“My mentoring session with Andre was extremely valuable and gave me the clarity and direction I needed at an important stage of my application journey. He was kind, approachable, and generous with his time, creating an atmosphere in which I felt comfortable sharing my experiences, asking questions, and discussing my doubts openly.
One of the most helpful aspects of our conversation was his guidance on how to organize and communicate my personal story. Andre helped me understand how to connect different experiences into a coherent narrative, identify the elements that matter most, and explain their significance more clearly. His perspective was fundamental in helping me see how to present my background with greater confidence, purpose, and authenticity.
I particularly appreciated his advice on what to avoid. He helped me recognize that including every detail does not necessarily make a story stronger, and that being selective can make a message much more effective. Our discussion gave me a clearer understanding of how to avoid unnecessary repetition, keep my narrative focused, and ensure that each part contributes something meaningful to the overall application.
Andre also provided valuable guidance on how to organize the application process itself. He helped me think more clearly about priorities, how to approach the different components, and how to make the work feel more manageable. Having a clearer structure has made a difference to my mindset: instead of seeing the applications as one overwhelming task, I now feel better equipped to approach them through specific, achievable steps.
Another important takeaway was his advice on how to use the coming days effectively. Our conversation helped me understand where to focus my energy, which tasks deserve immediate attention, and how to establish a realistic plan. I left the session with a stronger sense of direction and a better understanding of how to balance thoughtful preparation with consistent progress.
What made the experience positive was the combination of practical guidance and encouragement. Andre offered suggestions in a considerate and constructive way, helping me reflect on my choices while also making me feel supported. His kindness made it easier to engage honestly with the process and to see areas for improvement as opportunities to strengthen my applications.
Overall, this session was fundamental in helping me understand both what I want to communicate and how to move forward. I now have a clearer approach to telling my story, organizing my applications, avoiding common mistakes, and planning the next few days with intention.
I am very grateful for Andre’s support and for the care he brought to our conversation. His advice gave me useful tools, renewed confidence, and a more focused approach to the work ahead. I would highly recommend a session with him to anyone seeking thoughtful guidance, practical direction, and a supportive space to develop their application narrative. The session helped me turn uncertainty into a clearer plan, and I feel much more prepared to make the most of the time ahead and present my experiences in a meaningful and convincing way.”
a loan is syndicated between banks high yield bonds are sold to institutional investors
loans have floating rates hy bonds have (usually) fixed rates
loans have maintenance covenants bonds have incidence covenants
yields on bonds are generally higher than loans
To add to that, loans tend to have a shorter life, higher seniority and some sort of amortization (gradual payback).
One last thought... Capital Structure.
Loans tend to be higher on the capital structure than High Yield, meaning that in the event of default Loans will pay out before HY Debt.
DontMakeMeShortYou already said this - higher seniority = higher in the capital structure
Thanks. What's the difference between a maintenance covenant and incident covenant, if you don't mind?
a maintenance covenant requires the borrower to maintain a certain level of activity. an incurrence covenant (this is what the other guy called an "incidence covenant") only takes effect if the borrower is taking a specified action
maintenance covenant example: the borrower must maintain a debt to ebitda ratio of less than 5.0x. the ratio will be tested for compliance on a quarterly basis and if the borrower is not in compliance they are in default
incurrence covenant example: the borrower must not incur new/additional debt unless the borrower's debt to ebitda ratio is less than 5.0x after giving pro forma treatment for the new debt. this covenant will not be tested on a regular basis and does not have to be "maintained," it will only be tested in the event that the borrower incurs new debt. so if the borrower has this covenant and issues new bonds that bring debt to ebitda to 6.0x, the borrow is in default (in other words, they can't take this action). if the borrower's debt-to-ebitda ratio goes above 5.0x because EBITDA is declining and not because the borrower incurred new debt, then there is no default under this covenant
loans also amortize while HY bonds are bullets
Not 100% true. Term Loan Bs (institutional clients) typically have bullet payments and amortize much slower than their Term Loan A counterparts (typically @ 1% or so)
https://www.lcdcomps.com/lcd/f/primers.html
[quote=James07]https://www.lcdcomps.com/lcd/f/primers.html[/quote]
was just going to post that link...
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