We mentioned last week our turn at the SuperReturn North America Virtual conference. There we heard participants weigh in on various aspects of the pandemic on private credit, including impact on terms, structures and portfolio performance.

But what about new business? A lot depends on managers’ strategies. Over the past five years, institutional investors have expected a downturn. They pointed to various signs, including overleveraged borrowers and weakened covenants, suggesting excess in the loan market.

As time passed, significant capital was raised to take advantage of fall-out from a recession when it came...

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“Even though employment is still rebounding, there’s still a long way to go.” – Michael Pearce, senior US economist, Capital Economics.

Featuring Charts

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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Chart of the Week: Flights to Quality

August 19, 2020

Air travel has climbed back from the dark days of April, yet remains far below last year’s numbers.

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Chart of the Week: Sector Sightings

August 12, 2020

The mix of businesses represented by July’s direct lending activity skews to non-COVID industries.

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Chart of the Week: Buyout Bottom

August 5, 2020

In an inevitable result of COVID, middle market LBO loan activity slumped almost 80% from the previous quarter.

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Features

The Pulse of Private Equity – 9/21/2020

Healthcare investment outpaces overall PE market PE activity in the healthcare space has outpaced the broader PE market since 2009. A new PitchBook analyst note, to be released tomorrow morning, chronicles the trend: tailwinds include an aging population, an uptick in global per capita healthcare spending, strong growth rates and attractive margin profiles, and a

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Leveraged Loan Insight & Analysis – 9/21/2020

Libor floors remain in institutional market, but are shifting lower One of the many effects brought by the pandemic was the precipitous drop in Libor rates, which had already been in a steady decline for a while. The average 3-month Libor rate dropped almost 100bp to an average of 0.58% in 2Q20 and is at

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Private Debt Intelligence – 9/21/2020

Private Debt-Backed Deals in Europe Despite the impact COVID-19 has had in deal activity, the European private debt-backed deal value has soared in 2020. A total of 79 deals were completed in H1 2020 (vs. 197 in 2019), for an aggregate value of €8.7bn....

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PDI Picks – 9/21/2020

NPLs: Covid-19 creates new round of buying prospects The coronavirus crisis may not be as bountiful for Europe’s NPL investors as the GFC, but will offer select opportunities. Every crisis has its winners and losers and one asset class which came out on top after the global financial crisis in 2008 was European non-performing loans

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Leveraged Loan Insight & Analysis – 9/14/2020

Middle market non-sponsored sydicated loan volume drops dramatically Middle market completed non-sponsored syndicated loan volume of US$7bn so far in 3Q20 is far behind the US$22bn logged in 3Q19 and is down from an already slow 2Q20. As the economy shut down due to the pandemic, activity in the non-sponsored market was very limited in

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Middle Market Deal Terms at a Glance

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

July 9, 2020

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

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.

Special Report: The Great Stay-In – Covid-19’s Impact on the Capital Markets

June 4, 2020

Beginning in March 2020 The Lead Left published a series of articles on Covid-19 and the market. This report consolidates those articles.