Two years ago, we issued a special report on healthcare trends, speaking with bankers, lenders, and private equity investors [link]. Last week we revisited one of our sources, a top healthcare investor, on the current state of affairs in the industry.

“Everyone’s an infectious disease expert now,” he told us in an interview. “We also need to change the way we look at infection. To put things in context, there are anywhere from 20,000-60,000 deaths annually from the seasonal flu, out of about 40 million cases. It affects infants and the elderly.

“Corona diseases have been mutatory. Real social change is driven by the need to solve national problems. Like seat belts. In 1968 the Federal Government mandated them for cars, but it took another sixteen years for states to begin requiring their use. With COVID-19 you need everyone to get vaccinated.”...

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“Things open up and people immediately think it’s time for the barbecues and pachangas.” – Dr. Ivan Melendez, public health authority, Hidalgo County (TX).

Featuring Charts

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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Chart of the Week: Not In Concert

June 17, 2020

Valuations of middle market private credit are less correlated to other public asset classes.

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Chart of the Week: Relatively Yieldy

June 11, 2020

Over the past decade the yield on middle market senior secured loans has outpaced that of many other asset classes.

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Chart of the Week: Junk Piling

June 4, 2020

Since April 1, roughly $35 billion of cash has poured into high-yield fund accounts.

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Features

Leveraged Loan Insight & Analysis – 7/6/2020

2Q20 US syndicated down 46% y-o-y; 1H20 off 33% Following the shock, fear and aggressive spread of the Covid-19 virus which brought the world to a standstill in 1Q20, the pandemic and its impact on the global psyche became a mainstay in 2Q20. Across the capital markets, virtual office environments were up and running far

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The Pulse of Private Equity – 7/6/2020

Q2 was as bad as expected PitchBook’s latest US PE Breakdown is out this Friday, and newsletter subscribers will have access to it that morning. The first full quarter of COVID-impacted data is in and it isn’t pretty. Overall US PE deal flow was down 54% from the first quarter, from 1,147 transactions to only

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Private Debt Intelligence – 7/6/2020

Private Debt Investors are Planning Commitments to Fewer But Larger Funds Diversification and uncorrelated returns are the main reasons why investors allocate to private debt, and they are continuing to plan commitments in this period of uncertainty. Based on Preqin’s fund search data, it seems though, that private debt investors are adapting their strategy as

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PDI Picks – 7/6/2020

Dislocation, yes – but direct lending still rules the roost Apollo’s $12bn tie-up with Mubadala shows there’s plenty of life left in direct lending yet. Gaining momentum after a very slow start, our preliminary fundraising figures for the first half of this year show around $60 billion raised for private debt globally – around $25

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The Pulse of Private Equity – 6/29/2020

Fundraising sped up in Q1 Download PitchBook’s Report here. Somewhat expected, we found a quirk in Q1 fundraising data that should reverse soon. Funds that closed in the first three months of 2020 were wrapped up relatively quickly compared to 2019, according to PitchBook’s latest US Middle Market Report. As a whole, middle market funds that

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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.