
Builder Basket
Covenants & Creditor Protection
A builder basket is a restricted-payments capacity that grows over time according to a contractual formula, often linked to retained earnings or another cumulative performance measure.
104
Available Amount Basket
Covenants & Creditor Protection
Available Amount Basket is a negotiated covenant capacity that permits specified transactions up to an amount or formula defined in the debt documentation.
105
Grower Basket
Covenants & Creditor Protection
A grower basket is a covenant basket whose permitted capacity increases with a financial measure such as total assets or EBITDA.
106
Ratio Basket
Covenants & Creditor Protection
A ratio basket permits a transaction such as additional debt or restricted payments if the issuer satisfies a specified leverage, coverage or other ratio test.
107
Permitted Investment
Covenants & Creditor Protection
Permitted Investment is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
108
Permitted Debt
Covenants & Creditor Protection
Permitted Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
109
Permitted Liens
Covenants & Creditor Protection
Permitted Liens is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
110
Negative Pledge
Covenants & Creditor Protection
A negative pledge restricts an issuer from granting security over assets for other creditors unless specified conditions or equal-and-ratable protection are provided.
111
Asset Sale Covenant
Covenants & Creditor Protection
Asset Sale Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
112
Asset Sale Sweep
Covenants & Creditor Protection
Asset Sale Sweep is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
113
Excess Cash Flow Sweep
Covenants & Creditor Protection
Excess Cash Flow Sweep is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
114
Change of Control Covenant
Covenants & Creditor Protection
Change of Control Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
115
Change of Control Put
Covenants & Creditor Protection
Change of Control Put is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
116
Change of Control Offer
Covenants & Creditor Protection
Change of Control Offer is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
117
Merger Covenant
Covenants & Creditor Protection
Merger Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
118
Transactions with Affiliates Covenant
Covenants & Creditor Protection
Transactions with Affiliates Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
119
Dividend Restriction
Credit Analysis & Fundamentals
Dividend Restriction is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
120
Limitation on Indebtedness
Credit Analysis & Fundamentals
Limitation on Indebtedness is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
121
Limitation on Liens
Capital Structure & Seniority
Limitation on Liens is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
122
Limitation on Asset Sales
Covenants & Creditor Protection
Limitation on Asset Sales is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
123
Limitation on Restricted Payments
Credit Analysis & Fundamentals
Limitation on Restricted Payments is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
124
Limitation on Investments
Credit Analysis & Fundamentals
Limitation on Investments is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
125
Limitation on Guarantees
Capital Structure & Seniority
Limitation on Guarantees is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
126
Cross Default
Covenants & Creditor Protection
Cross Default is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
127
Cross Acceleration
Covenants & Creditor Protection
Cross acceleration makes a default under one debt instrument relevant to another only after the first obligation has actually been accelerated, rather than merely defaulted.
128
Event of Default
Covenants & Creditor Protection
An event of default is a contractually specified event that can give creditors remedies such as acceleration, subject to applicable grace periods, thresholds and voting requirements.
129
Payment Default
Credit Analysis & Fundamentals
Payment Default is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
130
Grace Period
Covenants & Creditor Protection
Grace Period is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
131
Cure Period
Covenants & Creditor Protection
Cure Period is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
132
Acceleration
Covenants & Creditor Protection
Acceleration is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
133
Debt Acceleration
Covenants & Creditor Protection
Debt Acceleration is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
134
Mandatory Prepayment
Covenants & Creditor Protection
Mandatory Prepayment is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
135
Call Protection
Covenants & Creditor Protection
Call Protection is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
136
Non-Call Period
Covenants & Creditor Protection
Non-Call Period is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
137
Make-Whole Premium
Covenants & Creditor Protection
A make-whole premium compensates investors for early redemption by valuing remaining contractual payments against a specified reference yield plus an agreed spread.
138
Call Premium
Covenants & Creditor Protection
Call Premium is a credit-market pricing measure used to describe compensation for credit risk or the sensitivity of a credit instrument to changes in spread.
