Recent Insights

Miami
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Lenders eager to finance US buyouts, but supply of new deals tightens

High yield bond and syndicated loan lenders are eager to fund US buyout deals, but competition from private debt markets and high secondary buyout volumes have restricted supply

Pharmaceutical
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Healthcare M&A delivers promising first quarter

Dealmaking within the PMB sector enjoyed an impressive start as companies across the globe embarked on their post-pandemic recovery.  

factory
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Industrials, chemicals and materials issuers take advantage of borrower-friendly backdrop

High yield bond and leveraged loan issuance by European industrials, chemicals and materials companies sustained steady activity levels in Q1 2021 as they took advantage of a borrower-friendly market to raise financing

plant
Insight
2021 International Arbitration Survey: Adapting arbitration to a changing world
grey stairs
Insight
Repricing on the rise

Borrowers are taking advantage of buoyant leveraged loan markets in the US and Europe to reprice existing credits at lower interest rates, and lenders are happy to oblige

railway
Insight
Transportation M&A posts new record in Q1

The first quarter of 2021 saw a string of big-ticket deals in the transportation sector, pushing quarterly deal value to a record high

stock market display
Insight
Abundant liquidity drives leveraged loan issuance

Highly competitive and liquid markets saw leveraged loan issuance in the US and Europe surge, while activity in Asia-Pacific dipped despite high-profile jumbo deals

buildings
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High yield bond issuance climbs in borrower-friendly market

Borrowers in the United States, Europe and Asia are tapping buoyant bond markets to extend maturities and refinance existing debt at cheaper rates

city image
Insight
PE real estate deals bounce back in Q1

Signs of a rebound follow last year's pullback in private equity real estate deals

Lincoln Memorial
Insight
Assessing prospects for change under the Biden administration

Consider three factors: likelihood of legislation; complexity of regulatory action; and timeline for infrastructure development

Offshore Winds
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Offshore wind fuels European M&A wave

A string of deals took place in the first quarter as energy firms look to capitalize on offshore wind's potential  

Electric Towers
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Electrification, hedging risk spur utilities M&A

More than any other factor, the energy transition motivates utilities deals worldwide

bank notes
Insight
COVID-19 and the state of the European NPL market

Early in 2020, as the pandemic took hold, the European NPL market went into lockdown along with the rest of the economy—but as the market opened up in the second half of the year, NPL sellers jumped back in, setting the stage for a busier 2021.

macroshot of a plant
Insight
Grass roots and green shoots

European non-performing loan trends in a post-COVID-19 world

Stock Market
Insight
Megadeals drive global M&A to 10-year high in Q1 2021

Global M&A value more than doubled YOY to the highest first quarter total on record

buildings
Insight
Global PE deal value jumps to highest quarterly total since 2007

In Q1 2021, private equity activity reached its highest quarterly value in more than a decade

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Africa Focus: Spring 2021

Navigating a changing business landscape in Africa and beyond

infrastructure at night
Insight
Asia-Pacific oil & gas infrastructure: New opportunities for the nontraditional investor

Without being part of the full hydrocarbon value chain, pension and super funds are now claiming stakes in the Asia-Pacific oil & gas market, bringing into play nontraditional sources of funding for processing infrastructure assets in the region.

building
Insight
President Biden and leveraged finance: Short-term stability, long-term change?

Many leveraged finance dealmakers welcomed the certainty and stability President Biden's election brought to capital markets but attention will now turn to what the new administration means for the markets in the long-term

metal wall
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Clearing the debt maturity wall

COVID-19 disruption has had little impact on borrowers' ability to refinance debt and extend loan maturities

Singapore city
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Sovereign wealth fund M&A volume surge in 2020

SWFs acquired more deals in 2020 as they hunted for stable returns in volatile times

circuit board
Insight
Sponsor and lender demand are back

Jennifer Kloud and Mitchell Kinastowski from BMO Sponsor Finance speak with White & Case partner Jacob Schtevie about BMO’s approach to funding technology credits, the importance of financial sponsor relationships in the mid-market and the growing popularity of recurring revenue financings

Insight
US SPACs look beyond their backyard to Europe

Although most SPAC activity is concentrated in the US, the boom in listings spells opportunities for European firms

Hong Kong city
Insight
Private equity in APAC ready to rebound

After a challenging 2020, APAC private equity dealmakers are forging ahead with deals, and financing markets are well-positioned to support the revival

bridges
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Asia-Pacific Infrastructure 2021: Strong foundations in a changing world

Although the world has been in the grip of a pandemic, our survey shows that the Asia-Pacific infrastructure market is set for considerable growth in the next few years with technology and ESG considerations at the heart of that expansion

stock market display
Insight
Global IPOs: Back in the game

When COVID-19 closed the IPO window at the start of last year, expectations were bleak. But the market fought back and 2020 ended on a high.

staircase
Insight
The flight to quality in European issuance

The European leveraged finance market remains resilient following a year of unprecedented hardship, as lenders dissect credits to determine the best possible deals, from business fundamentals to pricing and documentary terms

seoul city image
Insight
South Korean M&A staged Q4 comeback

An active fourth quarter and strong economic fundamentals signal a busy year ahead for South Korean dealmaking

office building windows
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Shareholder activists poised for a resurgence in 2021

As the dust begins to settle, shareholder activists are making a comeback

Aviation
Insight
Aviation finance in Russia and CIS countries

Opportunities in uncertain times  

tables outside a restaurant
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Leisure industry readies for distress amid prolonged lockdowns

Despite encouraging signs that economies could reopen as COVID-19 vaccinations are rolled out, additional waves of infections and extended travel restrictions weigh heavily on the leisure and hospitality industry

LED lights
Insight
Chapter 11 cases soared in 2020, with more distress likely in 2021

Commercial chapter 11 filings in the US increased significantly in 2020, but government stimulus measures and widespread availability of fresh capital resulted in fewer corporate restructurings than many anticipated—that could change in the next 12 months

Climate change
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Climate change disputes: Sustainability demands fuelling legal risk

Businesses must be prepared for legal challenges to their activities and proactively take steps to limit their exposure to climate change-related claims

SPACs on track to drive M&A leveraged loan issuance
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SPACs on track to drive M&A leveraged loan issuance

Record SPAC issuance is expected to boost M&A activity, supporting additional leveraged finance issuance, while financial sponsors take advantage of the opportunity to exit existing investments.

Shanghai city image
Insight
COVID-19 and trade tensions weighed on Asia-Pacific debt markets

COVID-19 disruption and tension between the US and China saw loan and high yield bond issuance decline across Asia-Pacific in 2020, and borrowers and lenders remain cautious

airport boarding area
Insight
Transportation M&A showed signs of recovery in Q4

Dealmaking is gradually making a comeback in the sector, both as a means to rebuild hard-hit companies and to meet growing consumer demand

building
Insight
Private equity turns to fund restructurings in COVID-19 slowdown

General partner-led fund restructurings accounted for the majority of private equity secondaries volume in 2020 as managers sought liquidity in a flat exit market

Miami
Insight
Positive outlook: US leveraged finance on solid ground for 2021

In 2020, after a volatile first half, US leveraged finance markets experienced a strong second half and are well-positioned for 2021.

exhaust pipes
Insight
Carbon capture and storage: The legal and regulatory context

In addition to regulating how CO2 is stored and transported, governments increasingly provide incentives to accelerate adoption of carbon capture and storage

US M&A 2020 Against all odds
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Against all odds: US M&A 2020

US deal activity held up remarkably well in the face of unprecedented uncertainty in 2020, with total deal value in H2 surpassing the previous year