#fixed #income
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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Negative covenants new debt to be issued only when justified by the issuer’s financial condition.
Negative pledges prevent the issuance of debt that would be senior to or rank in priority ahead of the existing bondholders’ debt.
<span>Restrictions on prior claims protect unsecured bondholders by preventing the issuer from using assets that are not collateralized (called unencumbered assets) to become collateralized.
Restrictions on distributions to shareholders restrict dividends and other payments to shareholders such as share buy-backs (repurchases). The restriction typically operates by reference Summary
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