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Jackal Advisory covenant expert Simon Kew predicts more debt-for-equity swaps

The debt-for-equity market could mean big business deals, with Uniq leading the way.

It seems that given the recent Uniq debt-for-equity deal, we could see an influx of companies looking to make the swap. (more…)

Category : Employer Covenant — Tags: , , , — admin @ 1:23 pm March 7, 2011

Trustees failing to manage sponsoring employer’s covenant

Significant numbers of trustee boards are failing to sufficiently and proactively monitor their sponsor covenants, recent research shows.

A survey of 119 schemes and more than 800 trustees – found 37% of respondents carried out formal covenant monitoring once a year or less. (more…)

Category : Employer Covenant — Tags: , — admin @ 12:58 pm February 4, 2011

Regulatory guidance on Employer Covenant – Monitoring Employer Support

In November 2010, the pensions regulator updated its guidance for trustees on how to monitor the support from the employer, or ‘employer covenant‘. Here, we provide a brief overview of that guidance. (more…)

Category : Employer Covenant — Tags: , , — admin @ 4:54 pm January 25, 2011

Employer covenant review essential, says Pension Protection Fund

The Chief Executive of the Pension Protection Fund (PPF), Alan Rubenstein, has expressed concerns that trustees were ignoring the strength of their employer covenant. Speaking at a conference, Rubenstein said “We are carrying a lot of risk in this country and lots of schemes are backed by equities. At the moment, there is no relationship between covenants and asset risk”. (more…)

Category : Employer Covenant — Tags: , — admin @ 11:06 am October 5, 2010

The Pensions Regulator’s statements on Employer Covenant

In June 2009, TPR issued statement that outlined how assessment of employer covenant fed through to the setting of technical provisions and agreeing scheme specific recovery plans, based on what is reasonably affordable by the sponsoring employer. (more…)

Category : Employer Covenant — Tags: , , — admin @ 12:45 pm September 23, 2010

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