As we discussed last week in our special series on the new COVID-impacted M&A world, the volume of deal flow was off sharply at the onset of the crisis. But as deal makers adjusted to the new normal of business openings (and reversed openings) across the country, conversations are now back to deal processes.

What are some symptoms of the virus on these processes? “The time to market will inevitably elongate,” one top middle market banker told us. “Buyers and sellers will need longer preparation to assess the impact of COVID. The current quarter will be light in terms of volume because of that. What’s unknown is whether, given the ramp-up in cases, the period of uncertainty coming back to the US will stall the market.”...

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“High valuations suggest fragility and vulnerability to surprises.” – Katie Nixon, chief investment officer, Northern Trust Wealth Management.

Featuring Charts

Chart of the Week: Testing Patients

July 29, 2020

The prices of COVID tests across the US vary across the largest hospitals surveyed.

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Chart of the Week: Case Study

July 22, 2020

Opening of state economies has new COVID cases in the US outpacing Europe.

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Chart of the Week: States of Play

July 15, 2020

Twenty-one of the 50 states have either paused or are reversing reopening of their economies.

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Chart of the Week: How Long?

July 8, 2020

Sentiment that COVID-19 will be short-lived is shifting as new cases emerge from states opening up.

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Chart of the Week: More Patients

July 1, 2020

COVID-related emergency room visits are rising after bottoming out a month ago.

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Chart of the Week: Corona Cliff

June 24, 2020

The number of new COVID-19 cases has leveled off, but outside NYC the trend is less favorable.

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Features

PDI Picks – 8/3/2020

Debt takes a larger slice of the pie A new survey shows private credit’s solid performance makes it an investor favourite. Private credit is expected to be the fastest-growing part of institutional investor portfolios, according to research from consultancy bfinance....

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The Pulse of Private Equity – 7/27/2020

Europe slows down considerably Download PitchBook’s Report here. European PE activity hit a skid in Q2, as expected. According to PitchBook’s recently released Q2 European PE Breakdown, deal volume plunged to its lowest quarterly totals since Q3 2013. 650 transactions closed in Q2 for €79.8 billion, YoY declines of 31.5% and 18.7%, respectively....

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Leveraged Loan Insight & Analysis – 7/27/2020

US debtor-in-possession loan volume surpasses US$10bn so far this year Completed US debtor-in-possession (DIP) loan volume is on track to reaching the highest annual level since the Great Financial Crisis, as many companies have struggled during the Covid-19 pandemic. Already this year there has been over US$10bn in completed DIP volume across 23 deals, with

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Private Debt Intelligence – 7/27/2020

The Private Debt Market Continues to Grow The private debt industry has seen the growth in its AUM accelerate in recent years, and by December 2019 (our latest data available) funds held a total of $854bn in assets under management (AUM). The market is now more than three times bigger than it was ten years

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The Pulse of Private Equity – 7/20/2020

Venture-backed > PE-backed Private equity is losing its oomph as an M&A driver this year. PitchBook’s new North American M&A Report found that PE-backed M&A is now less common than venture-backed M&A, at least by volume. It’s the first switch between the two asset classes since 2009, which isn’t a coincidence. PE exits come to

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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

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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

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