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Capital Restructuring | Third Quarter 2021

November 2021 – At the end of third quarter 2021, Moody’s and S&P reported default rates of 2.5% and 2.4%, respectively. Low levels of loan default rates are expected well into 2022 with almost all near-term indicators of future defaults suggesting a lower default rate ahead, with credit metrics stabilizing, continued favorable lending conditions, and a strong economic rebound anticipated into next year.

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Business Services | Third Quarter 2021

November 2021 – After rising over 13% through Q2 2021, the SOLIC Business Services Sector Index (“SBSS Index”) was essentially flat during Q3 2021, increasing 0.7% in Q3 2021 compared to a 6.6% increase for the S&P 500. In particular, concern over the growing impact of the delta variant, along with rising inflation and supply chain challenges, caused stocks of services-related businesses to pull back in August and September. Stocks of Marketing Services (-11.5%) and Professional Staffing (-5%) experienced the greatest pullback in Q3, while IT Consulting (+8.4%), Specialty Consulting (+4.8%) and Information Services (+4.5%) experienced the strongest performance.

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Healthcare Services | Third Quarter 2021

October 2021 – Healthcare M&A activity in Q3 2021 continued its record pace started in Q1 2021. According to preliminary figures from Irving Levin Associates Inc., healthcare M&A transaction volume reached 590 deals, up slightly from the previous quarter and 1.5x the same quarter a year prior. The M&A environment is projected to remain robust due to a combination of sellers’ desire to close transactions before a possible increase in capital gains tax next year, an abundance of dry powder from private equity, and a large, fragmented healthcare market to deploy capital. Although some headwinds are on the horizon — including inflation and the possibility of interest rate hikes next year — dealmakers are, so far, undeterred. Transaction activity was robust in all sectors, but was particularly strong in physician services, post-acute care health systems, and healthcare technology.

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Industrial Growth | Third Quarter 2021

October 2021 – The SOLIC Industrial Sector Growth Index (“SISG Index”) decreased 2.3% as compared to the broader S&P (+6.6%) and NASDAQ (+1.5%) indices over the same period, and experienced positive results across three of the seven subsectors. The Industrial sector’s capital markets performance relative to the previous quarter was due to spikes in certain commodities prices and ongoing supply chain constraints, adversely impacting margins in certain subsectors.

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Industrial Growth | Second Quarter 2021

August 2021 – The SOLIC Industrial Sector Growth Index (“SISG Index”) increased 3.7% as compared to the broader S&P (+17.6%) and NASDAQ (+18.7%) indices over the same period, and experienced positive results across six of the seven subsectors. The Industrial sector’s capital markets performance relative to the previous quarter was due to significant recovery from the global outbreak of the COVID-19 virus.

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Capital Restructuring | Second Quarter 2021

August 2021 – At the end of second quarter 2021, Moody’s and S&P reported default rates of 4.1% and 4.7%, respectively, with both credit agencies forecasting default rates to fall to 1.6% (Moody’s by December 2021) and 4.0% (S&P by March 2022). S&P reports that near-term indicators of future defaults suggest a lower default rate ahead, with credit metrics stabilizing, vaccinations proceeding at a solid pace, favorable lending conditions, and a strong economic rebound expected to continue in the second half of this year.

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Healthcare Services | Second Quarter 2021

July 2021 – Healthcare M&A activity in Q2 2021 continued on its record pace which began in Q1 2021. According to preliminary figures from Irving Levin Associates Inc., healthcare M&A transaction values reached $126.1 billion, a 38% increase from the $91.3 billion in Q1 2021 and almost 10x the transaction value in Q2 2020. Transaction activity was robust in all sectors, but was particularly strong in physician services, post-acute care and health systems.

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Business Services | Second Quarter 2021

July 2021 – The SOLIC Business Services Sector Index (“SBSS Index”) was up 5.5% in Q2 2021, an impressive performance for most quarters, but significantly below the 18% increase in Q2 experienced by the S&P 500, which was lifted by a strong rebound in energy, financial and hospitality/leisure stocks as the sectors rebounded. The SBSS Index was led by Information Services (+11.1%), Professional Staffing (+9.0%), Business Process Outsourcing (+8.8%), and Marketing Services (+5.5%) reflecting strong demand for labor and operational support as businesses seek to return to pre-pandemic activity.

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Business Services | First Quarter 2021

May 2021 – After nine months of uncertainty and unprecedented disruption related to COVID-19, investor demand for Business Services related investments surged in Q1 2021, as expectations of a rapid economic recovery from the vaccine roll-out fueled an outlook for rapid growth in the sector. The SOLIC Business Services Sector Index (“SBSS Index”) was up 7.5% in Q12021 compared to an increase of 1.6% for the S&P 500. Virtually all industry sub-sectors of the SBSS index outperformed the broader markets as investors bet that companies will need to make significant use of outsourced service providers as they reopen and adjust to employee and customer dislocations from the past year.

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Capital Restructuring | First Quarter 2021

May 2021 – At the end of first quarter 2021, Moody’s and S&P reported default rates of 7.5% and 6.3%, respectively, with defaults led by the oil and gas, media and entertainment, and retail sectors. Both credit agencies forecast default rates to fall to 3.9% (Moody’s) and 5.5% (S&P) by year end, with S&P citing strong economic data and forecasted growth during 2021. Credit portfolio risks in the event default rates are driven higher are primarily expected to be the increase in U.S. Treasury yields this year and its impact on the rate environment, pandemic-related drivers, credit quality, and potential inflation. Many investors are looking at the loan market as a barometer of credit conditions.

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Industrial Growth | First Quarter 2021

May 2021 – Q1 2021 Equity Capital Market Returns: The SOLIC Industrial Sector Growth Index (“SISG Index”) increased 20.9% as compared to the broader S&P (+1.6%) and NASDAQ (+4.8%) indices over the same time period, and experienced positive results across all seven subsectors. The Industrial sector’s capital markets performance relative to the previous quarter was due to significant recovery from the global outbreak of the COVID-19 virus.

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Healthcare Services | First Quarter 2021

May 2021 – The recovery in equity capital markets, rollout of COVID-19 vaccine programs, supportive central bank monetary policy and robust access to capital available to private equity (PE) investors and special purpose acquisition companies (SPACs) all point to a rebounding M&A market in 2021. According to preliminary figures from Irving Levin Associates Inc., healthcare M&A transactions totaled 596 in Q1 2021, a 17% increase from the prior quarter, with almost $90 billion in total transaction value.

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