Archives| PDF| Research |Week of Nov 22, 2021
“I would encourage all of us not to think the Fed is the magic solution to how we’re going to solve climate risk.” - Mary Daly, president, Federal Reserve Bank of San Francisco. 
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All Ahead Full: Private Credit Outlook 2022
(Second of a Series)
Thanksgiving week in the US capital markets is always a mixed blessing. A wonderful time for families and friends, celebration and gratitude. Yet it’s also smack in the mad year-end rush. Everyone juggling deals and holiday get-togethers – and all running on fumes. Six weeks before, incredibly, it starts all over again.

What will deal activity look like in 2022? Hard to beat 2021. As our friends at S&P LCD noted last week, high-yield bond and leveraged loan issuance set a new annual high of $1 trillion. Also, junk bond AUM topped $1.5 trillion. And the total leverage finance market surpassed $3 trillion.

Finally, as our Chart of the Week depicts, combined syndicated and direct loans set a record $228 billion, topping 2007’s BSL-only mark.

Several causes contributed to this run-up. There’s recognition that broad swaths of the economy, particularly B2B industries, are in great shape...
Readers' Say
This Week’s Question
Which Thanksgiving meal ingredients were most challenging to find?
(*All responses are confidential.)
Turkey
Cranberry sauce
Pumpkin Pie
Sweet Potatoes
Gravy
Last Week's Results
What will be the biggest change in 2022?
Chart of the Week
Team Effort
Combined syndicated and direct loans were a record $228 billion, topping BSL’s 2007’s mark. 
Source: Refinitiv LPC
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
German buyouts set new records
As mid-market activity soars, debt funds continue their relentless advance and the banks have revived too...
Leveraged Loan Insight & Analysis
Including direct lending loans, 2021 US LBO volume is at an all-time high
When including direct lending deals, US LBO loan volume has reached an all-time high this year. Year-to-date through November 22, there has been US$194bn in syndicated US LBO volume...
The Pulse of Private Equity
Is infrastructure poised for a resurgence?
Infrastructure is much in the news these days, given the massive spending bill currently being legislated in the US government, as well as even more earmarks being discussed worldwide by other nations...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
DL Deals: News & Analysis
Private Market Steals
Covenant Trends 
Percentage of Loans with
Asset Sale Sweep Step-downs
Private Debt Intelligence
North American private debt AUM
growth vs. Europe
Up until the Global Financial Crisis, the majority of Europe-focused financing came from banks. After 2008, borrowers were forced to turn to other sources of debt finance as banks tightened the purse strings...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire
November Update: Middle Market Deal Terms at a Glance
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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.