Just before Thanksgiving a faithful reader alerted us to an article from Business Insider [link]. In it noted sommelier and “lifestyle director” Sara Lehman reviewed eleven wines – cabernets, pinot grigios and rosés – all under $10.
Among selections including Trader Joe’s (“It’s reminding me of apple juice”), Costco (“Give it a nice swirl first”), and BJ’s (“I’m getting some barnyard”), Ms. Lehman chose Target’s ‘The Collection.’ “If I were to bring something less expensive to my friends.”
$10 guidelines reminded us of our current topic: special purpose acquisition companies, or SPACs. These ‘blank-check’ companies differ from regular-way IPOs by being priced at $10 per share, then floating around that level...
“The vaccine news has been a game changer in the US.” – Ben Burton, head of US leveraged finance syndicate, Barclays.
Featuring Charts
Chart of the Week: SPACtator Sport
The number of special purpose acquisition company filings have ramped up sharply.
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Chart of the Week: SPACtacular
Market volatility and dry powder pushed special purpose acquisition company activity to record levels.
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Chart of the Week: Junk Pile
With data reported only through Oct 7, high-yield bond volume has already reached record levels.
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Chart of the Week: Coronacoaster
With colder weather and lax safety measures, new COVID-19 cases have accelerated.
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Chart of the Week: Devalue Proposition
Purchase prices as multiples of borrower ebitda have slumped this year across the middle market.
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Chart of the Week: Risk Dispersion
As the COVID-19 crisis took hold, leverage distributed more widely by borrower ebitda.
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Features
Leveraged Loan Insight & Analysis – 11/30/2020
Pricing widens significantly for borrowing base E&P revolvers in 2020 Lending to the oil and gas upstream sector at US$17.3bn is down 78% so far this year from the total logged in 2019. With most of the lending to this sector coming from banks through reserve-based revolvers, many issuers have seen the availability tighten under
View ArticleThe Pulse of Private Equity – 11/30/2020
A comeback for first-timers? Now that we’re in December, PitchBook’s annual PE Outlook is around the corner and we’re wading back into prediction mode for the year ahead. One trend we’re keeping a close eye on is first-time fundraising, which, to say the least, hit a snag in 2020. Through late November, 24 first-time funds
View ArticlePrivate Debt Intelligence – 11/30/2020
Investors Plans for Their Allocation to Private Debt by 2025 In August 2020, Preqin ran a survey among investors to know their investment plans towards 2025. Of the private debt investors surveyed, 58% intend to increase allocations to the asset class by 2025, 14% of them plan to increase significantly their allocations....
View ArticlePDI Picks – 11/30/2020
Breaking the covenant Two recent surveys have shed light on the issue of covenant breaches, and how managers are responding to them. With the number of covenants in deals having declined markedly in recent years, there has been some doubt as to whether even a sharp downturn would be accompanied by a significant rise in
View ArticleThe Pulse of Private Equity – 11/16/2020
PitchBook’s new PE manager framework Download PitchBook’s Report here. PitchBook has developed a new framework to help analyze GP investing styles. Using the Herfindahl-Hirschman Index (HHI)—a metric that measures concentration—we can assign GPs a style score using their past investments as guideposts....
View ArticleMiddle Market Deal Terms at a Glance
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Beginning in July 2020 The Lead Left published a series of articles on COVID-impacted deal flow. This report consolidates those articles.
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Fourth Quarter 2020
Beginning in June 2020 The Lead Left published a series of articles on post-pandemic healthcare. This report consolidates those articles.
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