PICK YOUR POISON Card Game - The “What Would You Rather Do?” Party Game for All Ages - Family Edition

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Borrower-friendly covenant terms have remained largely unchanged during the pandemic. “From the companies’ perspective, the covenants are functioning as envisioned, giving them self-determination when facing distress,” says Evan Friedman, senior vice president, manager and head of Covenant Research at Moody’s. The Judge chooses a Poison card from their hand and places it face up on the A spot on the game mat. This is card A for the rest of the round. However, there has been a steady decline in covenant quality in emerging market bonds,” says Jake Avayou, vice president and senior covenant officer at Moody’s in Singapore, “specifically in terms of companies loosening their debt covenants.” Yes, while the idiom is of English origin, it is recognized and used in many other cultures and languages, especially in colloquial or informal conversations.

Over the past few years, covenants in new leveraged loans and high yield have traveled in one direction only,” says Rao: “to become more accommodating for the issuer, generally to the detriment of bondholders and lenders. Surprising to some, this direction of travel was not reversed or even halted by the pandemic. Covenant erosion in 2020 for primary market issuances continued unabated.”

The Parent Geeks also had a lot of fun. According to one Parent Geek, “I understand there is not safe for work version of the game, and I’m glad we didn’t play that one, because I think this game is great for families. The choices are not terrible, but none of them were so outrageous as to make any of them inappropriate to play with my kids or with other adults who might have more conservative views than myself.” Which should not suggest that players are unable to make the game uncomfortable. As one Parent Geek put it, “One of my favorite things to do was to play two poisons that were not all that bad and then make them really, really bad. Oh, so bad. Super bad. As in I’d rather die bad!” The Judge has complete freedom to further expand the selected poisons and their consequences. This was explored in great depth and disgust by the Parent Geeks. The end result was a poison that all the players gladly took and cheered for. The US is the largest issuer of corporate bonds globally, according to S&P Global, followed by Europe, while China leads among emerging markets. Unusual assets have been used to secure bonds more often in the US than Europe thus far during the pandemic, Rao says; meanwhile, Avayou notes, debt-ratio thresholds have been declining toward the standard seen for North American and EMEA bonds. If a player placed their Double Down card, they receive double the number of points they would normally earn. However, if the player scored zero points, they lose their Double Down card for the duration of the game!

If the selected Poison card is unanimous (meaning that all the players selected the same Poison card), each player is awarded one point and the Judge looses two points. I absolutely see a risk of the value of pledged aircraft and cruise lines declining as travel continues to be impacted by coronavirus,” says Reorg’s Washkowitz.If there is a split decision, the Judge is awarded one point for each player who did not vote with the majority. All the players (except the Judge), having been given additional details about the two choices, must now make one. This is done by each player (again, not the Judge) secretly selecting an “A” Choice card or a “B” Choice card, matching the card letter with their Poison card choice on the game board. Optionally, a player can decide to play the Double Down card. In a more casual context, it can imply choosing between various alternatives, such as deciding what drink to have at a bar. Once all the players have selected their choices, they play them to the table in front of them, alongside their Double Down card if they so choose. The round is now scored.