Archives| PDF| Research |Week of Oct 26, 2020
“Unprecedented times call for unprecedented deficits.”
– William Hoagland, senior vice president, Bipartisan Policy Center.
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Canards in the Coal Mine
According to the National Retail Federation some 150 million US adults will “participate in Halloween-related activities.” Digging deeper into the data, 53% will decorate their homes, 46% have pumpkin-carving plans, and 18% will “dress up their pet.”

Recognizing some animals are more receptive to costuming than others, having one in five Americans squeezing Fidos into pumpkin outfits seems more trick than treat. Nevertheless we are encouraged that families are leaning into the second-costliest holiday in terms of dollars spent.

Putting cash to work is also much on the minds of private credit and private equity investors. With 60 shopping days until year end, the appetite for yield remains keen.

This leads some observers to fret about market conditions getting frothy again. “Aren’t you worried lenders will get too aggressive” one journalist inquired this week...
Third Quarter 2020 Review and Fourth Quarter 2020 Outlook
A series of articles on post-pandemic healthcare
Readers' Say
This Week’s Question
What is your favorite Halloween movie?
(*All responses are confidential.)
Hocus Pocus
The Nightmare Before Christmas
Last Week's Results
Which industry will outperform the others in the next 6 months?
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Chart of the Week
Devalue Proposition
Purchase prices as multiples of borrower ebitda have slumped this year across the middle market.
Source: Refinitiv LPC
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Refinancings to the fore
It’s one way in which private debt is changing as a result of the global health crisis...
Leveraged Loan Insight & Analysis
New money loan assets make up 
60% of 4Q20 leveraged volume to date
4Q20 US Leveraged loan volume was tracked at $39.8bn through October 22nd, up 8% compared to the $36.9bn raised during the same time last year...
The Pulse of Private Equity
Cross-border acquisitions
have slowed dramatically
M&A activity is expected to increase in the quarters ahead, but one trend that may need more time to recover is cross-border M&A. PitchBook’s latest M&A numbers show a steep decline in in-bound M&A deals for North American companies...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Average Unadjusted Leverage Through F&C
for M&A-Driven Loan Deals
Private Debt Intelligence
Private Debt Performance
Private debt has proven to deliver stable returns in the longer-term (three years plus). Across all strategies, 5-years to March horizon IRRs...
Debtwire Middle-Market
Dividend financings see a resurgence
within opportunistic loan market
Source: Debtwire Par
Following several months defined by a lack of new loan supply, opportunistic deals have begun to flood the market as borrowers and sponsors alike capitalize on investor appetite for paper...
Oct Update: Middle Market Deal Terms at a Glance
Select Deals in the Market
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