Recent Insights

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market

Refinancing activity has proven an attractive option amid COVID-19 disruption, with borrowers in good standing seeking to extend maturities and take advantage of low interest rates

Deal activity within the renewables sector has been a bright spot for energy M&A in 2020

Chinese real estate lenders lift APAC high yield bond issuance after an active Q3

COVID-19 split the retail financing market—players of scale with online capabilities thrived, while retailers reliant on brick-and-mortar stores for the bulk of their earnings came under increasing financial pressure

Global retail M&A value increased year on year, as appetite for supermarket and convenience store assets resulted in big-ticket deals

Dividend recapitalization activity plunged in the immediate aftermath of COVID-19 but, as markets recovered, investor appetite for recap deals swelled

The oil and gas sector has been one of the hardest hit by COVID-19 lockdowns and there has been little relief as restructurings rise across the industry

After taking a deep dive in Q2, US leveraged loan issuance picked up in Q3, while European markets gained year on year

Deal activity fell dramatically in 2020, but Q3 shows signs of recovery

A guide to navigating the rules for investing in countries that require foreign direct investment approval

Despite a drop in activity, public-to-private (P2P) transactions in Europe have continued through 2020, unlike in the US market, where they have fallen sharply

While COVID shut the window on deals in H1 2020, Q3 saw a revival that augurs well for the rest of the year and beyond

After deal activity stagnated in H1, the third quarter offers some hope for dealmakers, as deal volume and value surpass Q3 2019

Although US high yield bond issuance cooled somewhat in Q3 2020, it still hit record highs, while European activity remained on an upward trend

The law will make German financial markets more competitive, allowing issuers and investors to benefit from efficiencies and lower transaction costs.

A series of exit megadeals doubled the value recorded in Q3 2019, while global buyout activity lost momentum, growing more modestly in the third quarter.

As pandemic effects linger, companies intent on avoiding layoffs are looking at compensating workers with equity in lieu of cash as part of their pay.

A majority of dealmakers say their companies are focused on defense or survival, but about a quarter are actively pursuing growth.

The UK's new Corporate Insolvency and Governance Act introduces a restructuring plan procedure that enhances the flexibility of the English scheme of arrangement

While not unscathed by the ongoing pandemic, software deals are proving to be resilient to the effects of lockdown

Significant legal and business developments during 2020

Africa in the coronavirus era

Competition regulators have shown their ability to act quickly and decisively in order to help allay the worst impacts of the coronavirus outbreak. Could these responses provide a template for achieving environmental and sustainability goals in the future?

While Spain's recession is expected to be among the deepest on the continent, the nation has remained one of the most attractive deal destinations in Europe for PE and M&A

Although COVID-19 lockdowns have seen high-profile companies lose their investment grade status, lenders have continued to support these credits

The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions

The online gaming industry has flourished amid stay-at-home orders

Leveraged finance defaults are rising as the impact of COVID-19 is felt, but covenant-lite terms, government intervention and support from financial sponsors have mitigated fallout from the pandemic

After COVID-19 concerns brought issuance to a near halt in March, Q2 high yield bond activity climbed in most markets as borrowers sought to boost balance sheets and cash reserves

Latin American loan issuance has felt the effects of COVID-19 disruptions, but lenders have remained open for business as borrowers turn to bilateral loan revolving credit facilities for liquidity

A surge of interest from inbound investors drives recovery after a sharp fall in Q1

Growing investor appetite for financial products with a positive impact, coupled with a demand for recovery capital post-COVID-19, have lifted the market for social bonds

Strong ESG credentials and long-term plans to improve their relationship with society and the environment are increasingly important to ensure companies’ access to capital

The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021

Investor sentiment has begun to recover, but ratings downgrades and higher pricing continue to keep loan markets on alert

A handful of large deals struck early in the year provided a few bright spots for Italian M&A activity in H1 2020

The global mining & metals industry began the new decade on a positive note. But as the global economy is struck by the unprecedented force of the coronavirus pandemic, how is the sector positioned for life post-COVID-19?