Archives| PDF | Research | Week of Mar 23, 2020
“It’s happening so fast, it’s almost too much to grasp at this point.” 
– Frank Cappelleri, executive director, Instinet.
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The Great Stay-In (Third of a Series)
“The three main U.S. stock indices closed at record highs as concerns over the coronavirus outbreak’s economic impact seemed to fade.” – Barron’s, February 12, 2020.

Perhaps not the “Dewey Beats Truman” of media misreads, but this quote reflected widely shared sentiments among market participants. “Can anything stop this rally?” the columnist went on to ask rhetorically.

Barely six weeks ago the Dow stood at 29,551. Today it’s 10,000 points lower, the economy at a standstill, global markets in shambles, Americans locked at home...

➢ Next week: How are direct lenders supporting their private equity clients?
COVID-19: Assessing the impact on PE
April 2, 2020 | 3:00PM - 4:00PM EST
Featuring:
Randy Schwimmer
Join PitchBook and leading private equity professionals for a discussion on COVID-19 and its impact on the PE market.
Readers' Say
This Week’s Question
The best way to restore market stability is:
(*All responses are confidential.)
Fiscal stimulus packages
Further interest rate cuts
Middle class tax cuts
Ending state-wide isolation
Increasing state-wide isolation
Last Week's Results
How does COVID-19 change your behavior?
Chart of the Week
Anybody’s Guess
No question future growth will be off big-time; just how bad, and for how long, is unknown.
Source: BEA, Nuveen (projected growth as of March 20)
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Why it’s now even harder for first timers
The lack of in-person meetings as a result of covid-19 is an added hurdle for debut funds, but a deal-by-deal approach could still win support...
Leveraged Loan Insight & Analysis
BDC share prices rally after plummeting to below 
0.4x book value earlier in week
BDC share prices rallied on Thursday following the coronavirus relief bill cleared by the U.S. Senate. At the start of the week, BDCs were brought back to their darkest days of The Great Financial crisis...
Contact:   Fran Beyers / Refinitiv LPC
The Pulse of Private Equity
Competing interests for private equity
Private equity has lots of money at the ready—the question is what they will use it for. In the months ahead, investors will be looking at an unprecedented opportunity to buy...
Contact:   Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source:  Lipper
Covenant Trends 
Average Minimum Day-One
Capped Basket Capacity, YoY
Private Debt Intelligence
Private Debt: Rise of Covenant-Lite Loans
The growth in covenant-lite issuance in the loan market has sparked heavy discussion. The growth of supply in mid-market lending has led to a loss of value, which has in turn brought about a rise in weaker covenants...
Debtwire Middle-Market
Oil & gas loan prices plummet 32 points amid coronavirus, oil price crash
Source: Debtwire Par, Markit
The weighted average bid for term loans issued by oil & gas sector borrowers has plummeted by roughly 32 points to 49.36 between 21 February and 23 March...
Contact:  Vincent Daigger   / Debtwire  
Mar Update: Middle Market Deal Terms at a Glance
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