Recent Insights

building pillars
Insight
Financial institutions M&A: Sector trends - January 2021

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.

staircase
Insight
European leveraged finance: COVID-19 and the flight to quality

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

mining field
Insight
Mining & Metals 2021: ESG momentum reaching a crescendo in a resilient market

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? 

telephone communication tower
Insight
Funding Europe's broadband ambitions

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?

Refinery
Insight
Asian oil and gas M&A hits record high amid uncertainty

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

Riyadh_Hero_1600x600 Saudi Arabia
Insight
Megadeals drive Middle Eastern M&A in 2020

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

building windows
Insight
Hospitality/Leisure M&A finds flourishing niches in 2020

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

metal wall
Insight
LBO issuance slides on slow buyout activity

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

Ho Chi Minh city
Insight
Vietnamese M&A ticks higher despite global turbulence

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

office building windows
Insight
Distressed-driven restructurings rise amid COVID-19 fallout

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

Infrastructure
Insight
Infrastructure M&A remains robust despite COVID uncertainty

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

mining
Insight
Miners dig deep to weather the storm

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

city image
Insight
NAV finance gains traction as private equity seeks liquidity

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

abacus
Insight
Refinancing remains resilient

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

tower
Insight
Renewables M&A offers hope for hard-hit energy sector

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

Hong Kong city
Insight
Leveraged finance in Asia-Pacific rallies on real estate

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

escalator image
Insight
A tale of two retail loan markets

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

Financial Institutions M&A: Sector trends - June 2019
Insight
Retail M&A focuses on the essentials in 2020

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

stock market display
Insight
The recap rebound

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

Refinery
Insight
No let up for oil and gas borrowers

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

Insight
Resurging leveraged loan issuance points to a stronger year

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

Israel skyline
Insight
Israel M&A tracks global deal downturn in wake of crisis

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

observation tower
Insight
Foreign direct investment reviews 2020: A global perspective

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

building
Insight
US P2P activity falls, but activity in Europe perseveres

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

coal gasification to methanol plant
Insight
Chemicals and materials deals down from 2019 highs but recovery is on the way

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

Financial stock display
Insight
Global M&A stages rebound in Q3 2020

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

buildings
Insight
High yield bond activity continues to climb

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

Berlin
Insight
New German law introduces electronic securities

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

buildings
Insight
Global PE value fueled by exits in Q3

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.

Coins
Insight
Replacing Pay with Equity to Preserve Cash in a COVID Economy

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.

Observatory
Insight
US dealmakers expect uptick in M&A, but no swift return to pre-crisis levels

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

London city photo
Insight
CIGA: Super-scheme to the rescue?

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

computer codes
Insight
Software M&A shows resilience in challenging market

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

taiwan cityscape
Insight
Taiwan in the changing global landscape

Significant legal and business developments during 2020

Africa Focus: Autumn 2020
Insight
Africa Focus: Autumn 2020

Africa in the coronavirus era

race track
Insight
Competitor collaboration: From combatting COVID-19 to the climate crisis

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?

building
Insight
Spanish dealmaking defies health and economic crisis

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

LED lights
Insight
Lenders calm despite fallen angel risks

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

office building windows
Insight
Lenders' views on documentation diverge under lockdown

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

Insight
Regulation of Artificial Intelligence in Europe and Japan