The Authority on Bond and Loan Covenants

About Covenant Review, a Fitch Solutions Service:

Covenant Review creatively analyzes the indentures, credit agreements, and other contracts that determine creditor rights.

Reports are written by a team of 19 lawyers with extensive covenant experience

Detailed covenant analysis on 5,000+ bonds and loans

1,400+ issuers covered

New issue and secondary market analysis

Comparative analysis of covenants across the capital structure

Timely research on exchange offers, LBOs, and other actionable events

A successful 12-year track record as the trusted authority on covenants


Since 2006, investors have relied on Covenant Review for:
  • In depth analysis of indentures and credit agreements by the same lawyers who used to create and exploit loopholes for underwriters and financial sponsors
  • Rapid understanding of event risk
  • Risk management through an educated understanding of investor rights
  • Alpha generation from new investment ideas, often at odds with “conventional wisdom” about the meaning of the documents
  • Benchmark comparison of deal structures
  • A reference tool for understanding covenants and contract rights
All analysts are finance educated, bar-admitted lawyers with excellent professional and academic experience from:
Top law schools:
  • Harvard
  • Cornell
  • Georgetown
  • NYU
  • University of Pennsylvania
  • UT Austin
Top law firms:
  • Davis Polk
  • Gibson Dunn
  • Latham & Watkins
  • Milbank Tweed
  • Shearman & Sterling
  • Simpson Thacher
  • Sullivan & Cromwell
Covenant Review is the undisputed authority on bond and loan covenants:
  • Cited by the Delaware Chancery Court
  • Routinely cited by bondholders, shareholders, and issuers in disputes over contract interpretation



Steve Miller

Chief Executive Officer

Anthony P. Canale, J.D.

Global Head of Research

Manish Aggarwal

Managing Director

Jennifer Dunbar

Office Manager

Since 2016, Steve has served as CEO of Fulcrum Financial Data, the parent company of Covenant Review. Steve is an experienced entrepreneur, board member and hands-on manager. He has been involved in creating news and data tools for leveraged finance players since 1990. His first job in the space was as a reporter covering syndicated loans for the Gold Sheets. In the years since, Steve has played a vital role in several successful ventures in the financial information and technology arena, including:
   - Co-founder and CEO of Portfolio Management Data (predecessor to LCD); Acquired by Standard & Poor's in 2000
   - Founding investor in, and board chair of, Black Mountain Systems; Acquired by Stone Point Capital in 2015
   - Founding investor in, and advisor to, LoanX; Acquired by IHS Markit in 2003
   - Team leader of Gold Sheets group at Loan Pricing Corp.; Acquired by Reuters Corp. in 1993

Anthony P. Canale, J.D. is Covenant Review’s Global Head of Research. He graduated from Columbia University cum laude in 1994 and from the University of Texas at Austin Law School with honors in 1997. He began his career as corporate finance attorney with Latham & Watkins and represented both issuers and underwriters in high yield debt offerings. Following that, he joined Vinson & Elkins where he represented private equity firms in negotiating LBOs and related financing. Subsequently, he became an in-house attorney, serving as Senior Counsel for broadband provider Wayport, Inc. and following that, he served as General Counsel for the publicly traded company Debt Resolve. He joined Covenant Review in 2007. He served as Head of High Yield Research from 2012 through 2018, and was named Global Head of Research in May of 2017. As Global Head of Research, he oversees all of Covenant Review’s various research product offerings. In addition, he has written research on hundreds of high yield issuers, including extensive research on some of the most widely-followed names such as Windstream, Neiman Marcus, iHeartCommunications, Caesars, Bausch Health, and Claire’s Stores. He has been quoted and/or published in publications such as Barron's, Bloomberg, the New York Post, and The Wall Street Journal. He regularly lectures on covenant issues to investment professionals and other attorneys.

Manish joined Covenant Review in 2017 and runs the U.S. sales team and new product development. Prior to joining Covenant Review, he was a partner at Gold Ridge Asset Management, a US-based private equity firm. Manish co-founded Xtract Research (part of Acuris) in 2005, where he was responsible for overseeing general business development


Lisa Byrns, J.D.

Senior Covenant Analyst

Alexander Diaz-Matos, J.D.

Head of Investment Grade Research

Kelly Gelfand Egers, J.D.

Senior Covenant Analyst

Ian Feng, J.D.