139
Soft Call Protection
Covenants & Creditor Protection
Soft Call Protection is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
140
Hard Call Protection
Covenants & Creditor Protection
Hard Call Protection is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
141
Equity Clawback
Covenants & Creditor Protection
An equity clawback allows an issuer to redeem a limited portion of high-yield bonds with proceeds from qualifying equity issuance, usually during an initial period and at a defined premium.
142
Clean-Up Call
Credit Analysis & Fundamentals
Clean-Up Call is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
143
Mandatory Redemption
Covenants & Creditor Protection
Mandatory Redemption is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
144
Optional Redemption
Covenants & Creditor Protection
Optional Redemption is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
145
Early Redemption
Covenants & Creditor Protection
Early Redemption is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
146
Par Call
Credit Analysis & Fundamentals
Par Call is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
147
Tender Offer
Distressed Debt & Restructuring
Tender Offer is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
148
Debt Tender Offer
Distressed Debt & Restructuring
Debt Tender Offer is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
149
Exchange Offer
Distressed Debt & Restructuring
Exchange Offer is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
150
Debt Exchange
Distressed Debt & Restructuring
Debt Exchange is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
151
Consent Solicitation
Distressed Debt & Restructuring
A consent solicitation asks holders to approve amendments, waivers or other changes to debt documentation without necessarily tendering the securities.
152
Exit Consent
Distressed Debt & Restructuring
An exit consent is an amendment approved by tendering or exchanging holders that changes the terms of securities left behind, subject to legal and contractual limits.
153
Consent Payment
Distressed Debt & Restructuring
Consent Payment is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
154
Liability Management Exercise
Credit Analysis & Fundamentals
Liability Management Exercise is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
155
Amend and Extend
Credit Analysis & Fundamentals
Amend and Extend is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
156
Extend and Pretend
Credit Analysis & Fundamentals
Extend and Pretend is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
157
Maturity Extension
Credit Analysis & Fundamentals
Maturity Extension is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
158
Coupon Reduction
Credit Analysis & Fundamentals
Coupon Reduction is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
159
Principal Haircut
Distressed Debt & Restructuring
Principal Haircut is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
160
Debt Haircut
Distressed Debt & Restructuring
Debt Haircut is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
161
Debt-for-Equity Swap
Distressed Debt & Restructuring
Debt-for-Equity Swap is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
162
Debt Buyback
Distressed Debt & Restructuring
Debt Buyback is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
163
Open-Market Debt Repurchase
Credit Analysis & Fundamentals
Open-Market Debt Repurchase is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
164
Discounted Debt Repurchase
Credit Analysis & Fundamentals
Discounted Debt Repurchase is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
165
Debt Retirement
Distressed Debt & Restructuring
Debt Retirement is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
166
Debt Reprofiling
Credit Analysis & Fundamentals
Debt Reprofiling is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
167
Debt Restructuring
Distressed Debt & Restructuring
Debt Restructuring is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
168
Out-of-Court Restructuring
Distressed Debt & Restructuring
Out-of-Court Restructuring is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
169
In-Court Restructuring
Distressed Debt & Restructuring
In-Court Restructuring is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
170
Restructuring Support Agreement
Distressed Debt & Restructuring
Restructuring Support Agreement is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
171
Lock-Up Agreement
Credit Analysis & Fundamentals
Lock-Up Agreement is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
172
Standstill Agreement
Distressed Debt & Restructuring
Standstill Agreement is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
173
Forbearance Agreement
Distressed Debt & Restructuring
Forbearance Agreement is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
174
Scheme of Arrangement
Distressed Debt & Restructuring
Scheme of Arrangement is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
175
Restructuring Plan
Distressed Debt & Restructuring
Restructuring Plan is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
176
Chapter 11
Distressed Debt & Restructuring
Chapter 11 is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
177
Insolvency
Distressed Debt & Restructuring
Insolvency is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
178
Exit Financing
Credit Analysis & Fundamentals
Exit Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
179
Rescue Financing
Distressed Debt & Restructuring
Rescue Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
180
Priming Debt
Distressed Debt & Restructuring
Priming debt is new financing that obtains priority ahead of existing debt, typically through a superior lien, superpriority claim or restructuring transaction.
