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GET
/
v1
/
covenants
/
compare
Compare Covenants
curl --request GET \
  --url https://api.example.com/v1/covenants/compare

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Overview

Compare covenants across multiple companies or instruments. Useful for relative value analysis, identifying covenant-lite issuers, and understanding credit agreement differences.

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Request

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ticker
string
required
Comma-separated list of company tickers to compare.Example: CHTR,DAL,AMC
​
covenant_type
string
Filter by covenant type: financial, negative, incurrence, protective
​
test_metric
string
Filter by specific metric: leverage_ratio, interest_coverage, etc.

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Examples

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Compare Leverage Covenants

curl "https://api.debtstack.ai/v1/covenants/compare?ticker=CHTR,DAL,AMC&test_metric=leverage_ratio" \
  -H "X-API-Key: ds_xxxxx"

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Response

{
  "tickers": ["CHTR", "DAL", "AMC"],
  "companies": {
    "CHTR": {
      "name": "Charter Communications, Inc.",
      "covenant_count": 1,
      "covenants": [
        {
          "covenant_type": "incurrence",
          "covenant_name": "Leverage Ratio Incurrence Test",
          "test_metric": "leverage_ratio",
          "threshold_value": 6.0,
          "threshold_type": "maximum",
          "test_frequency": "incurrence",
          "has_step_down": false
        }
      ]
    },
    "DAL": {
      "name": "Delta Air Lines, Inc.",
      "covenant_count": 1,
      "covenants": [
        {
          "covenant_type": "incurrence",
          "covenant_name": "Junior Lien Debt incurrence test",
          "test_metric": "leverage_ratio",
          "threshold_value": 1.6,
          "threshold_type": "maximum",
          "test_frequency": "incurrence",
          "has_step_down": false
        }
      ]
    },
    "AMC": {
      "name": "AMC Entertainment Holdings, Inc.",
      "covenant_count": 0,
      "covenants": []
    }
  },
  "comparison_matrix": [
    {
      "metric": "leverage_ratio",
      "CHTR": {
        "threshold_value": 6.0,
        "threshold_type": "maximum",
        "test_frequency": "incurrence"
      },
      "DAL": {
        "threshold_value": 1.6,
        "threshold_type": "maximum",
        "test_frequency": "incurrence"
      },
      "AMC": null
    }
  ],
  "presence_matrix": [
    {
      "covenant_name": "Leverage Ratio Incurrence Test",
      "CHTR": true,
      "DAL": false,
      "AMC": false
    },
    {
      "covenant_name": "Junior Lien Debt incurrence test",
      "CHTR": false,
      "DAL": true,
      "AMC": false
    }
  ],
  "meta": {
    "tickers_compared": 3,
    "total_covenants": 2,
    "filter_test_metric": "leverage_ratio"
  }
}

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Response Fields

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companies

Object keyed by ticker containing:
  • name: Company name
  • covenant_count: Number of matching covenants
  • covenants: Array of covenant details

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comparison_matrix

Side-by-side comparison of the same metric across companies. Useful for comparing threshold values directly.

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presence_matrix

Shows which companies have each covenant type. Useful for identifying covenant-lite issuers.

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Use Cases

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Screen for Covenant-Lite Issuers

response = requests.get(
    "https://api.debtstack.ai/v1/covenants/compare",
    params={"ticker": "CHTR,ATUS,LUMN", "covenant_type": "financial"},
    headers={"X-API-Key": "ds_xxxxx"}
)

for ticker, data in response.json()["companies"].items():
    if data["covenant_count"] == 0:
        print(f"{ticker}: Covenant-lite (no financial maintenance covenants)")

​
Compare Protective Covenants

curl "https://api.debtstack.ai/v1/covenants/compare?ticker=RIG,VAL,DO&covenant_type=protective" \
  -H "X-API-Key: ds_xxxxx"

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Sector-Wide Covenant Analysis

# Compare covenants across telecom sector
tickers = "CHTR,ATUS,LUMN,FYBR,T,VZ,TMUS"
response = requests.get(
    "https://api.debtstack.ai/v1/covenants/compare",
    params={"ticker": tickers, "test_metric": "leverage_ratio"},
    headers={"X-API-Key": "ds_xxxxx"}
)

matrix = response.json()["comparison_matrix"]
for row in matrix:
    if row["metric"] == "leverage_ratio":
        for ticker in tickers.split(","):
            cov = row.get(ticker)
            if cov:
                print(f"{ticker}: Max {cov['threshold_value']}x leverage")
            else:
                print(f"{ticker}: No leverage covenant")