Senior Covenant Analyst

Ian Feng graduated from University of Texas in Austin in 2006 and the New York University School of Law cum laude in 2009. Prior to joining Covenant Review, Ian practiced law at Latham & Watkins LLP and Gibson, Dunn & Crutcher LLP, focusing primarily on corporate and sponsor-backed finance transactions representing both arrangers and financial institutions and sponsors and corporate borrowers. Ian has extensive experience representing agent banks, arrangers, and other financial institutions, as well as sponsor and corporate borrowers in a variety of acquisition / LBO financings and project finance transactions. Ian joined Covenant Review in 2015.

Kelly Gelfand Egers graduated from Emory University in 2007 and from Cornell Law School cum laude in 2010. Prior to joining Covenant Review, Kelly practiced law at Cahill Gordon & Reindel LLP, where she represented leading investment banks, institutional investors, and commercial banks in connection with public and private capital markets transactions, including bank financings, syndicated institutional loans, asset backed loans, and high yield bond offerings. Kelly joined Covenant Review in 2019.

Lisa Byrns graduated from Wellesley College in 1982 with Wellesley Scholar Honors and Cornell Law School cum laude in 1987. Lisa practiced at Simpson Thacher & Bartlett for seven years where she represented primarily agents, arrangers and lenders in a wide variety of syndicated and structured financings. Prior to joining Covenant Review, she was a senior attorney at Berger Legal LLC, a Connecticut-based boutique law firm and a pioneer in the alternative-delivery model of sophisticated legal services. She joined Covenant Review in 2018.

Alexander graduated from Oberlin College in 1999, obtained a law degree from the University of Pennsylvania Law School in 2002, and received an L.L.M. (master of laws) from the University of Amsterdam in 2003. Alexander has analyzed a wide array of corporate bonds since beginning working with Covenant Review in 2006. He is principally focused on investment grade issuers with perceived event risk and analyzing the critical variances that may result in covenant arbitrage opportunities among their bonds.

Justin Forlenza

Senior Covenant Analyst

Manisha Gayaparsad

Senior Covenant Analyst

Jane Gray

Head of European Research

Ross Hallock, J.D.

Head of U.S. High Yield Research

Justin Forlenza graduated from Cornell University in 2003 and from Fordham Law School magna cum laude in 2007. Justin has practiced law at Weil, Gotshal & Manges LLP and most recently at Cravath, Swaine & Moore LLP. Justin has extensive experience with leveraged finance transactions, including the negotiation and execution of credit agreements and bond indentures, issues relating to secured transactions under Articles 8 and 9 of the UCC, LBO financings, and the analysis of complex stressed and distressed capital structures. Justin was with Covenant Review from 2012 until 2018 and rejoined Covenant Review in August of 2019.

Manisha is a dual qualified solicitor in English and South African law. Manisha graduated from the University of Cape Town, South Africa in 2003 with her Bachelor of Laws degree and from Rhodes University, South Africa in 2001 with an honours degree in Political Studies focusing on democratic theory. Prior to joining Covenant Review, Manisha practiced law at Baker McKenzie LLP in London and Clifford Chance LLP in London, where she specialised in banking and finance representing agents, lenders, sponsors and borrowers with a focus on leverage and corporate acquisition finance, private placements and restructuring. Manisha joined Covenant Review in 2016.

Jane is dual qualified solicitor in English and French law and studied at the University of Kent, England, the University of Bordeaux, France, and the University of Aix-Marseille, France where she specialized in European Law. She completed her training contract at Denton Wilde Sapte, London and Paris in 2002 before specializing in banking and capital markets at both Denton Wilde Sapte and Lovells with a focus on leveraged loans and high yield debt. Jane joined Covenant Review in 2015 from DebtXplained, a European based research company, where she was Head of Loans from 2011 to 2013 and Head of Legal from 2013. Jane represents Covenant Review on the Board of the High Yield Division of the Association for Financial Markets in Europe.

Ross Hallock graduated from Dartmouth College summa cum laude in 1997 and Harvard Law School cum laude in 2000. He has practiced law at Gibson Dunn and Simpson Thacher & Bartlett LLP. He has represented both borrowers and providers of capital in a wide range of financing transactions, including bank loans, high yield offerings, investment grade offerings, and mezzanine financings. He has considerable experience in financings involving private equity sponsors. Ross began working with Covenant Review in 2012.

Shoshanna Harrow, J.D.

Senior Covenant Analyst

Scott Josefsberg, J.D.

Head of Special Situations Research

Avon Khowong, J.D.

Senior Covenant Analyst

Peggy Mevs, J.D.

