Thanksgiving week in the US capital markets is always a mixed blessing. Wonderful for families and friends, celebration and gratitude. But smack in the crazy year-end rush. Everyone juggling deals and parties – and running on fumes. Six weeks before it starts all over again.

What will 2020 deal activity look like? Hard to beat 2021. As our friends at S&P LCD noted last week, high-yield bond and leveraged loan issuance set a new annual high of $1 trillion. And as our Chart of the Week depicts, combined syndicated and direct loans set a record $228 billion, topping 2007’s BSL-only mark…

▶︎ Read Nov 22 2021 newsletter: here

▶︎ Chart of the Week: here (by Refinitiv LPC)

(Any “forward-looking” information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition Past performance is no guarantee of future results. Investing involves risk; principal loss is possible.)