Archives| PDF| Research |Week of Jan 18, 2021
Fourth Quarter 2020 Review and First Quarter 2021 Outlook
“Ultimately, you can’t expect equities to go up every day in a straight line.”
– Michael Bell, global market strategist, J.P. Morgan Asset Management.
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2020: A Year of Surprises (Part Two)
We continue our special series with the second of our “Five Biggest Private Capital Surprises of 2020:”

Surprise #2: Non-Correlated Trends – Infections, Markets, and the Economy

The Global Biological Crisis of 2020 was different from the Global Financial Crisis of 2008 in several ways. Of course, one started with a virus, the other with home mortgages. Also, commercial activity wasn’t shut down as quickly twelve years ago, nor was its recovery as swift. Finally, there wasn’t the sharp “have/have-not” distinction among industries as there has been today.

But at moments in both crises when financial markets felt the brunt of investor pessimism, asset prices reacted similarly. Across public equities and credit, for example, valuations swooned in synch as investors found no safe havens amid the cataclysms...
Readers' Say
This Week’s Question
What should be the top priority under the new government administration?
(*All responses are confidential.)
Fiscal stimulus plan
Faster vaccine rollout
Create jobs and lower unemployment rate
Restore international relationships and reputation
Small business financial aid
Last Week's Results
My forecast for 1Q 2021 GDP is....
Chart of the Week
Moving Business
Over the past two decades business cycles have increased the degree of correlation among asset classes.
Source: S&P LCD, LSTA
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
The co-investment conundrum
Investors still say there are factors hindering them from participating in co-investment opportunities...
Leveraged Loan Insight & Analysis
Secondary market levels 
at their highest levels post-Covid
Prior to the pandemic, the average bid on the Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up around a 35% share...
The Pulse of Private Equity
Which way for PE valuations?
US PE buyout multiples went up in 2020, according to the 2020 Annual US PE Breakdown. At 14.1x, 2020 is actually the new high-water mark, increasing almost a turn and a half over 2019’s median of 12.7x...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Synergies & Cost Savings EBITDA Addbacks
Private Debt Intelligence
Record Number of Active Private Debt Managers
A record of 1,947 private debt firms are currently active. With record figures in both firms and funds, the market is becoming increasingly crowded...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire 
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.