You should expect to receive a packet of info including annual and quarterly reports, 8-Ks, investor presentations, and maybe some sell-side / third-party research. I've had in-office case studies with access to Bloomberg and others without, so could be either. The prompt is usually "Here is XYZ Company, take a look to see if there's anything to do". This format is pretty easy to re-create and practice on your own time. These sorts of case studies are less about finding the absolute right answer and more about how you triage a situation to justify more work or not.

 

If you're given covenants/docs, what kind of language should you focus on? I'm not in credit so not really sure how to approach

 

For a brief in-office case study I'd focus on basic stuff like financial covenants, debt capacity at various levels, guarantee language etc and then dig in for value leakage depending on the situation. If asset sales are a part of the thesis take a look at ability to direct proceeds away from what mandatory paydown language says, for example. One of my cases was for an issuer with a large amount of bonds, and I noticed that one of them was issued under a different indenture than the others with a different covenant package which suggested there could be an interesting covenant trade in there.

 
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