Archives| PDF| Research |Week of Jan 3, 2022
Vote for Churchill
Dear Lead Left readers - We're excited to share that Churchill has been selected as a finalist across multiple categories in the Private Equity International and Private Debt Investor Awards this year! Please take a minute to vote for us by January 12th.
Americas category:
Lender of the Year
 
Secondaries category:
Secondaries Deal of the Year


Americas category:
Junior Lender of the Year

“There is no reason to taper faster unless you want to get to rate hikes sooner.”
- Michael Gapen, chief US economist, Barclays.
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All Ahead Full: Private Credit Outlook 2022
(Last of a Series)
We planned last year to publish a special series on Environmental, Social and Governance (ESG). Unlike most topics in our commentaries, the origins and complexities of ESG were unfamiliar.

To the rescue came our Nuveen colleagues, a Responsible Investing team of close to thirty ESG professionals. Of course, risk management is core to Churchill’s own practice, but the recent refinement of ESG data and insights allows us to enhance our approach to ESG diligence.

Per our Chart of the Week, ESG is a fundamental concern of investors today. Whether it will become as impactful a motivator of manager behavior will depend on regulation and client demand. But it clearly has landed in the top two or three asset management issues for 2022.

Origins. ESG in some form has been around for centuries. Early practices were rooted in screening out business activities misaligned with stakeholder values, harming the environment or society...
The Lead Left Presents: 2022 M&A Outlook
January 19, 2022 | 11 AM-12 PM EST | Live Virtual Event
Please join us for The Lead Left’s exclusive webinar featuring five leading middle market investment bankers from Baird, Harris Williams, Houlihan Lokey, Lincoln International and William Blair. Topics will include deal activity, the economic and market backdrop, industry commentary, and auction dynamics.
  • Supply Chains and Labor Examined
  • Deal Flow and Bandwidth Issues
  • PE and Supply Chains
  • Supply Chain Lessons Learned
Readers' Say
This Week’s Question
My New Year’s resolution for 2022 is to ____.
(*All responses are confidential.)
Lose Weight
Exercise more
Have better work/life balance
Eat healthier
Spend more time with family and friends
Last Week's Results
When LIBOR usage expires next year my firm's transition plan will be ___.
Chart of the Week
ESG Pressure
In IHS Markit survey, asset managers see increased investor focus on ESG matters.
Source: IHS Markit
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Ways through the ESG maze
Europe has seen an explosion of loans encouraging better borrower behaviour in relation to ESG issues. We look at some of the key developments so far...
Leveraged Loan Insight & Analysis
Record US$1.8tr of US leveraged issuance
clears market in 2021
In the absence of major market blips or deepening concerns around deteriorating credit quality, US leveraged lenders supported nearly US$1.8tr in loan and bond issuance in 2021, the highest total on record...
The Pulse of Private Equity
Predicting the year ahead
Every year, PitchBook gets into the prediction game. This year’s US Private Equity Outlook has 7 predictions, including an intriguing one for middle market software investment...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
DL Deals: News & Analysis
Direct Lending 2021 by Sector
Covenant Trends 
Percentage of Deals with 75+ bps MFN
Private Debt Intelligence
Private debt fundraising in 2021
Investor demand for private debt is strong, with funds exceeding targets by record margins in 2021...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire 
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.