PDF | Research |Week of Sep 5, 2022

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Quote of the Week

The long era of low inflation, suppressed

volatility and easy financial conditions is ending.

– Mark Carney, former governor, Bank of Canada and Bank of England.

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A League of Its Own

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We all have a few sad childhood memories. One of our lowest moments was coming home for Thanksgiving freshman year to discover our younger brother had traded away our baseball card collection. We had gifted him the shoebox full of Topps stars that summer, assuming he would prize it highly. Turns out he prized his friend’s set of Hot Wheels® more.

This past heartbreak came to mind with news last week that an extremely rare 1952 Mickey Mantle had fetched $12.6 million at auction. Beyond the sentimental value, we’ve wondered over the years whether our lost contents might have included any similar gems (we recall a somewhat worn 1963 Sandy Koufax) that would have eased our retirement.

Covering the news, one sports reporter even coined a name for our anxiety: “Topps Transference Trauma.”...

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Chart of the Week

Collectors’ Item

Covid, likely helped by volatility and inflation, has been a boost to trading card returns.

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Source: The Daily Shot, PWCC

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Stat of the Week

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Loan Stats at a Glance 

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PDI Picks

Fundraising caution, but no collapse

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The numbers are holding up reasonably well, but getting LPs to part with capital is becoming a tougher task in many cases...

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Leveraged Loan Insight & Analysis

US$7.6bn of new issue US CLOs priced in August

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US CLO new issue volume was US$7.6bn in August, down from US$11.5bn in July and down from US$19.2bn priced in August last year. Although the pace of new CLO formation slowed, total volume so far in 2022 is US$92.57bn...

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Contact: Elizabeth Han / Refinitiv LPC

The Pulse of Private Equity

Shrinking dry powder

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Private equity’s pile of dry powder has eroded the past two years, according to PitchBook’s latest Private Market Fundraising Report. Globally, the industry has about $1.24 trillion of uninvested capital...

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Contact: Alex Lykken / PitchBook

Covenant Trends 

Accordion Inside Maturity

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Contact: Steven Miller / Covenant Review

High-Yield Bond Statistics

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Weekly fund flows source: Lipper
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Private Debt Intelligence

More investors see

opportunities in distressed debt

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Global inflation, rising interest rates, and slowing growth are driving investor interest for distressed debt. After opportunities anticipated during the COVID-19 pandemic failed to materialise, investor interest in distressed debt dropped to...

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Contact: Valerie Kor / Preqin 

Debtwire Middle-Market

Loan and bond investors trade

short-term pain for long term-gain

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Source: Debtwire Par, Markit, ICE BofA US HY Index

Following a short-lived summer rally in the leveraged loan and high yield bond secondary markets, prices have once again been on the downswing. Leading up to fiery comments from Fed Chairman Jerome Powell...

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Contact: Vincent Daigger / Debtwire 

Middle Market Deal Terms at a Glance

Select Deals in the Market

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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.