The Effect of Liquidity and Solvency of the Issuer on the use of Covenants in Prospectuses of Corporate Bonds in BRISC Countries

Student: Getopanov Evgeniy

Supervisor: Elena V. Chirkova

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2017

The work analyzes the benefits and costs associated with the use of covenants in bond issue prospectuses. A sample of 225 public bond issues of issuers from the BRICS countries revealed a significant solvency impact on the use of different types of covenants. Solvency shows the adequacy of the company's cash flow to repay its long-term obligations.

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