181
Superpriority Financing
Credit Analysis & Fundamentals
Superpriority Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
182
Roll-Up Financing
Credit Analysis & Fundamentals
Roll-Up Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
183
Uptiering Transaction
Distressed Debt & Restructuring
An uptiering transaction moves participating creditors into a new debt position that ranks ahead of existing creditors, typically through permitted debt, lien or exchange mechanics.
184
Drop-Down Transaction
Distressed Debt & Restructuring
A drop-down transaction transfers assets to an unrestricted or otherwise less-restricted subsidiary, potentially moving value outside the collateral or covenant perimeter of existing creditors.
185
Double-Dip Financing
Distressed Debt & Restructuring
Double-dip financing seeks more than one claim on the same economic value, commonly through a combination of direct obligations, intercompany claims or guarantees.
186
Open-Market Purchase Provision
Credit Analysis & Fundamentals
Open-Market Purchase Provision is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
187
Sacred Rights
Credit Analysis & Fundamentals
Sacred Rights is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
188
Pro Rata Sharing
Credit Analysis & Fundamentals
Pro Rata Sharing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
189
Lien Stripping
Distressed Debt & Restructuring
Lien Stripping is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
190
Collateral Stripping
Distressed Debt & Restructuring
Collateral Stripping is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
191
Asset Drop-Down
Distressed Debt & Restructuring
Asset Drop-Down is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
192
Unrestricted Subsidiary Transfer
Credit Analysis & Fundamentals
Unrestricted Subsidiary Transfer is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
193
IP Drop-Down
Distressed Debt & Restructuring
IP Drop-Down is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
194
Value Leakage
Credit Analysis & Fundamentals
Value Leakage is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
195
Creditor-on-Creditor Violence
Distressed Debt & Restructuring
Creditor-on-creditor violence is a market term for liability-management transactions that materially improve one creditor group's priority or economics at the expense of non-participating creditors.
196
Creditor Cooperation Agreement
Credit Analysis & Fundamentals
Creditor Cooperation Agreement is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
197
Ad Hoc Group
Distressed Debt & Restructuring
Ad Hoc Group is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
198
Fulcrum Security
Distressed Debt & Restructuring
The fulcrum security is the class of debt or claim around which enterprise value is expected to break in a restructuring, making it likely to receive a meaningful share of reorganized equity.
199
Impaired Claim
Credit Analysis & Fundamentals
Impaired Claim is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
200
Unimpaired Claim
Credit Analysis & Fundamentals
Unimpaired Claim is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
201
Cramdown
Distressed Debt & Restructuring
Cramdown is court confirmation of a restructuring plan over the objection of an impaired creditor class when the applicable legal requirements are met.
202
Absolute Priority Rule
Distressed Debt & Restructuring
The absolute priority rule is a restructuring principle under which junior stakeholders generally cannot receive value before dissenting senior claims are satisfied as required by the applicable insolvency framework.
203
Adequate Protection
Distressed Debt & Restructuring
Adequate Protection is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
204
Credit Bid
Distressed Debt & Restructuring
A credit bid allows a secured creditor, subject to applicable law and court process, to bid using some or all of its secured claim rather than paying the entire purchase price in cash.
205
Milestone Covenant
Covenants & Creditor Protection
Milestone Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
206
Distressed Debt
Distressed Debt & Restructuring
Distressed Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
207
Stressed Credit
Credit Analysis & Fundamentals
Stressed Credit is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
208
Distressed Credit
Distressed Debt & Restructuring
Distressed Credit is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
209
Defaulted Bond
Distressed Debt & Restructuring
Defaulted Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
210
Special Situations Credit
Credit Analysis & Fundamentals
Special Situations Credit is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
211
Opportunistic Credit
Credit Analysis & Fundamentals
Opportunistic Credit is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
212
Distressed Exchange
Distressed Debt & Restructuring
A distressed exchange modifies or replaces debt on terms that rating agencies or markets may view as economically coercive and less favorable than the original promise, often to avoid a conventional payment default.
