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:

Covenant Review - Challenges faced
Covenant Review - Searchable database

A database that was fully-searchable

Covenant Review - Multiple access level

Multiple access levels:
Free public content, password-protected client content, and various levels of access for employees

Covenant Review - Modular and easy to add features

A website that could add new features on short notice, such as "resources" modules that can be posted for public

Covenant Review - Logical and friendly framework

Most importantly: A logical framework and printer-friendly layout for research that could be generated on-the-fly from the database

Covenant Review - Database that is collaborative

A database that could be modified by multiple employees at the same time as multiple clients used the website

Covenant Review - Framework for complex database

A framework for a complex database of numerical and textual elements about corporate bonds


The application provided a COMPREHENSIVE workflow management system for the client team. Paralegals, investment analysts and site administrators each had the permission level access required for their specific roles.

Covenant Review - Paralegal had access to research and update

Paralegals had permission to access research, update bond pricing, maturity, rights and terms

Covenant Review - Investment analytics

Investment analysts, who were qualified lawyers and investment advisors had permission to access research, update bond pricing, maturity, rights and terms

Covenant Review - Admin user with elevated acess

Administrators had access to admin functions of the site, such as:

  • adding new users
  • setting up subscription
  • releasing legal reports to subscribers for access
Covenant Review - Results


Covenant Review - Detailed research report

Research reports were generated in a professional layout with minimal effort

Covenant Review - Complex subscription system

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.

At Asahi Technologies, we understand that your business is unique and that it may require a robust technology foundation to ensure it operates as effectively as possible. Call our technology experts today to find out how a custom software portal could be your ultimate business solution.