Archives| PDF| Research |Week of Jan 24, 2022
Private Capital Call
January 2022 – Anders Ellegaard, Head of Fixed Income, Industriens Pension
“We think equity investors should worry more about when the Fed stops hiking rates.”
- Christian Mueller-Glissman, portfolio strategy, Goldman Sachs.
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Lead Left Presents: M&A Outlook for 2022
(Last of a Series)
Last week we held our first “Lead Left Presents” webinar attended by over 500 registrants. The topic, M&A Outlook for 2022, featured four top middle market investment bankers discussing what happened in the deal market in 2021, and what’s to come for 2022.

Those who missed it can watch our replay [link]. In our previous commentary we highlighted our panelists’ observations about the year just ended. This week we encapsulate their thoughts on the year ahead.

Industry Outlook. “No slowing of activity for 2022.” From a sector perspective, industrials were challenged in 2020, then bounced back sharply last year. Backlogs were “very strong” going into this year. Covid highlighted increased labor costs and motivated businesses to ramp up automation. Other pandemic winners included water filtration and air purification...
The Lead Left Presents:
2022 M&A Outlook
Thank you for joining us. We hope you found the webinar informative. Please click the link below to view the recording.
Readers' Say
This Week’s Question
Which growth industry will show the greatest promise?
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Artificial Intelligence
Biotechnology
Cloud Computing
Data Analytics
Green Energy
Last Week's Results
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Chart of the Week
Prices and Demand
Inflation is spiking, but the drop in sales vs. production should ease prices.
Source: Natixis, Census, Federal Reserve, BLS
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
The fundraising fightback
Following the peak of 2017, private debt capital raising had suffered something of a lean time. Last year changed all that...
Leveraged Loan Insight & Analysis
Direct lending drives sponsored
middle market issuance to new record
Direct lending drove sponsored middle market loan issuance to new heights in 4Q21 and full-year 2021, as sponsors tapped the market at a blistering pace to fund LBOs and add-on acquisitions...
The Pulse of Private Equity
PE a growing presence in M&A
PE deal flow accounted for 38% of global M&A transactions in 2021, a new high. That’s according to PitchBook’s Annual Global M&A Report, released this morning, which also showed a record year for M&A overall. Globally, 38,231 transactions were finalized last year, a 48% leap over 2020 levels...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
DL Deals: News & Analysis
Volatility primes more records
for jumbo unitranche loans
Jittery markets this month are priming new records for jumbo unitranche financing. At least a few mandates are in the works that exceed Galway Insurance’s $3.4 billion record last year...
Covenant Trends 
Percentage of First-Lien Loans Clearing 
with Key Covenant Terms by Quarter
Private Debt Intelligence
Private debt funds positioned for busier year
Aggregate private debt deal value declined 31% in 2021 after a record year in 2020. The differing rates of decline in the sub-strategies are an indication of managers’ risk appetites and deal availability...
Debtwire Middle-Market
Jumbo loan buy-out financings
make up increased share of market in 2021
Source: Debtwire Par
Leveraged loan and high-yield bond issuance backing buy-outs set a record in 2021, increasing 95% over the 2020 figure to USD 240.3bn. Leveraged loans accounted for USD 212.7bn of issuance, up 98% from last year...
Jan 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.