Special Report: COVID-19 and M&A Activity
Beginning in July 2020 The Lead Left published a series of articles on COVID-impacted deal flow. This report consolidates those articles.
TheLeadLeft
PDI 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…
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Loan Stats at a Glance – 11/30/2020
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Credit markets: Volumes vs Vaccines
Answer: For most of US history, it was March 4, not January 20.Question: What is Inauguration Day? We found ourselves channeling our inner Alex Trebek this week as the nation’s attention began shifting from elections to vaccines. Pfizer’s trial results sent Wall Street to record highs. But on Main Street rising infections are propelling a […]
The 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…. Subscribe to Read MoreAlready a member? Log in here...
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Leveraged Loan Insight & Analysis – 11/16/2020
Political headlines and investor pressure provide impetus for accelerated ESG discussions US President-elect Biden announced 10 executive actions that he will take on the first day of his presidency in January in an effort to combat climate change. This undertaking will run afoul of the Trump administration’s recent announcement that it will accept sale lease…
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SPACs – A Primer (Part I)
After COVID, the elections, and what the fifth instalment of the Scream series will be called (hint: it’s not Scream 5), the topic getting the most attention from our readers is the ramp-up of SPACs, or special purpose acquisition companies. By definition, these vehicles are publicly traded shell companies with investor cash as their only…
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Chart of the Week: SPACtacular
Market volatility and dry powder pushed special purpose acquisition company activity to record levels.
Middle Market Deal Terms at a Glance – November 2020
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com