Lead-Left-logo-for-Newsletter image

PDF | Research | Week of Feb 6, 2023

CLO-Awards-v3 image
CLO-Awards-Banner-2 image

Quote of the Week

Your heart says ‘I think this is going to be OK’

but your head says ‘I know these guys are playing for keeps’.

– Jonathan Hausman, senior managing director,

global investment strategy, Ontario Teachers’ Pension Plan.

Lead Left Vodcast

Bankers’ M&A Outlook for 2023

🔔 Subscribe to our YouTube channel: click here

Watch Now

The Everything Rally

2023market image

Inflection points are often apparent only in hindsight. While it’s premature to call a top to the current rate and inflation cycle, signs are evident that change is underway.


Last week’s Fed rate hike of 25 bps, a deceleration from its previous three monthly moves, is a case in point. At 4.50-4.75% we are within a hike or two away from the 5%-ish terminal rate at which the market expects the Fed to level off for a wait-and-see.


The questions are how long will they wait, and what will they see? Last Friday’s job report may have given them pause. Is the economy still in need of a smack down, or will the labor market settle down as other inflation indicators seem to have done?...

Visit our Website

Chart of the Week

Healing Time

Secondary BSL bids are edging up in concert with optimism in public equities.

Feb-6-2023-CTW-1024x761 image

Source: Leveraged Commentary & Data (LCD); Morningstar LSTA US Leveraged Loan Index

Lead with Your Left

30-DAY FREE MEMBERSHIP


Join the leading voice of the middle market. Try us free for 30 days.
Learn More

Stat of the Week

Feb-6-2023-stat image

Loan Stats at a Glance 

Febn-6-2023-SP-768x591 image

PDI Picks

Direct lending stays in favour with LPs

Febn-6-2023-PDI-768x558 image

With few signs of trouble emerging the strategy is still going strong, but for distress the outlook is more mixed...

Read More

Leveraged Loan Insight & Analysis

Returns jump across US

corporate credit to start the year

Feb-6-2023-RF-1536x1045 image

Total returns on US corporate credit have jumped to start the year, driven by more favorable sentiment across the capital markets, as investors react to a third straight month of declining inflation and the expectation...

Contact: Hugo Pereira/ Refinitiv LPC

Read More

The Pulse of Private Equity

PE IRRs down two quarters

Feb-6-2023-PitchBook-1536x1125 image

Following a stalwart 2021, global PE fund returns fell swiftly in 2022, according to PitchBook’s Global Fund Performance Report. While Q1 remained positive, Q2 dipped into negative territory at -2.4%, and our...

Download Data & Report
Contact: Alex Lykken / PitchBook

Covenant Trends 

Average New-Issue Clearing

Spreads (Single B) and Covenant Terms for All

First-Lien Institutional Loans

Feb-6-2023-CR-v2-1536x1109 image
Download Data

Contact: Steven Miller / Covenant Review

High-Yield Bond Statistics

Feb-6-2023-Levfin-1-768x545 image
Feb-6-2023-Levfin-2-768x545 image
Feb-6-2023-Levfin-3-768x545 image
Weekly fund flows source: Lipper
Download Data

DL Deals: News & Analysis

DLD-Logo image

Benign decline: Volume eases 14%

YoY in DLD’s Private Data set

Feb-6-2023-DLDs-1536x1101 image

KBRA DLD tracked $3.8 billion in new-issue volume last month across sponsored, U.S. borrowers. Managers said new business felt slower than usual for the start of the year, and indeed, the tally in our Private Data set...

Contact: Kelly Thompson /Direct Lending Deals

Private Debt Intelligence

Preqin-vF image

Industrials lead private

debt deals in North America

Feb-6-2023-Preqin-768x549 image

A month into 2023, industrials are the dominant sector among private debt deals in North America with 10 deals out of 36 deals in total (28%), a three-deal lead over consumer discretionary. Activity in the sector is...

Download Data

Contact: Megan Harris / Preqin

Debtwire Middle-Market

Feb-6-2023-Debtwire-768x528 image

Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield

Download Data

Contact: Hema Oza/ Debtwire 

Middle Market Deal Terms at a Glance

Jan-2023-SPP-v2 image

Contact: Stefan Shaffer / SPP Capital Partners

Select Deals in the Market

Feb-6-2023-Deals-768x307 image
Churchill-2020-logo-white-for-event-invite image
STAY CONNECTED
Twitter  Linkedin  Youtube  

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.