Archives| PDF | Research | Week of May 25, 2020
“Perhaps things are not as rosy as sort of this ‘V-shaped’ recovery that
equity markets were implying.”
– Anwiti Bahuguna, head of multi-asset strategy, Columbia Threadneedle Investments.
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High Times (Second of a Series)
We continue our special series on high-yield bonds with a look at more deals in the market. Our tour guide on this trip, Matthew Fuller of LevFin Insights, identified several transactions as signs of market recovery.

Northwest Fiber (Caa1/CCC), with a new issuer name, Ziply Fiber, came out with a loan/bond buyout of Frontier Communication assets by Searchlight Capital and Wave Division Capital. This could grease the skids for other regular-way LBOs, Fuller said.

He continued. “Despite a slow start, Ziply was modestly oversubscribed, priced with a 10.75% coupon at 98; better than early price whispers as high as 11.25% and 95. Moreover, the paper rocketed once freed to trade...

➢ Next week we conclude our bond series with a comparison to leveraged loans.
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Chart of the Week
Junk Up
New issue high-yield bond yields are up sharply since COVID-19 hit in March.
Source: LevFin Insights
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Strategic pioneers give fundraising a helping hand
Outside of the mainstream, fund managers are seeking to take advantage of the dislocations produced by the global pandemic...
Leveraged Loan Insight & Analysis
Primary yields in the US institutional loan market tighten in May
After spiking in April, primary US institutional yields have tightened in May, but remain at very high levels. The average yield, assuming a three-year term to repayment on first-lien institutional term loans...
Contact:   Diana Diquez / Refinitiv LPC
The Pulse of Private Equity
The short-term forecast
PitchBook analysts expect deal flow to drop fairly substantially over the next several quarters . The trajectory is similar to the drop during the 2008 financial crisis but doesn’t reach the depths that it did in 2009...
Contact:   Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source:  Lipper
Covenant Trends 
Initial ECF Sweep Distribution
Private Debt Intelligence
Has Asia-Focused Private Debt
Been Impacted by COVID-19?
The Asian private debt market is still relatively small, and expansion has been slower than in the more developed regions of Europe and North America...
Contact: Maria Zapata / Preqin 
Debtwire Middle-Market
Secured issuance and higher pricing 
define current HY bond market
Source:  Debtwire Par
The US high yield bond market has been printing paper at a rapid clip since reopening in April, which saw roughly USD 40.6bn in volume...
Contact:  Vincent Daigger / Debtwire  
May Update: Middle Market Deal Terms at a Glance
Select Deals in the Market
This publication is a service to our clients and friends. It is designed only to give general information on the market developments actually covered. It is not intended to be a comprehensive summary of recent developments or to suggest parameters for any prospective financing opportunity.