A service of

Expert legal analysis. Deal terms simplified.

Experienced finance lawyers review leveraged loan and high-yield bond documents across global markets. They translate complex terms into clear legal risk analysis and market insight investment professionals can use in real time.

Benchmark covenant terms before syndication.

Xtract provides arranging banks with senior lawyer‑reviewed covenant analysis that benchmarks proposed terms against comparable market deals. This enables your teams to guide sponsors on what’s achievable and confidently defend and negotiate the proposed covenant package from pitch to close.

Contact to learn more

Understand covenant risk before taking a position.

Xtract’s senior finance lawyers review deal terms from early-bird term sheets through draft and final credit and facilities agreements and high-yield pinks-to-blacks. They identify covenant risks, compare protections across issuers, and assess how proposed changes may affect your investment, so you can size positions and manage legal and risk exposure with confidence.

Contact to learn more

Get market context backed by lawyer‑reviewed data.

Xtract provides lawyer-reviewed, data-backed covenant comparisons that show how terms vary across issuers and asset classes. This helps law firms draft, negotiate, and advise clients with a clear market context.

Contact to learn more

Identify leverage points across capital structures.

Xtract highlights amend‑and‑extend pressure points, structural gaps, and cross‑issuer differences, enabling advisory teams to identify vantage points and shape strategies with reliable covenant insight.

Contact to learn more

Clarity from covenant complexity.

Latest Insights from Xtract

View all insights
17th April 2026

Golden Goose: What Happens Now If It Sells A Golden Egg?
Report
2nd March 2026

How Borrowers “Turn Off” Interest Payments
Report
12th February 2026

How Serta Blockers fail to protect minority lenders
Data Insight
News (Intelligence)
22nd December 2025

Come Hell or High-Water Marking
Report
Covenant Analysis

Covenant Analysis

Senior finance lawyers review loan and bond documents across the deal lifecycle to identify key risks and benchmark protections.

  • Identify key covenant risks.
  • Standardize reviews across loans and bonds.
  • Understand terms in a global context.

Download data sheet

Covenant Comparison

Covenant Comparison

Detailed comparisons between legal terms reveal how covenant language differs across issuers, asset classes, sponsors, sectors, and structures.

  • Compare provisions and terms across multiple deals.
  • Spot unusual or off-market terms.
  • Evaluate differences across loans and bonds.

Download data sheet

Deal Data

Deal Data

Structured, lawyer‑validated deal data enables analysis of covenant terms, capital structures, and borrower profiles across jurisdictions and across loan and bond markets.

  • Filter deals by sector, sponsor, size, maturity, and more.
  • Assess borrower flexibility and structural patterns.
  • Support pitches, pricing, and credit views.

Download data sheet

Market Trends and Events

Market Trends and Events

Publication of incisive research and timely, practitioner-led briefings that analyze shifting market trends and respond to key market events.

  • Identify covenant terms that are tightening or loosening.
  • Detect emerging patterns by sector, market, asset class or sponsor.
  • Analyze how covenant language evolves over time.

Download data sheet

Special Situations

Special Situations

Event‑driven analysis explains how amendments, waivers, restructurings, and liability management exercise (LME) affect covenant protections.

  • Assess the impact of covenants on special situations and vice versa.
  • Understand debt capacity and exchange-related value leakage.
  • Monitor trends across stressed and distressed issuers.

Download data sheet

Cross-Border and Cross-Asset Class Analysis

Cross-Border and Cross-Asset Class Analysis

Unparalleled cross-border and cross-asset insight across US and European high-yield bond and loan documentation.

  • Compare covenant positions across bonds and loans in the US and Europe, and high-yield bonds in Latin America and Asia.
  • Identify trends shaping multiple markets and asset classes.
  • Analyze terms from early bird term sheets and pre-marketing offering memos through final documentation.

Download data sheet

Client Consultations

Client Consultations

One-to-one access to experienced finance lawyers to discuss deal-specific questions, legal interpretations, and market context.

  • Clarify interpretation of complex legal and covenant language.
  • Assess legal risks, edge cases, and potential loopholes in documentation.
  • Provide guidance on market dynamics and their impact on negotiating leverage.

Download data sheet