Covenant Review was launched in 2006 as the first research firm focused solely on bond and loan covenants and providing investors with critical information on their rights as bondholders. They offer independent research on corporate bond terms for hedge funds, mutual funds, and other investors. The research is presented in a format similar to PDF, but is generated on-the-fly from various databases. This information is written by experienced and practicing investment analysts with a legal background.
The biggest question on client’s mind was whether a custom web application could be built to help bring their business idea to life. After extensive meetings, the engineering team at Asahi Technologies was able to translate the client’s needs into a blueprint for a scalable custom web portal with both adaptable and searchable databases and a printer-friendly layout.
As an investment banker, the client wanted to build a niche business which would help high profile investment companies easily decipher which bonds (high grade/high yield) were worth investing in. As bonds are traditionally accompanied by a 300-page document called prospectus, lawyers are often paid large sums of money to review the documents prior to an investment firm investing large amounts of money.
Covenant Review saw this as a niche business opportunity; they used their in-house lawyers and investment analysts with experience in the bond markets to review bonds as they hit the market, and wrote succinct legal analysis that ranged from 4-6 pages. For a fraction of the price of paying a lawyer, investment management companies could pay for a subscription service with Covenant Review, gain access to these consolidated and easy-to-digest reports and receive prompt legal advice.
We recognized that the technology solution had to have a strong foundation to meet all of the initial client requirements and remain scalable as the business evolved. Using MS SQL Server, ASP .Net and the .Net 4.0 framework, our team addressed the client needs by using the following technology stack to build the custom software solution:
A database that was fully-searchable
Multiple access levels:
Free public content, password-protected client content, and various levels of access for employees
A website that could add new features on short notice, such as "resources" modules that can be posted for public
Most importantly: A logical framework and printer-friendly layout for research that could be generated on-the-fly from the database
A database that could be modified by multiple employees at the same time as multiple clients used the website
A framework for a complex database of numerical and textual elements about corporate bonds
Research reports were generated in a professional layout with minimal effort
Complex subscriptions could be managed from the website
Investment firms currently use the service
Number of continents across which subscriptions are provided to investment firms
Percentage growth the company has achieved since inception in 2005
As the business grew (subscription types, users, user privileges, advanced search capabilities etc.), our team supported the application’s growth which was possible due to a scalable foundation which was established in 2006. About 40 versions of the software have been released since the launch of the application.