NewswireTODAY - /newswire/ - Ridgefield, CT, United States, 2009/07/01 - Xtract Research LLC, announced that second quarter billings, for the period ending June 30, increased by over 100% from the previous year.

Growth was driven by an increased subscription to the company’s high yield and bank loan covenant research products, High Yield Covenant Xtract and LSTA Xtract Bank Debt Review (bankdebtreview.com).

The dramatic increase in growth mirrors the high volume of new issuance in the high yield market and large number of amendments in the loan market. There is a renewed focus on the importance of understanding and evaluating the covenant package before making investment decisions.

“Clearly the lessons of the excesses in 2006 and 2007 are that covenants matter. Our platform gives clients access to documents and an experienced team of attorneys who prepare our reports, which creates great efficiency in reviewing lengthy credit agreements and bond indentures.” said Michael Knox, President.

The mix of Xtract’s client base has become more diversified in both size and focus. The firm originally served large institutional investors who required quick and easy access to critical documents with the ability to understand the covenants. Recently, in addition to dedicated bank loan and high yield investors, Xtract has added private equity and restructuring groups as clients; partially driven by the recent initiatives with the Loan Syndications and Trading Association.

“Investors without quick access to covenant information are at an increasing disadvantage to those who have access. In addition, unlike many times in the past, bond terms are playing a significant role in equity values as well.” said Manish Aggarwal, Managing Partner.

About Xtract Research

Xtract Research (xtractresearch.com) is an independent, fixed income research firm specializing in covenant research for convertible, high yield, investment grade securities and credit agreements. Its clients consist of many of the world's preeminent hedge funds, private equity firms, investment managers and investment banking firms. Xtract's services give analysts, traders and portfolio managers the tools necessary to quickly and efficiently navigate and analyze key documents critical to the investment process as well as complete summaries of covenant packages for high yield bonds and bank loans.

Agency / Source: Xtract Research, LLC

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