TheLeadLeft

2023 Outlook for M&A

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The beauty of time off from work is the opportunity to reflect on the big picture. For us at the Lead Left it means moving beyond 2022 rates and recessions to a thoughtful consideration of what comes next… ▶︎ Read Jan 9 2023 newsletter: here ▶︎ Chart of the Week: here (by Steven Rattner, US […]

Debtwire Middle-Market – 1/17/2023

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Leveraged loans & high yield bonds backing buyouts decline in 2022 Source: Debtwire Par New issuance in the leveraged loan and high yield bond markets took a dive from last year’s totals as the pressures besetting the market remained persistent. Institutional loan issuance declined 68% to USD 294.4bn, while high yield bond volume tumbled an…

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The Pulse of Private Equity – 1/17/2023

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2022: The year of the smaller deal Download PitchBook’s Report here. A down year, to be sure, but a healthy one by historical standards. PitchBook’s just-released US PE Breakdown, the annual version, estimates $1.01 trillion in capital invested in 2022. That’s down from 2021’s $1.26 trillion reading, but it’s another $1T showing nonetheless. More than half…

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Covenant Trends - 1/17/2023

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Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-) (Past performance is no guarantee of future results.) Contact: Steven Miller