Data analytics platform Street Diligence has launched Bank Loan and High Yield Screener, which is designed to provide comprehensive analysis and instant comparability of covenant data.
The platform, the first and only credit focused analytics platform built for buy and sell-side investment professionals, is designed to provide a comprehensive analysis of new and existing credit securities across a wide spectrum of debt structures, including revolvers, first and second lien debt as well as senior and subordinated bonds. Users benefit from access to deal terms during negotiations and streamlined portfolio management and analysis.
The platform breaks down key covenant terms and conditions in bank loans and high yield bonds, allowing hedge funds, diversified asset managers, research analysts and investment bankers to digest them quickly, identifying benchmarks and potential trends or opportunities within the high yield and distressed markets.
“Investors need quick access to this type of data to negotiate better deals and mitigate risks. The critical question is whether the terms are market or off-market. We’ve worked very closely with a number of hedge funds and investment banks to build this comprehensive screener that takes the guess work out of deal term standards,” says Stephen Hazelton (pictured), Founder & CEO of Street Diligence.
As well as providing a composite view of the key terms, prepayment provisions, financial covenants, negative covenants and amended provisions, users can also access detailed analytics on each. All amendments are accessible in one master document with redline tracking of all changes, which is fully verifiable and auditable to the source documents.
“The challenge is that risk is a real-time problem during an active deal negotiation. Yet many investors do not have real-time access to benchmarks, nor the manpower to do the necessary due diligence at the speed that’s required in this environment. Spreading covenants, which typically takes credit analysts many hours to prepare manually in excel, can now be done in a few clicks on our platform,” says Hazelton.
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