213
Selective Default
Credit Analysis & Fundamentals
Selective Default is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
214
Restricted Default
Credit Analysis & Fundamentals
Restricted Default is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
215
Distress Ratio
Distressed Debt & Restructuring
Distress Ratio is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
216
Default Rate
Credit Risk & Pricing
Default Rate is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
217
Recovery Distribution
Credit Risk & Pricing
Recovery Distribution is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
218
Ultimate Recovery
Credit Risk & Pricing
Ultimate Recovery is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
219
Trading Price Recovery
Credit Risk & Pricing
Trading Price Recovery is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
220
Recovery Lag
Credit Risk & Pricing
Recovery Lag is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
221
Rating Upgrade
Ratings & Credit Migration
Rating Upgrade is a credit-rating concept used to describe assessed credit quality, expected direction of creditworthiness or the relationship between issuer and instrument-level ratings.
222
Rating Downgrade
Ratings & Credit Migration
Rating Downgrade is a credit-rating concept used to describe assessed credit quality, expected direction of creditworthiness or the relationship between issuer and instrument-level ratings.
223
Rating Outlook
Ratings & Credit Migration
Rating Outlook is a credit-rating concept used to describe assessed credit quality, expected direction of creditworthiness or the relationship between issuer and instrument-level ratings.
224
Credit Watch
Ratings & Credit Migration
Credit Watch is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
225
Rating Transition
Ratings & Credit Migration
Rating Transition is a credit-rating concept used to describe assessed credit quality, expected direction of creditworthiness or the relationship between issuer and instrument-level ratings.
226
Rating Transition Matrix
Ratings & Credit Migration
Rating Transition Matrix is a credit-rating concept used to describe assessed credit quality, expected direction of creditworthiness or the relationship between issuer and instrument-level ratings.
227
Notching
Ratings & Credit Migration
Notching is a credit-rating concept used to describe assessed credit quality, expected direction of creditworthiness or the relationship between issuer and instrument-level ratings.
228
Rating Notching
Ratings & Credit Migration
Rating notching adjusts an issue rating above or below an issuer-level rating to reflect seniority, security, structural position or expected recovery.
229
Country Ceiling
Ratings & Credit Migration
Country Ceiling is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
230
Sovereign Ceiling
Ratings & Credit Migration
Sovereign Ceiling is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
231
Rating Trigger
Ratings & Credit Migration
Rating Trigger is a credit-rating concept used to describe assessed credit quality, expected direction of creditworthiness or the relationship between issuer and instrument-level ratings.
232
Spread-to-Worst
Credit Risk & Pricing
Spread-to-worst measures a bond's spread under the redemption or maturity scenario that produces the lowest investor yield, subject to the methodology used.
233
New Issue Premium
Credit Risk & Pricing
New Issue Premium is a credit-market pricing measure used to describe compensation for credit risk or the sensitivity of a credit instrument to changes in spread.
234
New Issue Concession
Credit Analysis & Fundamentals
New Issue Concession is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
235
Credit Curve
Credit Risk & Pricing
Credit Curve is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
236
Credit DV01
Credit Risk & Pricing
Credit DV01 measures the price sensitivity of a credit position to a one-basis-point movement in its credit spread.
237
CS01
Credit Risk & Pricing
CS01 estimates the change in a credit instrument's value for a one-basis-point change in credit spread, usually holding other model inputs constant.
238
Breakeven Default Rate
Credit Risk & Pricing
Breakeven Default Rate is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
239
Implied Default Probability
Credit Risk & Pricing
Implied Default Probability is a credit-risk concept used to quantify or describe the likelihood, severity or economic consequences of an issuer failing to meet its obligations.
