An issuer of high yield bonds is subject to a number of different ongoing reporting obligations, some of which are contractual and some of which are regulatory. As part of the transaction process, issuers should take these obligations into account when negotiating documentation, and have a clear compliance plan in place prior to closing.

The reporting covenants within a high yield indenture include a number of different considerations that the issuer must keep in mind as it continues to run its business. In addition, because the vast majority of European high yield bonds are listed, compliance with exchange rules and market abuse legislation, including the EU Market Abuse Regulation, if applicable, is also important.

This Publication sets out a summary of common reporting covenant compliance considerations, a roadmap for navigating obligations related to the disclosure of inside information and key considerations when providing guidance as part of the reporting process.