Recent Insights

We highlight the key European M&A trends in the second half of 2020, and provide our insights into the outlook for M&A moving forward.

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

Miners spent 2020 navigating the unprecedented challenge of COVID-19, and their resilience shone through. ESG was a dominant force but what should we expect as we head into 2021? 

Europe's recognition of the importance of fast and reliable connectivity predates the pandemic but as the demand for broadband connectivity has soared due to lockdown measures, how are countries across Europe placed for funding this high-speed provision?

In a year that saw global oil and gas M&A drop dramatically amid the COVID-19 pandemic, the Asian region generated record deal value

Dealmaking within the region has been driven by activity at the top-end of the market, as the region’s prize assets continue to attract dealmaker attention despite the downturn

Hospitality and dining have been buffeted by the pandemic, weighing on deal activity. But Q4 has brought welcome refinancing support and investor confidence.

Leveraged buyout high yield bond and leveraged loan issuance fell in Q3 2020 as a lack of buyout deals in a still cautious M&A market dampened appetite for financing

M&A in Vietnam surged in Q3, thanks to an economy that has proved resilient in the face of a global pandemic

Lockdowns and market volatility have put companies across the board under financial pressure and forced many leveraged finance borrowers into restructurings

The energy transition and a growing need for efficient digital infrastructure are two trends fueling infrastructure dealmaking in 2020

Mining companies entered 2020 in good financial shape and have continued to secure finance despite disruption from COVID-19

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

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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