Archives| PDF | Research | Week of Mar 16, 2020
“This is literally 2008 played out over toilet paper and not commercial paper.” 
– Justin Wolfers, professor of economics and public policy, University of Michigan.
Lead Left Vodcast

🔔To stay up to date with our latest vodcast and market trends, make sure to subscribe to our YouTube channel by clicking link  here .
The Great Stay-In (Second of a Series)
This week we’ve been doing bedchecks on our lender friends in the credit markets. We caught up with one long-time practitioner, hanging out in the home office with family (as he put it) in “bathrobes and bunny slippers.” But clearly plugged in.

“The capital markets went from price perfection to price combustion,” he told us. “Last month deals were sailing through. Today it’s a whole new ballgame. There’s a lot going on behind the scenes, and nothing going on in the market.”

A leading CLO manager had a similar assessment. “There’s a massive bid/ask spread with liquid names, but trading is going on. It’s not a lock-down yet. That’s been important for managers cleaning up positions in travel and airlines.”...

➢ Next week: We look at private equity activity. Are deals getting done?
Readers' Say
This Week’s Question
How does COVID-19 change your behavior?
(*All responses are confidential.)
Wash hands, use hand sanitizer often
Avoid restaurants and public places
Wear facemask; keep social distance
Stockpile food, binge watch Netflix, Hulu, Disney
Eat dinner with kids; help them with their homework
Last Week's Results
Which industry will be least affected by COVID-19?
Chart of the Week
Price Choppier
The average bid for the most liquid leverage loans cratered as the effects of the coronavirus have taken hold.
Source: Refinitiv LPC
Lead with Your Left
Click here to view Newsletter sample
30-DAY FREE MEMBERSHIP

Join the leading voice of the middle market. 

One-stop source for deals and data 
Market trend commentary and analysis
Exclusive interviews with thought leaders
Stat of the Week
 Loan Stats at a Glance 
PDI Picks
How does the dry power get invested now?
The market is pausing for thought at a time when there’s plenty of capital waiting to find a home...
Leveraged Loan Insight & Analysis
CRC and Chesapeake TLs lead largest losers 
in falling oil and gas loan prices
As oil and gas companies try to weather these tumultuous times, some investors are worried that reduced revenue may push some oil and gas issuers to default on their corporate debt...
The Pulse of Private Equity
The private markets aren’t immune
Much was made of the “buoyant” nature of the SuperReturn conference earlier this month. The gathering took place just as stocks began stuttering and the opportunity for turnaround artists looked vibrant...
Contact:   Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source:  Lipper
DL Deals: News & Analysis
February new issues soften;
March is a guessing game
February’s tally of direct lending loans softened to 57, from 73 in January, according to Direct Lending Deals. The decreased flow was mainly due to...
Covenant Trends 
Percentage of Loans with MFN Carveouts
Private Debt Intelligence
Private Debt slow to adopt ESG Frameworks
In most alternative asset classes, ESG has been the acronym on everyone’s lips, but not so much in the private debt industry...
Debtwire Middle-Market
Contact:  Hema Oza / Debtwire  
Mar Update: 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.