240
Leveraged Finance
Capital Structure & Seniority
Leveraged Finance is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
241
Leveraged Loan
Capital Structure & Seniority
Leveraged Loan is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
242
Term Loan
Leveraged Finance & Loans
Term Loan is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
243
Term Loan A
Leveraged Finance & Loans
Term Loan A is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
244
Term Loan B
Leveraged Finance & Loans
A Term Loan B is an institutional leveraged loan, typically with limited amortization, a longer maturity and a floating rate priced at a reference rate plus a spread.
245
Bridge Loan
Credit Analysis & Fundamentals
Bridge Loan is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
246
Acquisition Financing
Leveraged Finance & Loans
Acquisition Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
247
Buyout Financing
Leveraged Finance & Loans
Buyout Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
248
LBO Financing
Leveraged Finance & Loans
LBO Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
249
Sponsor-Backed Issuer
Credit Analysis & Fundamentals
Sponsor-Backed Issuer is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
250
Financial Sponsor
Leveraged Finance & Loans
Financial Sponsor is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
251
Private Equity Sponsor
Leveraged Finance & Loans
Private Equity Sponsor is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
252
Equity Contribution
Credit Analysis & Fundamentals
Equity Contribution is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
253
Commitment Letter
Credit Analysis & Fundamentals
Commitment Letter is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
254
Syndicated Loan
Leveraged Finance & Loans
Syndicated Loan is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
255
Loan Syndication
Leveraged Finance & Loans
Loan Syndication is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
256
Lead Arranger
Leveraged Finance & Loans
Lead Arranger is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
257
Bookrunner
Leveraged Finance & Loans
Bookrunner is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
258
Administrative Agent
Leveraged Finance & Loans
Administrative Agent is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
259
Collateral Agent
Leveraged Finance & Loans
Collateral Agent is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
260
Facility Agent
Leveraged Finance & Loans
Facility Agent is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
261
Underwriting Commitment
Credit Analysis & Fundamentals
Underwriting Commitment is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
262
Flex Provision
Credit Analysis & Fundamentals
Flex Provision is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
263
Market Flex
Credit Analysis & Fundamentals
Market flex gives arrangers contractual ability to change specified pricing or structural terms of a syndicated financing to facilitate successful placement with investors.
264
Commitment Fee
Leveraged Finance & Loans
Commitment Fee is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
265
Ticking Fee
Leveraged Finance & Loans
Ticking Fee is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
266
Letter of Credit Fee
Credit Analysis & Fundamentals
Letter of Credit Fee is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
267
Incremental Facility
Leveraged Finance & Loans
Incremental Facility is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
268
Accordion Facility
Leveraged Finance & Loans
Accordion Facility is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
269
Incremental Debt
Leveraged Finance & Loans
Incremental Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
270
Incremental Capacity
Leveraged Finance & Loans
Incremental Capacity is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
271
Free-and-Clear Basket
Covenants & Creditor Protection
Free-and-Clear Basket is a negotiated covenant capacity that permits specified transactions up to an amount or formula defined in the debt documentation.
272
MFN Protection
Leveraged Finance & Loans
MFN Protection is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
273
Most Favored Nation Provision
Credit Analysis & Fundamentals
A most favored nation provision can require the pricing of existing debt to increase if specified new incremental debt is issued at a materially higher yield, subject to negotiated exceptions and sunsets.
274
Maturity Carveout
Credit Analysis & Fundamentals
Maturity Carveout is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
275
Repricing Transaction
Leveraged Finance & Loans
Repricing Transaction is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
276
Repricing Protection
Leveraged Finance & Loans
Repricing Protection is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
277
Loan Buyback
Leveraged Finance & Loans
Loan Buyback is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
278
Yank-a-Bank
Leveraged Finance & Loans
A yank-a-bank provision allows a borrower to replace a lender that refuses certain amendments, becomes a defaulting lender or otherwise meets specified replacement conditions.
