Financing

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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

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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

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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

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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

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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 

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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  

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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

buildings
Insight
Credit ratings rebound

Reopening economies have transformed the credit landscape with ratings upgrades rising sharply through the year, after 2020 recorded the highest number of downgrades in more than two decades.

Offshore Winds
Insight
Lenders zero in on the fine print as ESG issuance surges

The rise in sustainability-linked debt issuance observed in 2021 has shown little sign of slowing down as borrowers continue to focus on improving ESG performance in response to investor demand.

Refinery
Insight
Recovering prices stabilize oil and gas credits

Recovering oil prices brought much needed stability to the balance sheets of oil and gas borrowers that were on the brink of foreclosure through lockdowns, but the transition away from hydrocarbons poses an ongoing challenge for issuers.

Liquid debt markets hit the brakes on restructurings
Insight
Active private equity firms buoy buyout issuance

Issuance of leveraged loans and high yield bonds to fund buyouts surged to quarterly highs in 2021 as private equity sponsors raised their investment game

Insight
Financial Regulatory Observer - Autumn 2021

The Financial Regulatory Observer spotlights selected topics currently driving regulatory and technological changes in the financial industry.

Africa Focus
Insight
Africa Focus: Autumn 2021

Transitioning to new priorities in a post-pandemic era

Ontario
Insight
Canadian issuers take advantage of buoyant US markets

A rebounding domestic economy and abundant liquidity south of the border are encouraging Canadian borrowers to draw on US high yield bond markets in increasing numbers

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Insight
Leveraged loan markets keep on rolling

Despite a spike in energy prices and persistent inflation, year-to-date leveraged loan activity showed substantial gains on 2020 levels  

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Insight
High yield bond markets make steady year-on-year gains

Global high yield markets paused for breath in Q3 2021, but year-to-date issuance remains ahead of 2020 levels in most regions

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Insight
Latin America Focus: Fall 2021

Opportunities and challenges in post-COVID-19 Latin America

Intersection
Insight
US infrastructure 2021 – 22: The path to growth

Our survey shows investment in infrastructure assets looks set to accelerate with an anticipated boost from the US infrastructure bill and a growing focus on sustainability and technology

Taiwanese investors and businesses: Forging a path through global transitions
Insight
Taiwanese investors and businesses: Forging a path through global transitions

Key legal developments in 2021 and their implications for Taiwan

entrance
Insight
Financial institutions M&A: Sector trends - September 2021

We highlight the key European M&A trends in the first half of 2021, and provide our insights into the outlook for M&A moving forward.

Doha
Insight
Middle East debt markets step up as economic outlook improves

Lifting pandemic restrictions, coupled with successful vaccination rollouts in the Gulf and an improving economic outlook, supported a rebound in loan and bond activity in the Middle East in the first half of 2021

Windmill
Insight
The rise and rise of ESG-linked debt issuance

ESG-linked financing issuance swelled in 2021, with issuers responding to the rapid growth in investor demand for environmental and socially-linked debt issuance

Hong Kong city
Insight
High yield bond issuance grows in APAC despite cooling real estate activity

Strong refinancing appetite sustains the high yield bond market in the Asia-Pacific region despite a slowdown in real estate issuance in China.