A new Moody's report said "cov-lite........>

US BONDS: A new Moody's report said "cov-lite (covenant-lite) loans feature more

risks than investors may realize. While the shift toward covenant-lite leveraged

loans in the North American leveraged loan market has stabilized, cov-lite loans

remain an outsized presence in the market, representing a sea change from the

last generation of loans and posing risks for investors."

- Moody's senior covenant officer Derek Gluckman said "cov-lite loans accounted

for about 77% of the leveraged loans Moody's has analyzed since the start of

2016, up from 25% a decade ago."

- Analysts caution that "vanishing maintenance covenants are only the most

visible marker of these loans' diminished covenant quality compared to their

cov-heavy counterparts. Most notably, covenants providing leveraging, lien and

structural protections may not prohibit borrowers from taking actions that could

jeopardize their ability to repay."