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PDF | Research |Week of April 25, 2022
May 10, 2022 | The Landmark, London and Online
CLO Symposium 2022 
Connecting the US and European CLO community
Quote of the Week
This quarter we’re going to find out who can pass on costs and who can’t.
Joseph Quinlan, chief market strategist,
Bank of America Private Wealth Management.
Lead Left Vodcast
Why DEI Matters?
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Why ESG Matters
(Fifth of a Series)
Now we come to the G in ESG. Governance’s link to environmental and social goals was cemented by the sub-prime debacle and resulting GFC. Corporate malfeasance and lack of transparency propelled the need to identify future responsible ESG parties and enforcement.

The challenge, as one expert told us, is while governing considerations are most in focus and more universal for investment teams, they don’t always grab the attention or headlines global warming or diversity do. But without accountability and benchmarks for material risks and opportunities, there would no way to track success or hold companies responsible.

Here’s how a partner in a venture fund dedicated to ESG investments put it: Governance is the foundational element of the ESG triumvirate...
Private Capital Call

Q&As with Lori Johnstone,
the Portfolio Manager at Pacific Life.

Private Debt Survey 2022

We conducted a survey of institutional investors to understand their sentiment amid the current market environment and how that is driving investment allocation.
Chart of the Week
Citizens for Action
Job creation, fair pay, and stakeholder accountability are top demands of companies today.
Source: 2022 JUST Capital Foundation
June 15, 2022 | Pier Sixty, Chelsea Piers | NYC
The Middle Market CLOs and Direct Lending Conference

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Stat of the Week
Loan Stats at a Glance 
PDI Picks
Eyes turn to Asia-Pacific
The region is attracting increasing interest (see chart), which extends beyond mainstream strategies to more niche areas...
Leveraged Loan Insight & Analysis
US unitranche leverage edges lower,
spreads tick higher in 1Q22
First quarter 2022 US unitranche volume pulled back sharply in both the middle market and large corporate markets as lenders took a breather from the record-setting pace seen in 2H21...
The Pulse of Private Equity
A lackluster start for exits
PE exits came in lower in Q1 than what we’ve become accustomed to. PitchBook’s Q1 US PE Breakdown Report found about $90 billion worth of sales, the slowest quarter since deal markets revved up in Q4 2020...
Contact: Alex Lykken / PitchBook
Covenant Trends 
Flex Trends: Pricing
(% of all Flexes that Decrease All-in Spread)
and Covenants (% with Zero Doc Score Flex)
High-Yield Bond Statistics
Weekly fund flows source: Lipper
DL Deals: News & Analysis
Direct lenders usher in new records
for jumbos, recurring rev deals
Competition between liquid and illiquid debt financing is heating up amid broader economic uncertainty generated by rising inflation, interest rate hikes and the war in Ukraine...
Private Debt Intelligence
Investor outlook on private debt strategies
shifts towards direct lending
Direct lending is investors’ favoured private debt strategy in 2022, taking over from distressed debt, according to Preqin’s annual Investor Survey. Almost half of investors see direct lending as presenting the best opportunities in 2022...
Debtwire Middle-Market
Contact: Hema Oza / Debtwire 
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.