The headroom that was not there (EN)

Treverton Commercial Trust, a Singapore-listed business trust, certifies its LTV and interest-cover covenants to the agent bank every quarter from a treasury tracker fed by hand. Ellie runs the Covenant Monitor skill on the facility agreement, the hedging confirmations, the drawdown notices, the valuations, the management accounts and the board papers themselves: the tracker says 53.2% LTV, the documents say 53.9%, and when the Wandsmoor Tower interim valuation lands in Outlook and is filed, 54.8%: 159 basis points of headroom that were not there, a S$40m revolver drawing the Position tab never picked up, and a board decision that makes the pro forma worse, not better. A tenant under waiver turns out to be guaranteed in Singapore and deposit-only in Hong Kong. The covenant position is a live Brief: sliders, presets and toggles recompute LTV and ICR from the documents, and a reverse stress test names the binding test date and the equity cure. Then the Schedule 5 Compliance Certificate is drafted on the facility's own form, every line cited, and emailed to the agent bank from Microsoft 365 behind a single Approve.