279
Disqualified Institution
Leveraged Finance & Loans
Disqualified Institution is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
280
Secondary Loan Trading
Leveraged Finance & Loans
Secondary Loan Trading is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
281
Distressed Loan
Distressed Debt & Restructuring
Distressed Loan is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
282
Loan Spread
Credit Risk & Pricing
Loan Spread is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
283
SOFR Floor
Leveraged Finance & Loans
SOFR Floor is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
284
Payment-in-Kind Bond
Credit Instruments
Payment-in-Kind Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
285
Toggle Note
Credit Instruments
Toggle Note is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
286
Springing Maintenance Covenant
Covenants & Creditor Protection
Springing Maintenance Covenant is a contractual restriction, requirement or test in debt documentation designed to define borrower flexibility and creditor protection.
287
First-Lien Loan
Capital Structure & Seniority
First-Lien Loan is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
288
Second-Lien Loan
Capital Structure & Seniority
Second-Lien Loan is a secured-credit concept describing the priority, scope or permitted use of security interests over borrower or guarantor assets.
289
First-Out Tranche
Leveraged Finance & Loans
First-Out Tranche is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
290
Last-Out Tranche
Leveraged Finance & Loans
Last-Out Tranche is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
291
Agreement Among Lenders
Leveraged Finance & Loans
Agreement Among Lenders is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
292
Private Credit
Private Credit & CLOs
Private Credit is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
293
Direct Lending
Private Credit & CLOs
Direct Lending is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
294
Middle Market Lending
Private Credit & CLOs
Middle Market Lending is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
295
Upper Middle Market Lending
Private Credit & CLOs
Upper Middle Market Lending is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
296
Lower Middle Market Lending
Private Credit & CLOs
Lower Middle Market Lending is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
297
Club Deal
Private Credit & CLOs
Club Deal is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
298
Net Asset Value Loan
Private Credit & CLOs
A net asset value loan is fund-level financing underwritten primarily against the value and cash-flow potential of a portfolio of investments rather than uncalled investor commitments.
299
Fund Finance
Private Credit & CLOs
Fund finance covers lending and other financing provided to investment funds or related entities, including subscription facilities, NAV loans and hybrid structures.
300
GP Financing
Private Credit & CLOs
GP Financing is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
301
Preferred Equity
Private Credit & CLOs
Preferred Equity is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
302
Recurring Revenue Loan
Private Credit & CLOs
A recurring revenue loan is a credit facility underwritten partly on predictable subscription or recurring revenue metrics, often used for software and other asset-light growth companies.
303
Venture Debt
Private Credit & CLOs
Venture debt is debt financing for venture-backed companies, typically supplementing equity capital and often including warrants, covenants or milestone-based conditions.
304
CLO Equity
Private Credit & CLOs
CLO equity is the most junior tranche of a CLO and receives residual cash flows after expenses and debt-tranche obligations are paid, subject to coverage tests and other structural rules.
305
CLO Debt
Private Credit & CLOs
CLO Debt is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
306
CLO Tranche
Private Credit & CLOs
CLO Tranche is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
307
CLO Manager
Private Credit & CLOs
CLO Manager is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
308
CLO Warehouse
Private Credit & CLOs
CLO Warehouse is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
309
CLO Reinvestment Period
Private Credit & CLOs
The CLO reinvestment period is the contractual window during which principal proceeds can generally be reinvested in eligible collateral rather than automatically used to amortize liabilities.
310
CLO Non-Call Period
Covenants & Creditor Protection
CLO Non-Call Period is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
311
CLO Redemption
Covenants & Creditor Protection
CLO Redemption is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
312
CLO Refinancing
Private Credit & CLOs
CLO Refinancing is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
313
CLO Reset
Private Credit & CLOs
CLO Reset is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
314
CLO Repricing
Leveraged Finance & Loans
CLO Repricing is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
315
CLO Coverage Test
Private Credit & CLOs
CLO Coverage Test is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
316
CLO Diversion Test
Private Credit & CLOs
CLO Diversion Test is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
317
Interest Diversion Test
Credit Analysis & Fundamentals
Interest Diversion Test is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
318
CLO Par Build
Private Credit & CLOs
CLO par build occurs when trading or other portfolio activity increases the principal amount of collateral available to support the CLO relative to its liabilities.
