Archives| PDF| Research |Week of Dec 7, 2020
Vote for Churchill
We are pleased to announce that Churchill Asset Management has been selected as finalists for Lender of the Year and Junior Lender of the Year for the 2020 Private Debt Investor Awards. Please take a minute to vote by clicking here (deadline: January 8th).
“You are still looking at an economy that is in pain.”
– Amy Kong, chief investment officer, Barrett Asset Management.
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SPACs – A Primer (Part III)
In the spirit of the season, workers unwrapping the Christmas tree at NYC’s Rockefeller Center last month found a little present. The 75-foot high Norway spruce trucked from Oneanta, NY was sheltering what appeared to be a baby owl.

The unusual stowaway turned out to be an adult northern sawhet, one of the smallest species. None the worse for wear from its journey, “Rocky” had hidden among the branches until it was discovered and rescued. No word whether this feathered tourist planned other holiday stops.

Another feature of year-end festivities is the upsurge of SPAC announcements and closings. As we’ve covered in our special series, blank-check companies are taking share from regular-way IPOs. As “IPOs about nothing” (as one Barron’s piece called them), it’s not until an acquisition is made does the cash get deployed...
COVID-19 and M&A Activity
  • The Post-COVID M&A Sale Process
  • The Post-COVID M&A Financing Process
  • COVID: Industry Winners and Losers
Readers' Say
This Week’s Question
What was the most fulfilling element of your work in 2020?
(*All responses are confidential.)
Caring employer
Company culture
Work-life balance
Salary & benefits
Growth opportunities
Last Week's Results
Direct Lenders: What percentage of your portfolio will be on a watch list by the end of 2020?
Chart of the Week
SPAC Race
SPAC related IPOs are showing higher float rotation on the dates deals are announced.
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
There may be trouble ahead
Investors have taken comfort from private debt’s response to the crisis, but economic turmoil still lies in wait...
Leveraged Loan Insight & Analysis
Over half of US CLOs report 
less than 1% of portfolio assets in default
Before COVID-19, 78% of post-crisis US CLOs reported less than 1% of their portfolio in default, 15% reported between 1% and <2% of their principal balance in default, while 7% reported more than 2% in default...
The Pulse of Private Equity
2021 prediction: 20% of buyouts over 20x
A bold prediction coming from our upcoming PE Outlook note: 20% of buyouts will be priced above 20x EBITDA. Our numbers suggest around 18% of them are trading above the 20x mark through late November...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Synergies & Cost Savings EBITDA Addbacks
DL Deals: News & Analysis
U.S Direct Lending: Purpose November 2020
Direct lending in November for buyouts surged to 47%, leveling the lopsided pull of add-on acquisitions that had dominated the pipeline since the pandemic hit, according to DLD...
Private Debt Intelligence
The Rise of ESG in Private Debt
Although private equity funds continue to dominate the ESG opportunity set, private debt has found its way to embrace ESG. Since 2011, 450 funds have come to market and $346bn has been raised...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire 
Middle Market Deal Terms at a Glance
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