This chapter analyzes the issues of premium redemption and new debt in the primary market. It discusses the differences between primary investors and secondary investors in the debt market and highlights the use of scoring systems and a new system called 'rear coverings flex scale' for bond and credit agreement analysis.
On this week’s podcast we replay our Covenants 101 webinar where Peter Washkowitz, head of our Americas Covenants team, discussed redemptions and the primary market as well as call protection, Dutch auctions and open market purchases of term loans, make whole payments, equity clawbacks and redemptions of high-yield bonds, change of control under bank debt and bonds and Covenant analysis for primary investors.
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