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PDF | Research |Week of May 2, 2022
May 10, 2022 | The Landmark, London and Online
CLO Symposium 2022 
Connecting the US and European CLO community
Quote of the Week
The Fed only knows where neutral is in retrospect.
Steven Blitz, chief US economist, TS Lombard.
Lead Left Vodcast
Why ESG Matters: Governance
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Why ESG Matters
(Sixth of a Series)
So far in this special series we’ve outlined the history of the ESG movement, its complexities and challenges, and current themes in climate and social change, and governance.

It’s clear that compelling dynamics are behind ESG in all its aspects. It’s also evident that defining, let alone organizing or regulating, such a multi-dimensional entity goes beyond borders and jurisdictions. Yet the attempt to do so was there from the start.

The impetus for environmental disclosure has perhaps the longest history. The result has been the development of many “standard-setters:” the Carbon Disclosure Project, the Global Reporting Initiative, the International Integrated Reporting Council...
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
Reporting For Duty
A growing number of companies are attending to ESG standards.
Source: Nuveen, The Value Reporting 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
Placing a bet on litigation
Litigation finance has found a way to attract the retail investor...
Leveraged Loan Insight & Analysis
Unitranches help move senior leverage
higher on direct lender middle market
technology sector LBO deals
The increasing popularity of the unitranche loan structure backing direct lending middle market LBOs in the technology sector drove senior leverage levels higher than those in the broadly syndicated market last year...
The Pulse of Private Equity
PE firms are clubbing again
During the buyout boom of 2005-2008, “club” deals were a common sight, especially at the high end. When the music stopped in 2008, many of the biggest portfolio companies were held by three or more PE firms...
Contact: Alex Lykken / PitchBook
Covenant Trends 
Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored v Non-Sponsored (LTM)
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
Special situations fundraising momentum slows
Special situations is a niche – but important – segment of the private debt market and attracted interest during the COVID-19 pandemic. Have investors now cooled on the strategy...
Contact: Megan Harris / Preqin 
Debtwire Middle-Market
High Yield bond secondary prices tumble,
sending yields to post-pandemic highs
Source: BofA US HY Index, Debtwire Par
Average prices for high yield bonds trading in the secondary market have taken a significant hit this year, falling from a high of 103.17 in January to just 92.31 on 4 May, according to the ICE BofA US High Yield Index...
Contact: Vincent Daigger / 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.