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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 66 slides",
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  "notes": "Slide 39 from a Goldman Sachs presentation.",
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      "text": "Global High Yield Issuance Has Surged (HY Bonds vs Loans)",
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      "text": "Ample Dry Powder is Available (Annual PE dry powder)",
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      "text": "Signs of Life are Beginning to Emerge (LBO volume by quarter)",
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      "text": "LBO activity increased across several sectors during 2H 2009 and Q1 2010. Key large deals include: Cerberus/DynCorp, MDP/BWAY, TPG/IMS Health, Silver Lake/Skype, Blackstone/Busch Entertainment, EQT Partners/Springer Science.",
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      "text": "Source: GS Internal data; Thomson Reuters; 'A Perfect Storm for M&A,' Goldman Sachs Research Roundtable, October 13, 2009. Financial sponsor cash levels as of September 30, 2009.",
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      "text": "Private Equity Dynamics Are Improving",
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