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Abstract: 

As issuers attempt to change the security and legal protections embedded in bond structures, analysts wonder if this represents an erosion of credit or just an evolution in the market. Michael P. Buckley discusses what this changing landscape means for an analyst with an institutional investor. William J. Hogan examines the issue from his vantage point with a financial guarantee firm that specializes in A-rated business, while Andrea R. Bozzo looks at changing credit quality from her position with a Triple-A financial credit enhancer. And, not to be forgotten, the issuer perspective is offered by financial adviser John Miller. Together, this panel offers an insightful look at one of the most interesting recent developments in bond structuring.

Keywords: bond holder protections; resolution covenants

Affiliations:  1: Delaware Management Company; 2: American Capital Access; 3: Financial Security Assurance; 4: Public Financial Management.