319
CLO Par Burn
Private Credit & CLOs
CLO par burn is a reduction in collateral par, often from defaults, discounted sales or trading losses, which can weaken coverage-test cushions.
320
CLO CCC Bucket
Private Credit & CLOs
The CLO CCC bucket is the permitted concentration of low-rated assets before excess holdings may receive adverse treatment in overcollateralization calculations under the deal documents.
321
Weighted Average Rating Factor
Ratings & Credit Migration
Weighted Average Rating Factor is a CLO portfolio metric that converts ratings into numerical factors and calculates a weighted average used in collateral-quality tests.
322
CLO WAL
Private Credit & CLOs
CLO WAL is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
323
CLO Diversity Score
Private Credit & CLOs
CLO Diversity Score is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
324
CLO Concentration Limit
Private Credit & CLOs
CLO Concentration Limit is a credit-analysis measure used to evaluate an issuer's debt burden, repayment capacity or covenant headroom under a specified calculation methodology.
325
CLO Collateral Quality Test
Private Credit & CLOs
CLO Collateral Quality Test is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
326
CLO Arbitrage
Private Credit & CLOs
CLO Arbitrage is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
327
CLO Equity Arbitrage
Private Credit & CLOs
CLO Equity Arbitrage is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
328
CLO Liability Cost
Private Credit & CLOs
CLO Liability Cost is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
329
CLO Asset Spread
Credit Risk & Pricing
CLO Asset Spread is a CLO structural or portfolio metric used to assess collateral quality, liability protection, manager flexibility or residual equity economics.
330
Bond Indenture
Documentation & Legal Structure
A bond indenture is the principal contract governing a bond issue, setting out payment terms, covenants, events of default, amendment mechanics and the rights of holders and trustee.
331
Trust Deed
Documentation & Legal Structure
A trust deed is a debt-governing document used in many markets that establishes bond terms and appoints a trustee to act for holders under specified circumstances.
332
Fiscal Agency Agreement
Documentation & Legal Structure
A fiscal agency agreement appoints a fiscal agent and other agents to perform administrative functions for a bond issue, generally without the trustee-style fiduciary structure used in a trust deed.
333
Bond Trustee
Documentation & Legal Structure
Bond Trustee is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
334
Paying Agent
Documentation & Legal Structure
Paying Agent is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
335
Common Depositary
Documentation & Legal Structure
Common Depositary is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
336
Common Safekeeper
Documentation & Legal Structure
Common Safekeeper is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
337
Global Note
Documentation & Legal Structure
Global Note is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
338
Bearer Bond
Documentation & Legal Structure
Bearer Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
339
Registered Bond
Documentation & Legal Structure
Registered Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
340
144A Bond
Documentation & Legal Structure
144A Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
341
Rule 144A
Documentation & Legal Structure
Rule 144A is a U.S. securities-law safe harbor commonly used for resales of privately placed securities to qualified institutional buyers, enabling an important institutional bond market.
342
Offering Memorandum
Documentation & Legal Structure
Offering Memorandum is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
343
Prospectus
Documentation & Legal Structure
Prospectus is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
344
Bond Documentation
Credit Instruments
Bond Documentation is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
345
Credit Agreement
Documentation & Legal Structure
Credit Agreement is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
346
Facility Agreement
Documentation & Legal Structure
Facility Agreement is a leveraged-finance concept describing the structure, distribution, pricing or administration of institutional and corporate loan financing.
347
Intercreditor Deed
Capital Structure & Seniority
Intercreditor Deed is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
348
Security Trust Deed
Documentation & Legal Structure
Security Trust Deed is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
349
Guarantee Agreement
Capital Structure & Seniority
Guarantee Agreement is a credit-support concept that determines which entity backs an obligation and how creditors may claim against that entity under the financing documents.
