Archives| PDF| Research |Week of Nov 2, 2020
“Expect the dreaded double-dip.”
– Bert Colijn, economist, ING Bank, on the European economy.
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Indecision 2020
It’s characteristic of the most bizarre year in memory that the presidential election has ended with a big “TBD.” An unsurprising outcome given the dynamics of voter turnout and mail-in ballots, as well as an almost perfectly polarized political climate.

What continues to surprise is how little impact this uncertainty has had on the capital markets. At this writing the Dow is up over 2000 points since last Friday, heading towards the 29,000 territory it reached in September. Bond yields sank only mildly on views a divided government was bearish for any immediate stimulus package.

Meanwhile both high-yield bond and large cap loan issuance continue apace. October’s junk volume of $34.2 billion (per S&P LCD) was the second highest October, after 2012’s $40.4 billion...
Third Quarter 2020 Review and Fourth Quarter 2020 Outlook
Readers' Say
This Week’s Question
In the recent election, I voted:
(*All responses are confidential.)
By mail
In person on Tuesday
In person before Tuesday
I did not vote
Last Week's Results
What is your favorite Halloween movie?
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Chart of the Week
With colder weather and lax safety measures, new COVID-19 cases have accelerated.
Source: CDC
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Private debt’s next frontier
Asia-Pacific has many attributes which should make investors sit up and take notice...
Leveraged Loan Insight & Analysis
Refinitiv LPC’s Quarterly Lender Survey: 
When do you expect to meet more than
a handful of clients face to face?
While the adjustment to working remotely has alllowed for new efficiencies, with lenders commenting that processes such as amendments for more straightforward asks could go through faster than pre-Covid...
The Pulse of Private Equity
Public PE is recovering
PitchBook’s latest analyst note brings some good omens for the PE industry. The five biggest publicly traded PE firms—Blackstone, KKR, Apollo, The Carlyle Group and Ares—posted healthy performance metrics last quarter...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Initial ECF Sweep Distribution
Private Debt Intelligence
Investors Swift Their Allocation to Private Debt
The way in which private debt investors allocate is changing. The COVID-19 pandemic has made it challenging for investors to form new relationships...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire
Middle Market Deal Terms at a Glance
Select Deals in the Market
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