The Lead Left: Deal, No Deal (Second of a Series)

Archives| PDF | Research | Week of Oct 21 , 2019

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Quote of the Week

“It’s reaching a crescendo in all sorts of places.”

– Kit Juckes, macro strategist, Société Générale.

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Deal, No Deal (Second of a Series)

Last week we took on the question of deal flow. How does the backdrop of M&A activity relate to the volume of reported sponsored debt financings?

This week, we took to the road in search of answers. At the SuperReturn Private Credit conference in Chicago, we chaired the first day of panels, so had a front row seat. Given all the volatility this year, investors remain ever-vigilant for signs of market weakness.

Our journalist friends also blogged about headwind worries across a variety of sectors and disciplines. A Reuters dispatch was typical...

Bloomberg: Money Undercover

Lead Left's publisher Randy Schwimmer talks with Bloomberg's Lisa Abramowicz about direct lending, the middle market and recent criticism of the loan market.

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Just released! Private Debt – Search for Transparency

Alpha and Beta in Direct Lending
The Drive for Transparency with Higher Yield
Private Debt: Losses and Liquidity
Selecting Direct Lending Managers

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State of the Capital Markets

Third Quarter 2019 Review and Fourth Quarter 2019 Outlook

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Readers' Say

This Week’s Question

At its October meeting next week, the Fed will:

(*All responses are confidential.)

Raise rates by 25 bps

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Raise rates by 50 bps

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Leave rates unchanged

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Lower rates by 25 bps

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Last Week's Results

Today the 10-year Treasury is 1.75%. At the end of the year, it will be…?

Hear from Randy Schwimmer of Churchill Asset Management at SFNet's Annual Convention

75th Annual Convention

November 13 - 15, 2019 | NYC

Private Debt, BDCs and Other Lending Platforms

Chart of the Week

Off the Peak

Valuations have trended up over the past decade, but the number of M&A transactions has slowed.

Source: Refinitiv LPC

Success is Being Prepared:

Tips for Boards When A Company Is Under Stress, November 18th 6:30pm - 9:00pm | NYC

Stat of the Week

Loan Stats at a Glance

Contact: Marina Lukatsky / S&P Global Market Intelligence

PDI Picks

Multi-regional funds

hold their own in chase for capital

In 2019, so far, capital pools investing in more than one global region have raised more than in 2018

Multi-regional funds – those investing across more than one geographic area – have made a comeback this year ...

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Contact: Andrew Hedlund / Private Debt Investor

Leveraged Loan Insight & Analysis

Flight to quality continues on

in the US leveraged loan market

Looking at year-to-date average secondary bids along with loan volume highlights the flight to quality seen in the US loan market over the past few months. Corporates with a rating of single-B or lower peaked in 2019 monthly volume with...

Contact: David Puchowski / Refinitiv LPC

The Pulse of Private Equity

Distributions – timing is everything

With illiquid asset classes like PE, it’s hard but worthwhile to try to figure out how quickly LP dollars go in and out of funds. Our latest analyst note on cash flow management focuses on distribution numbers...

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Contact: Alex Lykken / PitchBook

Lead with Your Left

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High-Yield Bond Statistics

Weekly fund flows source: Lipper

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Contact: Robert Polenberg / LevFin Insights

Covenant Trends

Credit Stats by Sector (LTM)

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Contact: Steven Miller / Covenant Review

Private Debt Intelligence

Private Debt Performance Slows as AUM Grows

Returns for the private debt asset class as a whole have slowed over the past year, with distressed debt and direct lending funds contributing most to this slump. Over the one-, three- and five-year horizons...

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Contact: Maria Zapata / Preqin

Debtwire Middle-Market

Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield

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Contact: Hema Oza / Debtwire

Oct Update: Middle Market Deal Terms at a Glance

Contact: Stefan Shaffer / SPP Capital Partners

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.