Senior Covenant Analyst

Shoshanna was a Global Law Scholar at Georgetown University Law Center, where she graduated magna cum laude in 2006. She began her legal career at Skadden, Arps, Slate, Meagher & Flom LLP, practicing in London and Sydney, before joining the London office of Milbank, Tweed, Hadley & McCloy LLP in 2012. As a securities law and corporate finance specialist, Shoshanna has advised issuers, underwriters, and investment funds on a variety of financing transactions, including 144A/Reg S debt and equity offerings, private placements, and liability management transactions. Shoshanna joined Covenant Review in 2017.

Scott Josefsberg graduated from St. John’s University School of Law summa cum laude in 2005, where he was on the St. John’s Law Review. Prior to joining Covenant Review, Scott was a corporate finance attorney at Latham & Watkins LLP. At Latham, Scott primarily represented underwriters and issuers in Rule 144A high yield offerings, registered offerings of equity and investment grade debt, and debt exchange offers. He has considerable experience in financings for leveraged buyouts. Scott began working with Covenant Review in 2013.

Avon Khowong graduated from Williams College cum laude in 2006 and New York University School of Law in 2009. Prior to joining Covenant Review, Avon practiced law at Weil, Gotshal & Manges LLP and Kramer Levin Naftalis & Frankel LLP, specializing in banking and finance. Avon has extensive experience representing borrowers, sponsors, agents, arrangers, and lenders in acquisition financings / leveraged buyouts, first and second lien financings, multi- lender and syndicated financings, and project financings. Avon joined Covenant Review in 2017.

Peggy Mevs graduated from Clark University and obtained both a master’s in foreign service and a law degree from Georgetown University in 1984. Prior to joining Covenant Review, Peggy practiced law as a banking and finance attorney at Crédit Lyonnais (now Crédit Agricole), Watson, Farley & Williams, Jones Day, and GE Capital. Peggy is admitted to practice law in New York, Connecticut, and the District of Columbia. She also was admitted as an Avocat to the Paris Bar and is trilingual in English, French, and Spanish. Peggy joined Covenant Review in 2018.

Rebecca Quan

Senior Covenant Analyst

Jessica Reiss, J.D.

Head of Leveraged Loan Research

John Sirico, J.D.

Senior Covenant Analyst

Jason Suh, J.D.

Senior Covenant Analyst

Becky Quan graduated from Georgetown University cum laude in 2010 and from Cornell University Law School in 2013. Prior to joining Covenant Review, Becky practiced law at Debevoise & Plimpton LLP and Cahill Gordon & Reindel LLP. She has extensive experience representing corporate borrowers, sponsors, agents, arrangers, and other financial institutions in a variety of acquisition / LBO financings, first and second lien financings, and syndicated financings. Becky joined Covenant Review in 2019.

Jessica Reiss graduated from Brandeis University magna cum laude in 1999 and from University of Pennsylvania Law School in 2002. Jessica practiced law at Shearman & Sterling LLP, Akin Gump Strauss Hauer & Feld LLP, and Goodwin Procter LLP. She has extensive experience representing borrowers, lenders, arrangers, agent banks, and sponsors on complex commercial syndicated revolving and term loans; senior, junior and mezzanine financings; leveraged buyouts; and offerings of debt securities. Prior to joining Covenant Review, Jessica was the head of loan covenant research for Moody’s. Jessica joined Covenant Review in 2015.

John A. Sirico graduated from Boston College School of Management summa cum laude as an accounting major in 1977 and Boston College Law School cum laude in 1980 where he was also Managing Editor of the Boston College Law Review. He practiced as a finance and M&A attorney for over 30 years at RBS, UBS, Paul Hastings, GE Capital, and Wiggin & Dana. He has represented agents, arrangers, and lenders in a broad range of domestic and cross-border syndicated bank credit facilities (with both public and private debtors in virtually all sectors and industries) for leveraged buyouts, recapitalizations, refinancings, DIPs, PORs, and other financings. His experience further includes par and distressed trading, as well as work-outs, out-of-court restructurings and bankruptcies, in addition to reviewing and analyzing covenants and terms for bonds and other competing debt throughout the entire capital structure. John joined Covenant Review in 2014.

Jason Suh graduated from Stanford University in 1998 and the University of Pennsylvania Law School cum laude in 2006. Prior to joining Covenant Review, he practiced law at Sullivan & Cromwell LLP and Latham & Watkins LLP, focusing primarily on corporate finance transactions representing investment banks, issuers, and investors. His corporate finance experience ranges from investment grade and high yield debt offerings to public and private equity transactions, and includes advising on capital restructuring considerations and implementing related exchange or tender offers and consent solicitations. Jason began working with Covenant Review in 2014.

