Illustration: Sarah Grillo/Axios

Global economic concerns eating into the leveraged loans market, thus making it more difficult for private equity to close deals.

Why it matters: Five U.S. leveraged loan offerings have been pulled so far this month. Summer vacations could be to blame, but this summer is the exception. Instead, the last such slowdown came at year-end 2018, mirroring broader economic worries.

  • Some offerings are still moving forward, but often with more lender-friendly terms or reduced offering sizes. Ancestry.com just did both, for a dividend recap that would benefit owner Silver Lake Partners.
  • Better credits are always, well, better credits. But those on the wrong side of the tracks are being treated worse than is usual.

Policy matters: If you're an issuer with significant exposure to the U.S.-China trade war — which significantly escalated this morning — then you've got to give on pricing. And it's become hard to sell with a floating-rate, given Fed uncertainty that is unlikely to be resolved today in Jackson Hole.

The big picture: The leveraged loan market's real test will come after Labor Day, when the spigot turns significantly to the left.

Go deeper: China announces retaliatory tariffs on $75 billion of U.S. goods

Go deeper

Cleanup on aisle Biden

Photo: Andrew Caballero-Reynolds/AFP via Getty Images

After two gaffes and a low blow from President Trump questioning his faith, Joe Biden spent Thursday evening off his own message — clarifying comments and responding to attacks.

Why it matters: Biden’s responses reflect what we could see a lot more of in the next few months — cringeworthy comments and Trump smears, smacking into each other and pulling the Democrat off course.

2020 election strategy: Hire all the lawyers

Illustration: Eniola Odetunde/Axios

The coronavirus has sent overall U.S. unemployment into the double digits — but it's a sort of full-employment act for election law attorneys.

The big picture: The prospect of extended court fights over COVID-19-related voting changes, an absentee ballot avalanche, foreign interference and contested presidential results has prompted a hire-all-the-lawyers binge by candidates and campaigns — not just in swing states but around the country.

Right-wing media defanged by dissolving anti-Biden storylines

Data: NewsWhip; Chart: Naema Ahmed/Axios

The three biggest anti-Joe Biden storylines in right-wing media over the last year have either fizzled or are getting less online traction than they used to, according to data from NewsWhip provided exclusively to Axios.

Why it matters: This dynamic has rendered a formidable media ecosystem less effective in boosting President Trump as we move into the heart of the 2020 campaign.