[Verse 1]
Corporate raiders circle prey with paper trails of debt
Balance sheets reveal the scars where leverage ratios are set
Debt-to-EBITDA whispers secrets, four-to-one spells danger zone
Interest coverage tells the tale of companies alone
[Chorus]
High-yield hunting, junk bond jumping
Covenant watching, spreads are pumping
Leverage ratios, debt-to-cash
Triple-C ratings, risky dash
Distressed diamonds, fallen angels
Credit stories, market tangles
[Verse 2]
Maintenance covenants guard the fortress, minimum thresholds must be met
Incurrence covenants block new borrowing when ratios beget regret
Cross-default provisions trigger dominoes that tumble fast
Restricted payments clauses hold the dividend blast
[Chorus]
High-yield hunting, junk bond jumping
Covenant watching, spreads are pumping
Leverage ratios, debt-to-cash
Triple-C ratings, risky dash
Distressed diamonds, fallen angels
Credit stories, market tangles
[Bridge]
When bankruptcy wolves start howling
Recovery rates come prowling
Senior secured gets first bite
Subordinated waits for crumbs at night
Vulture funds descend like thunder
Buying pennies, seeking plunder
[Verse 3]
Event risk lurks in merger shadows, change of control can break the chain
Asset sales and spin-off ventures test protective covenant strain
Liquidity ratios measure heartbeat, cash conversion tells the truth
Default probability calculations separate age from youth
[Chorus]
High-yield hunting, junk bond jumping
Covenant watching, spreads are pumping
Leverage ratios, debt-to-cash
Triple-C ratings, risky dash
Distressed diamonds, fallen angels
Credit stories, market tangles
[Outro]
Remember ratios reveal the weakness
Covenants provide protection's thickness
Distressed debt rewards the patient vulture
Welcome to high-yield bond culture