PDF | Research |Week of May 30, 2022
Quote of the Week
The Fed put is kaput.
Edward Yardeni, president, Yardeni Research Inc.
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Touch and Go
The old Naval Air Station in Charlestown, RI was right next to the summer house we lived in as kids. Aviators would fly training patterns over our heads, so close we could see their orange flight suits. They would circle back to the airfield, touch wheels down, then come back around.

Though we couldn’t see the planes land, we could hear their engine pitch wind down, cough to a stall, then rev up as they climbed. The airfield was closed in 1974 and is now a park with ball fields and tennis courts. But fragments of the air strips remain.

As the Memorial Day weekend brought up summer memories, the Fed also aims for a touch-and-go landing. Can it calm down inflation, yet keep growth and employment going?...
Chart of the Week
What Recession?
Real GDP was higher at the end of the mild 2001 downturn than it was at the beginning.
Source: Natixis, BEA, NBER
June 15, 2022 | Pier Sixty, Chelsea Piers | NYC
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Stat of the Week
Loan Stats at a Glance 
PDI Picks
European deals buffeted by adverse backdrop
Unitranche transactions in the region fell back in Q1 2022 as economic headwinds reverse the growth seen through 2021...
Leveraged Loan Insight & Analysis
 After a record 2021, mid-market technology
sector volume totals US$5.5bn so far this year
So far this year US middle market technology sector volume totals a lower US$5.5bn through mid-May. That number includes US$2.3bn of direct lender volume tallied through the end of March...
The Pulse of Private Equity
Cash flows were positive last year
PE distributions outpaced capital calls in 2021, according to PitchBook’s 2022 Global Fund Performance Report. Not by much: LPs collected $13.5 billion in net cash flow last year, reflecting $572.4 billion in outbound contributions and $585.9 billion transferred back to fund investors...
Contact: Alex Lykken / PitchBook
Covenant Trends 
Average Minimum Day-One
Capped Basket Capacity, YoY
High-Yield Bond Statistics
Weekly fund flows source: Lipper
DL Deals: News & Analysis
Private jumbo volume reaches
second biggest monthly tally
Jumbo private loan volume in May stands at $8.6 billion, the second largest monthly tally on record as the market approaches Memorial Day weekend and the start of the summer session...
Private Debt Intelligence
Strong performance by Asian private debt funds
Asian funds significantly lag North America and Europe in AUM despite strong performance. The median net IRR of Asian private debt funds of vintages 2012-2019 is 12.51%, beating their peers in NorthAmerica (10.00%) and Europe (8.90%)...
Debtwire Middle-Market
Leveraged loans and HY bonds stage
late-month comeback in secondary market
Source: Markit, BofA US HY Index
Secondary markets have been in for a rough ride year-to-date, with leveraged loans and high yield bonds seeing significant slides in average bids on outstanding debt as macroeconomic pressures from high inflation...
Contact: Vincent Daigger / Debtwire 
Middle Market Deal Terms at a Glance
Select Deals in the Market
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