A recent note from our good friend at Bloomberg, Kelsey Butler, pointed to a study in Astrobiology highlighting 24 planets that could sustain life. Criteria for “superhabitability” include home stars younger than the Sun, Earth-like masses, and atmospheres with warmth and moisture greater than Earth.

All these planets are over 100 light years away – not ideal for COVID getaways. But for those who don’t mind long trips with the kids, such conditions could mean more biodiversity and longer lifespans.

Our thoughts turned to things extraterrestrial as two of our content partners published findings on third quarter fundraising.

Preqin’s Private Data report shows global fundraising off significantly at September 30 (see our Chart of the Week)...

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“I wonder whether there’s been a bit of a Y2K-effect where people rushed to set up home offices and get their gardening kits.” – Alexander Altmann, head of equity trading strategy, Citi.

Featuring Charts

Chart of the Week: Finding Private Debt

October 15, 2020

The number of private debt funds raised globally slumped in the third quarter, but has generally held steady.

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Chart of the Week: Travel Watch

October 7, 2020

TSA checkpoint data is showing that air travel in the US remains significantly below pre-COVID levels.

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Chart of the Week: Close Watch

October 1, 2020

Middle market lenders report worsening performance of portfolio companies during the fourth quarter.

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Chart of the Week: Dough Rising

September 23, 2020

Pent-up private debt appetite is driving third quarter fundraising, though mostly on the distressed front.

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Chart of the Week: New Loans Rising

September 17, 2020

Post-COVID direct lending spreads gapped out relative to middle market bank loans in the second quarter.

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Chart of the Week: Temp to Perm

September 10, 2020

As the pandemic wears on, workers suffering temporary layoffs have decreased, but permanent job losses are higher.

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Features

Leveraged Loan Insight & Analysis – 10/12/2020

3Q20 MM sponsored loan issuance picks up from 2Q20’s low, but still quite anemic Sponsor-backed middle market volume showed a pick up in 3Q20 to US$5.6bn, up 120% from 2Q20’s post credit crisis low. But volume was still quite dire and over 62% behind 3Q19’s level. While pricing has been tightening dramatically month after month,

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The Pulse of Private Equity – 10/12/2020

Carveouts – up but not booming Download PitchBook’s Report here. One of the earliest predictions back in March was that PE-led carveout activity would go up. PEGs had dry powder to spend and corporate sellers had liquidity concerns—they were also going to need to concentrate on their core businesses, so it made intuitive sense than ancillary

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Private Debt Intelligence – 10/12/2020

Direct Lending and mezzanine strategies gathered most of the capital in Q3 2020 In Q3 2020, private debt fund managers were able to secure $8.4bn by 20 funds closed. What fund types stood out? Direct lending and mezzanine strategies secured the bulk of capital, raising $3.8bn and $2.6bn respectively....

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PDI Picks – 10/12/2020

What to make of direct lenders’ prospects? Direct lending has enjoyed years of tailwinds – now it must confront the headwinds. Direct lending has experienced enormous growth since the global financial crisis (see chart showing fundraising for various direct lending-relevant strategies), filling a gap that retrenching banks left behind....

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Leveraged Loan Insight & Analysis – 10/5/2020

1-3Q20 Leveraged volume up 6% y-o-y; Asset mix skews toward HY bond issuance US Leveraged borrowers pushed nearly US$839bn of issuance through the market during the first nine months of 2020, a 6% increase over the same time last year. Although the totals did not shift dramatically year over, the mix of loans and bonds

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Middle Market Deal Terms at a Glance

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State of the Capital Markets – Third Quarter 2020 Review and Fourth Quarter 2020 Outlook

October 14, 2020

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Fourth Quarter 2020

Special Report: Post-pandemic: The New Healthcare

October 6, 2020

Beginning in June 2020 The Lead Left published a series of articles on post-pandemic healthcare. This report consolidates those articles.

Special Report: High Yield Bonds – A New Look

July 9, 2020

Beginning in May 2020 The Lead Left published a series of articles on high yield bonds. This report consolidates those articles.