Financing

glass building
Insight
European leveraged finance: A whole new world
European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the "new normal", rate and price stability offer hope for a brighter 2024.
Sao Paulo, Brazil
Insight
LatAm debt markets ready to rebound
Debt Explorer | After a slow first half, the outlook for Latin American debt markets is improving as inflation cools and interest rates stabilize
banknote
Insight
European NPLs: Market earns welcome breathing room
The ongoing decline in NPL volumes in 2022 and pivot towards smaller disposals leave European lenders well positioned to withstand adverse economic conditions.
Fintech unicorn
Insight
Financial institutions M&A: Sector trends - September 2023
We highlight the key UK & European M&A trends in H2 2022 and H1 2023, and provide our insights into the outlook for M&A moving forward.
building windows
Insight
Term loan C in the spotlight
Debt Explorer | In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity
worm's-eye view of tall buildings
Insight
Global IPOs: Seeking signs of stabilization
Global IPO markets faced unexpected headwinds in 2022, prompting some to postpone their deals until the dust settles, but the market remains resilient
windows
Insight
Private equity sponsors intensify focus on flexibility in portfolio company loan documents
Debt Explorer | As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents.
Shanghai
Insight
APAC debt markets hang tough
Debt Explorer | Economic headwinds proved challenging for leveraged finance markets in Asia-Pacific in 2022, but rising issuance beyond the core Chinese market cushioned the impact of global macro dislocation. 
New York city photo
Insight
US leveraged finance slows in turbulent market
Debt Explorer | The US leveraged finance market ended 2022 in the red, as inflation and rising interest rates put the brakes on issuance  
aerial view of forest roads in autumn
Insight
European leveraged finance: Choosing the right path
European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?
Africa
Insight
Africa Focus: Winter 2022
Embarking on a period of unprecedented growth and opportunity
Real estate 2023: Into the headwinds
Insight
Real estate 2023: Into the headwinds
The sector's ability to adapt to changing circumstances underlines positivity and upbeat sentiment about the future—particularly in the longer term
polygon glass building
Insight
High yield squeezed in face of economic uncertainty
Debt Explorer | High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize
Taiwan
Insight
Managing Volatility: Considerations for Taiwan investors and businesses
Key legal developments in 2022 and their implications for Taiwan.
cash
Insight
Financial Regulatory Observer 2022
The Financial Regulatory Observer spotlights selected topics currently driving regulatory and technological changes in the financial industry.
stock board
Insight
Economy pumps the brakes on loan markets
Debt Explorer | Leveraged loan activity slows in the US, Europe and APAC as a volatile economic backdrop and the rising cost of debt starts to weigh on issuance
various money
Insight
Recurring revenue reset?
Debt Explorer | As the technology sector cools and macro-economic headwinds build, lenders are reassessing the provision of recurring revenue loans
Lighthouse light
Insight
Debt Explorer
The White & Case Debt Explorer is an interactive tool that puts a wealth of leveraged finance data and more at your fingertips.
Madrid
Insight
M&A keeps Spanish debt market busy after volatile first half
Debt Explorer | After a bright first quarter, Spanish leveraged finance has been confronted by the same headwinds buffeting the wider European debt space—but a cluster of large M&A deals may keep the market active for the rest of the year
London hero image
Insight
European M&A issuance pauses for breath
Debt Explorer | M&A was expected to ease off the accelerator in 2022 following a blistering 2021, but questions remain about how long it will take M&A financing to catch up with dealmaking
US LevFin 2022
Insight
US leveraged finance: Navigating choppy waters
Borrowers and lenders are seeking new opportunities in the face of growing market volatility
LED lights
Insight
Term loan A debt is back in fashion
White & Case Debt Explorer | Term loan A debt is back in the spotlight as borrowers look for financing alternatives in an increasingly volatile institutional loan market
graph
Insight
Macro-economic headwinds slow global leveraged loan market in H1
White & Case Debt Explorer | Rising inflation and climbing interest rates have slowed leveraged loan activity in Europe and the US, while COVID-19 restrictions in China dampened demand in Asia-Pacific.
FIG M&A Sector Trends - July 2022
Insight
Financial institutions M&A: Sector trends - July 2022
We highlight the key UK & European M&A trends in H2 2021 and H1 2022, and provide our insights into the outlook for M&A moving forward.
European NPLs: Smaller deals and a slower pace
Insight
European NPLs: Smaller deals and a slower pace
The European non-performing loan landscape looks very different in 2022, with large deals driven by urgent government regulation supplanted by small but steady opportunities.
Africa Focus: Summer 2022
Insight
Africa Focus: Summer 2022
Sustainably powering Africa’s development
Mexico city
Insight
ESG-linked debt markets come of age in Latin America
Despite a decline in overall bond and loan issuance in the Latin American region, ESG-linked debt issuance thrived in 2021—and looks set to continue in the months ahead  
Metropolis
Insight
Global IPOs: A blockbuster year
IPOs boomed in 2021, with both the number of new listings and the total proceeds raised breaking records. But dealmakers face a tougher road ahead.  
Connect cars
Insight
At a crossroads: Europe’s auto sector borrowers face change and the effects of events in Ukraine
Vehicle sales rebounded strongly following lockdowns, but Europe’s automotive companies confront a period of significant change as governments phase out combustion engines, supply chain constraints bite and the impacts of events in Ukraine are felt  
stock market
Insight
Backed by SPACs, IPOs hit new heights in 2021
A combination of SPACs, pent-up demand from pandemic-shocked 2020 and a wave of technology listings drove the IPO market to record highs 
Shanghai city image
Insight
Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region
Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains  
Facing headwinds
Insight
Facing headwinds
The aviation sector has endured a difficult two years amid border closures and lockdowns. In spite of persistent volatility and uncertainty, our survey finds that senior executives are cautiously optimistic about the state of global aviation financing in 2022
London city photo
Insight
European leveraged finance: From surviving to thriving
Leveraged loan and high yield bond markets in Western and Southern Europe saw a major resurgence in the past 12 months, driven initially by refinancing, followed by almost unprecedented M&A and buyout issuance, and setting the stage for, on balance, a productive year ahead  
building
Insight
Loan activity drives US leveraged finance to new heights while high yield bond issuance maintains lofty pace
Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022  
Patterns
Insight
CLO activity skyrockets in the US
Financial stimulus and sustained investor appetite for yield have seen US CLO issuance scale record heights  
Stock board
Insight
Buy-and-build boom sees add-on debt surge
Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment  
Doha
Insight
Islamic finance closes in on LIBOR transition
Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance
Insight
M&A drives issuance in busy healthcare space
Following a year of healthy activity, M&A deals in the pipeline are set to sustain leveraged finance issuance in the pharmaceutical, medical and biotech sector in the months ahead.
sunset view
Insight
European leveraged finance: From survive to thrive
European leveraged finance markets rebounded in the past 12 months, driven  by enthusiastic refinancing activity and a resurgent M&A marketplace, setting the  stage for a healthy year ahead
LED lights
Insight
Investor appetite gives borrowers a boost
Investors eager to maintain high levels of capital deployment have kept terms and pricing highly flexible for bond and loan issuers, but that does not mean easy access for borrowers—lenders are still pushing back against credits that fall short of the quality bar