Archives| PDF| Research |Week of Nov 15, 2021
“We do believe that there’s still a fair amount of gas in the tank economically.”
- Giorgio Caputo, portfolio manager, JO Hambro Capital Management.
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All Ahead Full: Private Credit Outlook 2022
(First of a Series)
As investment managers run through the tape towards an incredibly productive 2021, many are now looking ahead to 2022. What will the new year bring?

Two years ago no one could have foreseen the imminent downturn or the agent that caused it. Nor one year ago were the course of the pandemic, vaccines, or 25% run of public equities predictable.

So we approach forecasts knowing variables are legion and interrelationships complex. But having witnessed remarkable private credit performance over the past 24 months, we feel comfortable highlighting key themes around the outlook for next year.

Activity levels. 2021 was characterized by the unleashing of pent-up private credit demand from issuers and investors. Some was a response to catching up from last year‘s stuck-at-home dynamics...
Readers' Say
This Week’s Question
What will be the biggest change in 2022?
(*All responses are confidential.)
More than 5% cars on the road will be electric
5G everywhere
Pandemic end and no travel limitation
Artificial Intelligence commonplace
Work from office back to almost 100%
Last Week's Results
For end-of-year travel plans, I’m going to be….
Chart of the Week
Home by the Holidays?
Not since Spiro Agnew resigned the Vice-Presidency has receiving goods been so long delayed.
Source: Natixis, ISM
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
ESG moves to centre stage
But while progress is being made on the investment side, there are question marks over reporting...
Leveraged Loan Insight & Analysis
BDC portfolio loan coupons
tighten significantly in 2021
The huge growth of fundraising in the direct lending market and the resulting need to put money to work has pressured loan coupons across market segments this year...
The Pulse of Private Equity
Private debt fundraising:
As top-heavy as it’s ever been
Globally, private debt fundraising is on pace for another strong year. According to PitchBook’s latest Private Fund Strategies Report, about $138.0B has been raised this year across 137 new funds...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored v Non-Sponsored (LTM)
Private Debt Intelligence
Private debt investors back
consumer spending growth
Private debt investors have been active deploying capital in consumer discretionary businesses. With 110 transactions recorded in 2021 YTD...
Debtwire Middle-Market
High yield bond issuers rush into action
following Fed announcement
Source: Dealogic, Debtwire Par
High-yield (HY) bond issuers are jumping back into action, as more clarity emerges from the Federal Reserve around the tapering of its monthly bond-purchasing program...
November Update: Middle Market Deal Terms at a Glance
Select Deals in the Market
This publication is a service to our clients and friends. It is designed only to give general information on the market developments actually covered. It is not intended to be a comprehensive summary of recent developments or to suggest parameters for any prospective financing opportunity.