“We are in a new era with the Fed. They have a new reaction function…[and] this is their first trip around the track with it.” – Anne Mathias, senior strategist, Vanguard.

Inflation, or the threat of it, presents challenges for both regulators and investors.

Higher inflation generally impacts fixed income assets negatively as increased rates erode bond values. Public equities, on the other hand, respond to the growth aspects of inflation positively. Last week’s commentary from Natixis’ chief US economist identified how well some commodities have fared in this environment.

Brian Nick, Nuveen’s chief investment strategist, spoke recently to us on the investment implications of higher-than-expected inflation...

“Central banks seem to have dropped their preemptive approach for dealing with inflation.” – Mark Dowding, chief investment officer, BlueBay Asset Management.

Featuring Charts

Chart of the Week: What Inflation?

June 9, 2021

Despite the threat of higher prices, long-term interest rates have eased, supporting bonds of all stripes.

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Chart of the Week: Target Prices

June 3, 2021

Inflation has been quiescent for over a decade, thanks to a weak economy leading into Covid.

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Chart of the Week: Reopening Remarks

May 26, 2021

The reopening of shuttered or nearly closed businesses accounted for a big share of April’s CPI increase.

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Chart of the Week: Deflating Expectations

May 19, 2021

Consumer price inflation has generally dropped since 1980, with questions raised for its future course.

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Chart of the Week: Returns Are In

May 13, 2021

Source: Lincoln International(Past performance is no guarantee of future results.)

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Chart of the Week: Libor Pains

May 5, 2021

While Libor has slumped since 2018, Libor floors and direct lending spreads have remained in a range.

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Features

Leveraged Loan Insight & Analysis – 6/7/2021

A handful of larger BDCs failed to cover dividend in 1Q21 Larger BDCs, including Owl Rock and Ares Capital Corp, saw lower net investment income levels for 1Q21, raising concerns over dividend coverage. BDCs generally use NII per share as a measure of whether their earnings can continue to support the declared dividend....

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The Pulse of Private Equity – 6/7/2021

Long-dated fund market is growing Download PitchBook’s Report here. Long-dated funds are growing in popularity. A new analyst note from PitchBook takes a closer look at the growing market, generally defined as funds built to last for 15 years or more. It’s a relatively new phenomenon that started less than a decade ago, but has since

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Private Debt Intelligence – 6/7/2021

Average fund size in private debt increasing in 2021 The average fund size in private debt has increased by almost $200m between 2020 and 2021 so far. In 2020, 244 funds raised aggregate capital of $160bn, resulting in an average fund size of $743m....

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PDI Picks – 6/7/2021

The distressed opportunity mounts up Leveraged loan defaults have been accelerating, with companies having come under strain during the pandemic. Considering there has been a lot of talk about the delaying of the distressed opportunity as a result of companies being propped up by government support schemes, the figures in the chart above – showing

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Leveraged Loan Insight & Analysis – 5/31/2021

Global ESG-linked institutional loan volume sets steady pace in 2021 In a testament to the broadening reach of Sustainability linked lending, the global loan market has been tapped with over US$22bn of ESG-linked institutional loan volume via 21 issues so far this year, up from a small handful during all of 2020.  In fact, after

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State of the Capital Markets – First Quarter 2021 Review and Second Quarter 2021 Outlook

April 21, 2021

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Second Quarter 2021

Special Report: SPACs – A Primer

March 31, 2021

Beginning in November 2020 The Lead Left published a series of articles on special purpose acquisition companies (SPACs). This report consolidates those articles.

Special Report: Private Credit – Better than Ever

January 28, 2021

Beginning in August 2020 The Lead Left published a series of articles on the state of private credit in a COVID environment. This report consolidates those articles.