Archives| PDF | Research | Week of Apr 20, 2020
Just released!   State of the Capital Markets

First Quarter 2020 Review and Second Quarter 2020 Outlook
“If we can’t get the pandemic under control, I’m not sure what the Fed is going to do about it.” – Edward Yardeni, president, Yardeni Research, Inc.
Lead Left Vodcast
The Great Stay-In (Seventh of a Series)
On March 12 we began this special series on COVID-19 with a sense that America would soon be forced out of schools, offices, and all group activity. Little did we know six weeks later 97% (according to one study) of the US population is either at home or sheltering in place.

This state of affairs has completely upended the free-flowing, dynamic nature of the largest, most diversified economy on the planet. Industries, whose most nimble constituents took decades to systematically develop competitive products and services to meet consumer and commercial demand, have been thrown into disarray...

Next week: How does the Great Stay-In compare to the Great Recession?
Readers' Say
This Week’s Question
Which web conferencing platform do you prefer?
(*All responses are confidential.)
Cisco Webex
GoToMeeting
Microsoft Teams
Zoom
Skype
Last Week's Results
After COVID-19 the recovery will be ____ .
Chart of the Week
Sector Protector
Defensive industries such as business services, healthcare, tech, and A&D led all sectors in 1Q M&A volume.
Source: Refinitiv LPC
Lead with Your Left
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Private equity bandwagon rolls on,
but for how much longer?
Fundraising for the asset class was strong in the first three months of 2020 but continuing to defy the effects of covid-19 seems unlikely...
Leveraged Loan Insight & Analysis
COVID-19 hits unitranche issuance in 1Q20
After growing for three straight quarters and hitting an all time record high in 4Q19, unitranche volume took a steep hit in 1Q20. Total U.S. unitranche issuance fell to US$11.5bn in 1Q20, down 35% from 4Q19’s record high of US$17.5bn...
Contact:   Fran Beyers / Refinitiv LPC
The Pulse of Private Equity
Different problems for real assets
With fear permeating the real estate market, real assets are once again coming into focus. An upcoming PitchBook analyst note provides a retrospective on 2008 and potential implications for the current situation...
Contact:   Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source:  Lipper
Covenant Trends 
Average Minimum Day-One
Capped Basket Capacity, YoY
Private Debt Intelligence
Private Debt Fundraising
Tips the Scales into Europe in Q1 2020
Fundraising fell in the first quarter of 2020 and the balance among the regions where funds are focused has slightly changed. Private debt funds focused on North America typically dominate the fundraising market...
Contact: Maria Zapata / Preqin 
Debtwire Middle-Market
Contact:  Hema Oza / Debtwire  
Apr Update: Middle Market Deal Terms at a Glance
Select Deals in the Market
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