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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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Industrial Growth | Fourth Quarter 2020

February 2021 – During Q4 2020, equity capital market returns for SCA’s Industrial Sector Growth Index experienced considerable growth (+22.2%) alongside the broader S&P (+7.9%) and NASDAQ (+40.5%) indices over the same time period as forward-looking investor sentiment grew highly optimistic with industrial demand. More specifically, the index experienced positive results across six of the seven subsectors for the quarter, with notably strong performance driven by Metals (+40.1%), Precision Machine Products (+35.1%) and Analytical Instrumentation & Testing Equipment (+22.5%).

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