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

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

New issue high-yield bond yields are up sharply since COVID-19 hit in March.

High-yield bond issuance cratered with the onset of COVID-19 in March, then rebounded sharply in April.

It took nine years to add 21 million US workers to payrolls; COVID-19 wiped them out in two months.

The onset of COVID-19 also signaled the expansion’s end; 1Q GDP slumped 4.8%, worst since 2008.

When secondary leveraged loan prices cratered last month, the resulting distressed volume outweighed all 2008-09 loans.

Defensive industries such as business services, healthcare, tech, and A&D led all sectors in 1Q M&A volume

Last month’s early price plunge was three times worse than the Great Depression.

US jobless claims totaled 10 million in two weeks; it took six months to hit those levels during the Great Recession.