Archives| PDF | Research | Week of Aug 5 , 2019
State of the Capital Markets – Second Quarter 2019 Review and Third Quarter 2019 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Third Quarter 2019
Quote of the Week
“The Fed now finds itself where it’s getting dragged back to a slow-growth environment.”
– Lynda Schweitzer, co-head, global fixed income, Loomis Sayles & Co.
High-Water Mark
We instinctively knew making “Smooth Sailing” our commentary title last week invited retribution from the market gods. No sooner had we hit the “Send” button to our 50,000 subscribers when the latest round of tariffs on China was launched.

Having lived through countless market bumps, our editorial staff decided to press on regardless with our nautical theme. Spurred by another Greenwich Harbor tour over the weekend – via the 37-foot sloop Chanterelle – we assess the state of the market.

Sailing, more leisurely than motoring, allowed time to reflect on various maritime terminology we uncovered in our youth. Plimsoll line , for instance. Named after a 19th century member of Parliament who worried about overloaded ships lost at sea, it’s the bow mark delineating a ship’s maximum submersion level...
US Direct Lending Survey 2019
Complete our new direct lending survey of the US private credit market and you will receive an e-copy of the results. Creditflux and Debtwire subscribers will also receive an electronic copy of the special US Direct Lending report we are releasing in the Autumn.
Readers' Say
This Week’s Question
Which soft skill is most important today when hiring an investment professional?
(*All responses are confidential.)
Communication skills
Interpersonal skills
Work ethic
Attention to detail
Last Week's Results
Who won the CNN Democratic debate night 2?
Chart of the Week
Channel Crossing
The illiquid non-correlated nature of smaller loans are attractive features amidst today’s market volatility.
Source: LCD, an offering of S&P Global Market Intelligence
Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Massive mezzanine lenders: the few, the proud
While this year’s sluggish junior debt fundraising numbers partially reflect the hollowing out of mid-market mezzanine investments, they also illustrate big firms getting bigger.

Mezzanine debt fundraising is off to a slow start this year, according to PDI data, once again showing the strategy’s reliance on mega-funds...
Leveraged Loan Insight & Analysis
Don’t miss the loan market event of the year!
25 th  Annual Refinitiv LPC Loan Conference
Thursday September 19, 2019 | New York Marriott Marquis
Aided by an increase in junior debt, total leverage on large corporate US LBO loans
increases to 7x this quarter
LBO activity in the US syndicated loan market remains robust this quarter. 3Q19 completed and in process LBO volume totals over US$23bn as new money deals continue to be a driver of leveraged lending...
Contact:    David Puchowski / Refinitiv LPC
The Pulse of Private Equity
PE firms boosting retail’s omnichannel strategies
PE’s track record in retail has come under some hefty scrutiny of late. And buyout shops are taking the hint. At just over 40 deals closed through H1, PE firms are set to complete the fewest retail transactions since at least 2013...
Contact:   Alex Lykken / PitchBook
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High-Yield Bond Statistics
Weekly fund flows source:  Lipper
Covenant Trends 
Percentage of Loans with Uncapped Synergies &
Cost Savings EBITDA Addbacks
Private Debt Intelligence
Investors in Private Debt
More Cautious in Q2 2019
Analysing the fund searches that private debt investors make, we can gain some idea of what demand for various fund types and regions will look like in the coming months. Comparing what investors were looking for in Q2 2019 to a year ago...
Debtwire Middle-Market
Contact:  Hema Oza / Debtwire   
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.