Post Election: Markets March On
Given all that’s gone on this year, it’s unsurprising that Election Day came and went, with only a big “TBD” to show for it.
Results now are mostly in, but this uncertainty had little impact on the capital markets. The S&P had its best week since April and bond yields sank only mildly. As is often the case, business thrives when government is gridlocked.
October’s HY bond volume of $34 billion, the second highest October ever. BSL activity reached $44 billion for the month – with September’s $50 billion, the best two-month performance since pre-COVID…
▶︎ Read Nov 2 2020 newsletter: here
▶︎ Chart of the Week: here (by CDC)
Latest news
PE fund distribution rates
Following 2021, buyout distribution rates have fallen to roughly 10% to 15% below the 25-year average.
Sub line pricing flattens
A report on the topic also finds that investors are less concerned by leverage in NAV loans. Pricing for subscription…