Hints and tips:
...There “is a weakening of covenants across the board”, said David Daigle, a portfolio manager with Capital Group. “Issuers have more leverage when spreads are as narrow as they are now.”...
...“Aside from weakness in commodity related [bond] issues, the market is relatively stable,” said David Daigle, a portfolio manager with Capital Group....
...Add-backs can cloud those ratios and present trouble if a company has covenants that limit additional debt or dividend issuance based on the figure, says Mr Daigle....
...eric.platt@ft.com Twitter: @ericgplatt...
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