Archives| PDF | Research | Week of July 13, 2020
High Yield Bonds – A New Look
  • High-Yield Bonds: Deal by Deal
  • Bonds vs. Loans – The Takeaway
  • Liquid and Illiquid Markets
  • Volatile Times
“There’s a whole new playbook, and it’s all about maximizing recoveries.”
– Craig Russ, vice president, Eaton Vance.
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The New Healthcare (Fourth of a Series)
We continue our special series on COVID-19 impacted healthcare, with a private equity conversation. Our guest is the partner of a NY-based firm. He has over two decades of experience investing in healthcare businesses.

How did the current crisis unfold for you and your firm?

“For the first couple of weeks it was a 100% focus on the portfolio,” he told us. “We ran scenarios to see how things might be impacted. Our portfolio was actually pretty resilient in retrospect, so we were able to pretty quickly turn our attention to new investing opportunities...

➢ Next week: We conclude our series with a look at the M&A pipeline.
Readers' Say
This Week’s Question
In the past 90 days I have...
(*All responses are confidential.)
Visited a physician in person
Visited a physician virtually
Been to the hospital for a COVID test
Been to the hospital for other tests
Last Week's Results
Our company’s back-to-office plan includes:
Chart of the Week
States of Play
Twenty-one of the 50 states have either paused or are reversing reopening of their economies.
Source: The New York Times
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Europe’s renaissance amid the fundraising slump
Our final H1 2020 figures show the region grabbing investor attention – at least on a relative basis...
Leveraged Loan Insight & Analysis
Weighted average bids of US CLO portfolios
continue to edge higher
The value of loan assets in U.S. CLO portfolios has continued to trend higher over the last three months, clawing back some of the losses that battered markets at the end of March, according to analysis from LPC Collateral...
The Pulse of Private Equity
Carveouts inching up
Carveouts are up slightly as a proportion of US PE activity, according to PitchBook’s latest Breakdown Report . They made up 10% of all deal flow in Q2, which is on the high end of what we’ve seen over the last three years...
Contact:   Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source:  Lipper
Covenant Trends 
Average Adjusted Leverage
for M&A-Driven Loan Deals
Private Debt Intelligence
Private Debt Fundraising in Q2
The outlook for private debt is slightly more promising at the midpoint of the year. A total of $34bn was raised over Q2 from 49 private debt funds closed, which compares with 36 funds securing $22bn in the first quarter of 2020...
Debtwire Middle-Market
Market shifts to 1% LIBOR floors
as key rates remain near zero
Source:  Debtwire Par
With the Federal Reserve cutting interest rates sharply in March, investors have preferred fixed-rate debt instruments in the last several months, as demonstrated by the recent proliferation of high yield bonds...
Contact:  Vincent Daigger / Debtwire  
Middle Market Deal Terms at a Glance
Select Deals in the Market
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