Ian K. Walker, J.D.

Head of U.S. Middle Market Research

Scott M. Webster, LL.B.

Senior Covenant Analyst

Ian K. Walker graduated from The University of the West Indies with first class honors in 1984 and Howard University School of Law magna cum laude in 1994. He has practiced law at Davis Polk & Wardwell LLP and as a solo practitioner. He has represented both borrowers and lenders in leveraged finance transactions as well as a variety of financing transactions, such as structured finance and aircraft financings. He has extensive experience in the area of knowledge management and training, including consultancy with leading legal content providers. Ian began working with Covenant Review in 2015.

Scott Webster graduated from Curtin University of Technology in 1999 and The University of Western Australia Law School in 2004. Most recently he was an associate in the Global Leveraged Finance team at Milbank, Tweed, Hadley & McCloy LLP in New York, but he has also practiced law in a number of other jurisdictions, including London, Paris, and Sydney. Scott is currently licensed to practice law in New York and England & Wales. He was also previously an Avocat with the Paris Bar and is fluent in French. Scott began working with Covenant Review in New York in 2017.

Research Associates

Morgan Abisla

Head of Research Support

Casey Duncan

Junior Research Analyst

Hailee Kessel

Junior Research Analyst

James Kim

Junior Research Analyst

Michael Martine

Junior Research Analyst

Mike McClatchey

Junior Research Analyst

Stacy Oseas

Junior Research Analyst

Brandon Smith

Junior Research Analyst

Leo Souza

Junior Research Analyst

Natalie Wasmer

Junior Research Analyst

Natalie Wasmer is a graduate of Baruch College. Before joining Covenant Review, she worked in web development field. She joined the company in 2013.

Sales and CRM

Tanja Feldmeier

Head of CRM

Max Frumes

Sales Director

Ryan Goolcharan

Sales Director

Shannon McGrath

Client Relationship Manager

Tanja Feldmeier graduated from the University of Alaska with a B.A. in English and Education. She previously worked at Argo Partners. Tanja has been with Covenant Review since 2008.

Max Frumes joined Covenant Review as a Sales Director in January 2019. He's an entrepreneur and journalist in the financial news and data space. He was the founding editor at Reorg Research focusing on distressed debt and corporate restructuring. He was also part of the team at alternative investment news and data company DealFlow Media, which eventually was sold to The Deal, and founder of Quant Media, an equity research product focused on accounting irregularities. He previously worked for S&P Capital IQ’s LCD and The Deal. Max received his Bachelor’s degree from UC Berkeley and his MSJ from Northwestern.

Mark Nugent

Sales Director

Maryia Sharamet

Client Relationship Manager

Eddie Smiley

Sales Director

Meg Walsh

Sales Director

Mark Nugent graduated from Boston University School of Management with a BSBA in Finance. Mark’s previous Wall Street career spanned 31 years in the corporate bond inter- dealer brokerage business as a Managing Director/Desk Head at ICAP North America LLC, and as the Co-Chairman and Co-CEO of Cedar Street Securities and a Limited Partner of Mabon, Nugent & Company. Mark began working with Covenant Review in 2015.

Meg Walsh graduated from Trinity University in Washington DC with a BA in Business administration. Meg’s business career has spanned 30 yrs working at Bank of America in Private Banking, McMahan Securities and Basso Capital. Meg joined Covenant Review in 2009 and is a Sales Director and Account Manager.

Data/IT Group

Skye Akiyama

System Developer

Valentyn Bilousov

Web Developer

Joel Herm

Chief Technology Officer

Skye Akiyama graduated from Hunter College with a master’s degree in English literature. She began working at Covenant Review as a Research Associate in 2015 and moved to the data/IT team in 2018.

Valentyn Bilousov is a graduate of the Kharkiv National University of Radio Electronics in Ukraine with a major in Math and Computer Science. His career includes working for multiple companies in New York state. Valentyn joined Covenant Review in 2017.

Joel Herm is a graduate of the University of Illinois at Urbana-Champaign where he studied electrical engineering, computer science, and industrial design. He has innovated/architected many banking applications ranging from in-branch electronic displays to mainframe cash management platforms to highly-secured intranet networks. For the last twenty years he has focused on cloud-based capital market analytic systems primarily for the sell-side. Joel joined Covenant Review in 2016.


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