350
No-Action Clause
Documentation & Legal Structure
No-Action Clause is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
351
Collective Action Clause
Documentation & Legal Structure
A collective action clause allows a specified majority of bondholders to approve certain modifications that can bind all holders of the affected debt under the clause's terms.
352
Bondholder Meeting
Documentation & Legal Structure
Bondholder Meeting is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
353
Consent Threshold
Distressed Debt & Restructuring
Consent Threshold is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
354
Tax Gross-Up
Documentation & Legal Structure
A tax gross-up requires an issuer, subject to exceptions, to increase payments so holders receive the intended amount after specified withholding taxes.
355
Tax Call
Documentation & Legal Structure
Tax Call is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
356
ISIN
Documentation & Legal Structure
ISIN is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
357
CUSIP
Documentation & Legal Structure
CUSIP is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
358
LEI
Documentation & Legal Structure
LEI is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
359
Eurobond
Credit Instruments
Eurobond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
360
Yankee Bond
Credit Instruments
Yankee Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
361
Samurai Bond
Credit Instruments
Samurai Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
362
Dim Sum Bond
Credit Instruments
Dim Sum Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
363
Kangaroo Bond
Credit Instruments
Kangaroo Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
364
Maple Bond
Credit Instruments
Maple Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
365
Bulldog Bond
Credit Instruments
Bulldog Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
366
Panda Bond
Credit Instruments
Panda Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
367
Masala Bond
Credit Instruments
Masala Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
368
Sukuk
Credit Instruments
Sukuk is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
369
Green Bond
Credit Instruments
Green Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
370
Social Bond
Credit Instruments
Social Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
371
Sustainability Bond
Credit Instruments
Sustainability Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
372
Sustainability-Linked Bond
Credit Instruments
Sustainability-Linked Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
373
Transition Bond
Credit Instruments
Transition Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
374
Convertible Bond
Credit Instruments
Convertible Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
375
Exchangeable Bond
Credit Instruments
Exchangeable Bond is a liability-management or restructuring mechanism used to alter debt economics, maturity, priority or creditor rights when an issuer seeks to reduce refinancing or solvency pressure.
376
Mandatory Convertible
Credit Instruments
Mandatory Convertible is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
377
Hybrid Bond
Credit Instruments
Hybrid Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
378
Perpetual Bond
Credit Instruments
Perpetual Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
379
Perpetual Note
Credit Instruments
Perpetual Note is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
380
Fixed-Rate Bond
Credit Instruments
Fixed-Rate Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
381
Step-Up Bond
Credit Instruments
Step-Up Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
382
Step-Down Bond
Credit Instruments
Step-Down Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
383
Dual-Currency Bond
Credit Instruments
Dual-Currency Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
384
Debenture
Credit Instruments
Debenture is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
385
Certificate of Deposit
Credit Instruments
Certificate of Deposit is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
386
Tier 2 Bond
Credit Instruments
Tier 2 Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
387
MREL
Credit Instruments
Minimum Requirement for Own Funds and Eligible Liabilities is the EU framework requiring banks to maintain sufficient loss-absorbing and recapitalization capacity for resolution.
388
TLAC
Credit Instruments
Total Loss-Absorbing Capacity is a regulatory framework requiring certain global systemically important banks to maintain instruments and capital capable of absorbing losses and supporting resolution.
389
Bail-In Bond
Credit Instruments
Bail-In Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
390
Senior Non-Preferred Debt
Capital Structure & Seniority
Senior Non-Preferred Debt is a credit-market concept used to analyze issuer solvency, debt structure, creditor protection or the pricing of corporate and leveraged credit.
391
Covered Bond
Credit Instruments
Covered Bond is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
392
Pfandbrief
Credit Instruments
Pfandbrief is a debt-instrument concept whose legal structure, payment terms, ranking or investor protections affect its credit and recovery characteristics.
No matching credit-market entry.