Archives| PDF| Research |Week of Oct 11, 2021
November 10th, Virtual Event
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“We think about investing from a margin standpoint
as opposed to ‘Is there inflation, yes or no.’”
- Tom Murphy, head of global investment-grade credit, Columbia Threadneedle.
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A Market in Full (First of a Series)
Of the many unanticipated consequences of Covid, one that caught our eye was the recent NYT headline: “Birds Thrived During Lockdowns.” Seems that while we were stuck at home last spring, our feathered friends were out partying.

Urban areas, otherwise crowding out some species, saw hummingbirds and bald eagles return at 14 times pre-pandemic levels. “I am shocked at the fact we saw so many changes in bird behavior,” a Canadian conservation biologist reported. Pigeon populations were unchanged.

Leverage finance has experienced similar post-Covid behavior. This week the broadly syndicated market set a record for annual issuance – $505 billion, according to S&P LCD. With the bulk of the fourth quarter to go, 2021 will easily surpass 2017’s record $503 billion...
Private Capital Call
September 2021 – James Rooney, CEO and Nicolae Cristea, MD, Investment Management, Corient Capital Partners
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Last Week's Results
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Chart of the Week
Sliding Scale
Has the decades-old secular decline of long-term interest rate yields come to an end?
Source: Natixis, Federal Reserve Board
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Is distressed debt an old-fashioned notion?
Traditional cycles may be a thing of the past – what matters is having the skills to take advantage of challenging situations...
Leveraged Loan Insight & Analysis
Middle market non-sponsored syndicated M&A jumped to US$4.4bn in 3Q21
The non-sponsored middle market added another strong quarter to the books. While issuance was slightly down from 2Q21, it was a very busy summer with total volume of US$30.3bn in 3Q21. This was the highest level for a third quarter since 2014...
The Pulse of Private Equity
Q3 was another blockbuster
No rest for the weary: PitchBook’s latest US PE Breakdown is out, and the third quarter set another new record. An estimated $297 billion was invested in Q3 across an estimated 2,227 deals. Both would be new records, as data continues to be tabulated...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Percentage of Loans with
F&C Tranche / Pro Forma EBITDA >0.9x
Private Debt Intelligence
PD sees high levels of Q3 fundraising
Although fundraising in Q3 is traditionally quiet, this past quarter has seen significantly higher fundraising than over the same period in previous years...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire 
Reorg Credit Intelligence
CalPlant Bankruptcy Supported by
62% of Senior Bondholders;
Toggle Plan Envisions Sale or Restructuring
CalPlant I LLC and parent company CalPlant Holdco, manufacturers of rice straw-based medium-density fiberboard, or MDF, in Willows, Calif., filed for chapter 11 protection yesterday, Tuesday, Oct. 5, in the Bankruptcy Court for the District of Delaware. The debtors enter chapter 11 having executed a plan support agreement with about 62% of holders of the company’s senior bonds and the senior bond trustee. The PSA provides for “two largely parallel restructuring paths,” according to the first day declaration, which consists of a sale process to market test substantially all of the debtors’ assets, or, in the event a sale process is unsuccessful, a debt restructuring through a chapter 11 plan “to be negotiated in good faith with the Senior Bondholders.” Read the full story here.
Contact: Matt Danese/Reorg 
Oct 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.