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#fixed #income
Negative pledges prevent the issuance of debt that would be senior to or rank in priority ahead of the existing bondholders’ debt.
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Negative covenants
ge ratios (sometimes called leverage ratios or gearing ratios) and minimum acceptable interest coverage ratios are frequently specified, permitting new debt to be issued only when justified by the issuer’s financial condition. <span>Negative pledges prevent the issuance of debt that would be senior to or rank in priority ahead of the existing bondholders’ debt. Restrictions on prior claims protect unsecured bondholders by preventing the issuer from using assets that are not collateralized (called unencumbered assets) to become collateralized. &


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