News reached us recently of a young walrus that had wandered south from his Arctic range in search of ice floes. Landing in Ireland, Wally began boarding luxury yachts. The property damage turned the whiskered wayfarer from “visiting celebrity to public enemy number one.”

It all worked out, though, when a marine biologist enticed the walrus onto a pontoon, which was hauled out of the harbor. Wally was last seen frolicking off the coast of Iceland. “He avoided sinking any boats while he was there,” one rescuer happily reported.

In the world of ultra-low interest rates, credit investors are similarly tempted off their usual hunting grounds. In part this is due to unusual economic conditions...

“Now supply-chain disruption, labor issues, input costs, and wages are slowing the economy, not demand.” – Rick Rieder, head of fixed income, BlackRock.

Featuring Charts

Chart of the Week: Pay to Play

October 21, 2021

In recent months wage growth has spiked and is closing in on price levels.

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Chart of the Week: Sliding Scale

October 14, 2021

Has the decades-old secular decline of long-term interest rate yields come to an end?

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Chart of the Week: Delivering the Goods

October 6, 2021

Increased bottlenecks from Covid-related issues have extended expected lead times.

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Chart of the Week: Supply Pains

September 29, 2021

Global costs are higher to deliver goods and delays longer, thanks to Covid-related logistic challenges.

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Chart of the Week: Ships Ahoy!

September 22, 2021

Container ships in the US queue are up significantly since the summer.

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Chart of the Week: Labor Pains

September 16, 2021

Higher earnings is being driven by pent-up worker demand; a 4.3% increase over last year.

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Features

Leveraged Loan Insight & Analysis – 10/18/2021

Wholesale is the top sector for non-sponsored MM volume this year US syndicated middle market non-sponsored volume totaled US$82bn in 1Q-3Q21, an over 80% increase year-over-year. Leading the way was the wholesale sector with US$9.5bn in volume, 102% higher than 1-3Q20’s level.   Refinancing activity has been the big driver of wholesale issuance this year,

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The Pulse of Private Equity – 10/18/2021

The exit bonanza continues Download PitchBook’s Report here. Through Q3, PE exit activity is well into record territory, according to PitchBook’s latest US PE Breakdown. We’re estimating $638.3 billion in exited capital so far, including a blockbuster $283.7 billion exited in the third quarter alone. That’s a record by a wide margin, eclipsing the old record

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Private Debt Intelligence – 10/18/2021

North America and Europe see number of fund closes rise A total of 22 North America-focused private debt funds closed in Q3 2021, a 47% increase on the 15 funds that closed during the same period in 2020. Although this is a substantial increase, it is much less than for Europe-focused funds, where there were

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PDI Picks – 10/18/2021

Fundraising puts the pandemic in the rear mirror The year as a whole looks set to move comfortably past the total raised in 2020. Private debt fundraising had a tough time of it last year, fighting its way through the challenges of covid-19 and the enforced remote due diligence that it brought in its wake,

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Leveraged Loan Insight & Analysis – 10/11/2021

Middle market non-sponsored syndicated M&A jumped to US$4.4bn in 3Q21 The non-sponsored middle market added another strong quarter to the books. While issuance was slightly down from 2Q21, it was a very busy summer with total volume of US$30.3bn in 3Q21. This was the highest level for a third quarter since 2014.  Moreover, new money

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Special Report: Reflation Nation & Inflation Nation

October 20, 2021

Beginning in March 2021 The Lead Left published a series of articles on reflation and inflation. This report consolidates those articles.

Special Report: The State of Private Credit in Europe

September 7, 2021

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.

2H 2021 Midyear Outlook Report

July 29, 2021

Economic and Market Overview Broadly Syndicated Market-Observations A View on Private Credit Login to view interactive report and download PDF version. ...