Credit Investing - Covenant Analysis and Valuation
Not sure where this topic should go so I thought this might be the (another) route to go.
When assessing relative value of private [fixed and floaters] corporate bonds (all grades with a lean towards IG), do any of you take covenants into consideration? I would assume that many of you do....however, is there a methodology to assign a value ($ or bps of incremental spread) to the value of the covs (leverage, coverage, distribution, etc)?
Tried looking through Moody's and S&P website but couldn't find anything. Would appreciate it if anyone can point me to the right direction/give some insight.