Control your Restructuring Risk
Find the Indenture
Compare and Spot Differences
Read the Key Covenants
Quickly find indentures with a CUSIP or issuer name, or upload a portfolio to find them all at once.
Read the Key Covenants
Compare and Spot Differences
Read the Key Covenants
Systematically navigate an indenture by covenant type with our proprietary taxonomy and use built-in priority tags. Bookmark any object.
Drill Deeper
Compare and Spot Differences
Compare and Spot Differences
Rigorously and efficiently digest covenants by reading short and long summaries, original text, nested legal definitions, and cross-references, for a granular and comprehensive analysis.
Compare and Spot Differences
Compare and Spot Differences
Compare and Spot Differences
Precisely scan indentures to find one- or two- word differences between indentures, or compare two indentures at multiple levels of granularity.
Get Market Comparable Language
Get Market Comparable Language
Get Market Comparable Language
Reliably discover the closest matches to any clause in other bond deals, past or present.
Deploy Frontier AI Analytics
Get Market Comparable Language
Get Market Comparable Language
Efficiently manage indenture context with any frontier AI model. Access Anthropic, OpenAI, and Gemini without a separate contract.
Control Token Costs
Get Market Comparable Language
Screen Bonds by Covenant Type
Proactively set cost limits and readily swap models. Only pay for what you use.
Screen Bonds by Covenant Type
Get Market Comparable Language
Screen Bonds by Covenant Type
Select covenant types to exclude and/or include in a bond search.
Covenant Intelligence Platform
Problem: Restructuring is Now a Greater Risk than Bankruptcy for Most Investors in High Yield Bonds
Problem: Restructuring is Now a Greater Risk than Bankruptcy for Most Investors in High Yield Bonds
Problem: Restructuring is Now a Greater Risk than Bankruptcy for Most Investors in High Yield Bonds
Modern credit agreements in the corporate bond and leveraged loan markets are ~250 pages long, completely bespoke, and full of dangerous legal loopholes for investors. Unless your own lawyers write all your credit agreements, the covenants you buy into will determine whether you get paid or not in a restructuring scenario.
Due to the time consuming and costly nature of covenant-risk-assesment work, Analysts and Portfolio Managers researching high-yield bonds don't assess covenants until the last stage of their security selection process. Corporate bond indentures are filled with covenants that are disadvantageous for investors, to the point that the average recovery of a senior secured high-yield bond has fallen from a long-time average of 70 cents to just 30 cents on the dollar on 2024! Thus, the credit risk for (all but the largest) investors has gone way up because the expert lawyers that write credit agreements usually work for the issuers.
Why is this happening now?
An extended bull market has greatly diminished the negotiating power of credit investors, especially in the public markets. Meanwhile, existing covenant analytics services provide limited value and limited coverage. And it gets even worse for the average credit investor: today's covenant research services are no match to the skill of the specialized lawyers on the issuers' side.
Solution: Screen and Control Restructuring Risk with our Curated Data and Frontier AI
Problem: Restructuring is Now a Greater Risk than Bankruptcy for Most Investors in High Yield Bonds
Problem: Restructuring is Now a Greater Risk than Bankruptcy for Most Investors in High Yield Bonds
Stop spending hours searching for indentures and reading bond covenants the hard way! No need to bring your data, bring your CUSIPs or bond tickers instead. CREDX AI screens and curates indenture data for the entire high-yield bond market.
The CREDX AI Covenant Intelligence Platform enables analysts to read, understand, and prioritize covenants 10x better and faster. Now you can perform covenant due diligence early and at scale! We don't give you answers. Instead, we give you an innovative AI platform that helps you make intelligent investment decisions.
The CREDX AI Covenant Intelligence Platform enables analysts to identify, read, and decipher key covenants that drive investment performance. Our platform supercharges your high-yield bond selection workflow with an AI covenant map, AI covenant screening, easy covenant and indenture comparisons, bookmarking, portfolios, plus a built-in market-wide covenant search. Our platform is designed for analysts that read, but struggle with covenants. With CREDX AI, high-yield bond investing is transparent again, so you can focus on what you do best! Want a free demo? Click below or email to join our list at demo@credx.ai
