Archives| PDF| Research |Week of Jan 4, 2021
“[It] was a compromise program which has been like trying to administer mouth-to-mouth resuscitation through a cocktail straw.”
– George Selgin, senior fellow, Cato Institute, on The Main Street Lending Program.
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The Value Props
We typically dedicate the new year’s first issue to reviewing the year gone by. Unfortunately when we emerged from the holidays, 2020 seemed lost in a fog of masks, sanitizers, and Netflix bingeing.

Two items in December did manage to penetrate our consciousness. First was an opinion piece from our content partner, Creditflux. Fellow columnist and top credit manager, Tom Majewski, wrote: “[2020] will represent the Credit Suisse loan index’s 27th year of positive total returns in its 29 years of publication.”

An impressive statistic, we thought. Hard to imagine any asset class matching that consistent performance over time, particularly through a pandemic year.

The other item was a superb credit webinar, courtesy Lincoln International’s Valuations and Opinion Group...
Readers' Say
This Week’s Question
My top New Year’s resolution for 2021 is to ____.
(*All responses are confidential.)
Exercise more
Eat fewer calories
Spend more time with friends
Discover a new hobby
Commit to a stress reduction program
Last Week's Results
The one word I hope to describe 2021 with is _____.
Chart of the Week
Steady As She Goes
Last year was Exhibit A on how non-traded loans perform amid volatility relative to their liquid cousins.
Source: Lincoln International
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
The LP view of 2021
Our annual study of investor sentiment finds optimism over future performance and an enthusiasm for distressed debt...
Leveraged Loan Insight & Analysis
2020 US Syndicated loan volume 
at 10 year low amid pandemic
In a year overshadowed by a global pandemic, social unrest and a prolonged US election cycle, lenders pushed over US$1.5trn of loan volume through the syndicated market, a 27% drop over the same time last year and a 10-year low...
The Pulse of Private Equity
2020 buoyed by fourth quarter
PitchBook’s latest US PE Breakdown is around the corner. Our numbers suggest a massive jump in Q4 activity, bringing 2020 closer to 2019 numbers than many expected. In all, we’re estimating 5,309 deals were done in 2020 totaling $708.4 billion...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Percentage of New Issue First Lien Loans
that Cleared with a J. Crew Trapdoor
DL Deals: News & Analysis
Volume surged in December,
strong M&A tone carries into first week of 2021
Direct lenders established a new high watermark for volume in December, setting the tone for an aggressive first quarter in 2021...
Private Debt Intelligence
Private Debt Fundraising Slightly Slows in 2020
Since 2015, more than 200 private debt funds have been closing each year. Even with the slowdown that the COVID-19 pandemic caused in the alternatives assets industry...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire 
Jan Update: Middle Market Deal Terms at a Glance
Select Deals in the Market
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