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Archives| PDF| Research |Week of Nov 9, 2020
“This is not the worst outcome from the market’s perspective.” – Sonal Desai, chief investment officer, Franklin Templeton Fixed Income, on US election results.
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Now We Wait
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 election matters to vaccine watches.

News from Pfizer’s late-stage trials that their COVID-19 vaccine was 90% effective buoyed public equities, sending indices to near or record highs. But what remains clear is availability of any vaccine to the general public is likely months away.

Meanwhile rising infections are propelling a third virus wave across the US, with 800,000 cases in the past week – up from 600,000 cited in last week’s commentary. That brings total cases to over 10 million, with almost 240,000 deaths...
Readers' Say
This Week’s Question
When do you think you and your family will get the COVID vaccine?
(*All responses are confidential.)
By end of 2020
By end of 1Q 2021
By end of 2Q 2021
By end of 3Q 2021
Don’t know
Last Week's Results
In the recent election, I voted:
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moderated by Michael Scolaro, ABL Group Head, BMO Harris Bank
Thursday, November 19, 2020 1:15 PM to 2:00 PM
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Chart of the Week
Junk Pile
With data reported only through Oct 7, high-yield bond volume has already reached record levels.
Source: S&P LCD
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Are the clouds beginning to lift?
The deal market is showing signs of picking up, as positive news on a covid-19 vaccine brings hope even to the worst-hit sectors...
Leveraged Loan Insight & Analysis
LBO leverage multiples stay aggressive in 4Q20
After remaining extremely light the past two quarters, LBO activity has picked up, as private equity sponsors are putting more money to work...
The Pulse of Private Equity
Dealmakers sentiment under COVID
In an upcoming survey report, PitchBook partnered with law firm Akin Gump to capture dealmaker sentiment worldwide. The results were interesting and reflected a wide swath of investor experience, location and firm AUM...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Percentage of Loans with Uncapped Synergies &
Cost Savings EBITDA Addbacks
Private Debt Intelligence
The Future of Private Debt
Private debt will continue the expansion of the past decade over the next five years. The asset class is expected to be the second fastest-growing asset classes...
Debtwire Middle-Market
Leverage multiples on LBO deals
rebounds in 4Q20
Source: Debtwire Par
Leveraged loan activity backing LBOs has picked up this quarter, following subdued deal flow in 2Q20 and 3Q20 due to the COVID-19 pandemic...
Middle Market Deal Terms at a Glance
Select Deals in the Market
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