Thanksgiving week in the US capital markets is always a mixed blessing. A wonderful time for families and friends, celebration and gratitude. Yet it’s also smack in the mad year-end rush. Everyone juggling deals and holiday get-togethers – and all running on fumes. Six weeks before, incredibly, it starts all over again.
What will deal activity look like in 2022? Hard to beat 2021. As our friends at S&P LCD noted last week, high-yield bond and leveraged loan issuance set a new annual high of $1 trillion. Also, junk bond AUM topped $1.5 trillion. And the total leverage finance market surpassed $3 trillion.
Finally, as our Chart of the Week depicts, combined syndicated and direct loans set a record $228 billion, topping 2007’s BSL-only mark...
“I would encourage all of us not to think the Fed is the magic solution to how we’re going to solve climate risk.” – Mary Daly, president, Federal Reserve Bank of San Francisco.
Featuring Charts
Chart of the Week: Team Effort
Combined syndicated and direct loans were a record $228 billion, topping BSL’s 2007’s mark.
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Chart of the Week: Home by the Holidays?
Not since Spiro Agnew resigned the Vice-Presidency has receiving goods been so long delayed.
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Chart of the Week: Hiking Trails
The Fed has signaled rate hikes could begin in 2023, but markets are forecasting sooner.
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Chart of the Week: Home in the Range
Despite reports of aggressive leverage, one source suggests a more measured middle market.
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Chart of the Week: Nowhere to Hide
Covid conditions convince investors that fixed income and equities are equally attractive.
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Chart of the Week: Pay to Play
In recent months wage growth has spiked and is closing in on price levels.
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Features
PDI Picks – 11/29/2021
The year our manager ranking doubled in size As we moved from 50 fundraisers to 100 in our annual ranking, investor appetite for private debt has soared to new record levels. This year, we published the PDI 100 ranking of private debt’s top fundraisers over a five-year period. Having started with the PDI 30, we
View ArticleThe Pulse of Private Equity – 11/22/2021
Is infrastructure poised for a resurgence? Download PitchBook’s Report here. Infrastructure is much in the news these days, given the massive spending bill currently being legislated in the US government, as well as even more earmarks being discussed worldwide by other nations. The potential implications of such significant investment in infrastructure, particularly in digital and energy,
View ArticleLeveraged Loan Insight & Analysis – 11/22/2021
Including direct lending loans, 2021 US LBO volume is at an all-time high When including direct lending deals, US LBO loan volume has reached an all-time high this year. Year-to-date through November 22, there has been US$194bn in syndicated US LBO volume and US$34bn of middle market direct lending LBO volume (direct lending data as
View ArticlePrivate Debt Intelligence – 11/22/2021
North American private debt AUM growth vs. Europe Up until the Global Financial Crisis, the majority of Europe-focused financing came from banks. After 2008, borrowers were forced to turn to other sources of debt finance as banks tightened the purse strings. Since then, the private debt industry in Europe has grown a lot, with AUM
View ArticlePDI Picks – 11/22/2021
German buyouts set new records As mid-market activity soars, debt funds continue their relentless advance and the banks have revived too. One quick conclusion that can be drawn from the latest version of MidCap Monitor, published by investment bank GCA Altium, is that the German leveraged buyout market is in fine shape. The 102 successfully
View ArticleMiddle Market Deal Terms at a Glance
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Beginning in March 2021 The Lead Left published a series of articles on reflation and inflation. This report consolidates those articles.
Beginning in June 2021 The Lead Left published a series of articles on the state of private credit in Europe. This report consolidates those articles.
Economic and Market Overview Broadly Syndicated Market-Observations A View on Private Credit Login to view interactive report and download PDF version. ...
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