Capital Markets Update – Week of March 15, 2021 (audio)

In an effort to provide even greater transparency around our offerings and our investment platform, the capital markets team provides weekly updates.

Listen below for Alex’s views on our short-term note program and the current private credit landscape from Percent’s perspective.

Please find the transcript for this video below.

Hi everyone, this is Alex Pirro, a VP on our Capital Markets team here at Percent. Thank you for tuning into this week’s audio update where we provide a recap of market news and an update on our investment platforms for the week ending March 13th. 

Looking at the equity markets, U.S. stocks finished the week at record highs on the Dow and S&P as President Biden signed landmark stimulus legislation into law, further buoying markets on the backs of positive pandemic news and better than expected inflation data. The Labor Department reported weekly jobless claims of 712,000 against estimates of 750,000, which once again represented the lowest print of the pandemic-era as workers are slowly brought back online. The 10yr and 30yr treasuries finished at 1.625% and 2.38%, going into the weekend wider by two and eight basis points from the weeks open, respectively. 

We had net inflows on 5 business days last week, and we continued to see new signs ups and funded accounts join Percent. Looking at our investment offerings, we closed and settled two transactions this week.

Secondly, we had ZZN1 2021-3, a rollover issuance for ZayZoon for $900 thousand. This 3-month offering carried an APY of 10.25% representing a 25bps negative new issue premium versus their last offering on the platform.

First, we had AXL1 2021-3, a rollover issuance for Axle for $750 thousand. This 2-month offering carried an APY of 10.25% representing a 50bps negative new issue premium versus their last offering on the platform.

That is all for this week’s update. Thank you for tuning in and your continuous support; have a great week!

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