In this episode, Geoff Castle and Parul Garg host Sabrina Fox, Founder of Fox Legal Training.
We are happy to bring you the latest installment in Pender’s Profiles in Credit podcast series, hosted by Geoff Castle, Lead Portfolio Manager of Pender’s Fixed Income. In this episode, Geoff is joined by Sabrina Fox, Founder of Fox Legal Training and Parul Garg, Associate Portfolio Manager, also jumps with her questions. The group covered Sabrina’s road to her current position and starting her company, the benefits of “speaking legalese” as well as some cautionary tales and lessons learned. And before you jump to any conclusions, if you think that a discussion of legal covenants in credit might be boring, think again.
Key Takeaways
| [2:20] | Sabrina’s early days in California and some big decisions: a Hollywood screenwriter or a credit covenants lawyer? Falling in love with high yield bond covenants. |
| [8:15] | “A whack a mole of covenant terms”: The impact on investor returns of the legal documents that backstop debt securities. |
| [15:11] | Sabrina’s role as a CEO of European Leverage Finance Association. |
| [18:40] | “An overview of everything covenants”: Founding Fox Legal Training and the benefits for credit analysts, fund managers or investment bankers to “speak legalese”. |
| [26:00] | Some key areas where people should be focusing on when reviewing “your run of the mill 400 page bond indenture”. |
| [30:15] | Trends and lessons in the stressed credit restructuring process: Read the terms and know the process. |
| [32:06] | The degree to which jurisdictions matter in bankruptcy. |
| [35:13] | Sabrina’s good reads |
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