Are the clouds beginning to lift?

Chart

The deal market is showing signs of picking up, as positive news on a covid-19 vaccine brings hope even to the worst-hit sectors.

Speaking to sources in the private debt market has been a surprisingly uplifting experience recently. Following many predictions of doom and gloom in the spring of 2020, the most common view in the fall seems to be that, on reflection, things could have been an awful lot worse.