Recent Insights

computer and mobile gaming
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Online gaming M&A levels up

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

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Are rising default rates cause for concern?

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

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High yield bond issuance rebounds

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

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Loan activity evolves in Latin America

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

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Chinese M&A bounces back in Q2

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

windows
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Social bond issuance soars as COVID-19 recoveries begin

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

Patterns
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ESG takes center stage amid economic crisis and social unrest

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

digital screen showing monetary rates
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Regulators determined to keep SOFR transition on track

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

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Loan markets show signs of life after COVID-19 shock

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

Milan, Italy
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A strong start to the year mitigated the impact of COVID-19 on Italian M&A

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

Copper Ore Mining & Metals
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Mining & metals in the COVID-19 world: Underlying resilience masks ESG concerns

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?

Buckingham Palace gate details
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Financial institutions M&A: Sector trends - July 2020

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

stocks
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Global M&A value collapses to record lows in Q2 2020

As the COVID-19 pandemic spread, global M&A value dropped to the lowest half-yearly total since H1 2010

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Global PE buyout activity stays relatively robust in H1

Amidst the COVID-19 pandemic, total buyout volume in the first half of 2020 dropped 23% annually, while value fell 30%—less than half the rate of decline of overall M&A

Paris
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France hopes for recovery after COVID deal dip

French M&A activity has suffered steep falls because of COVID-19, but green shoots are emerging as lockdown measures ease

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Technology M&A remains resilient in the face of COVID-19 crisis

Technology dealmaking has continued apace in 2020 as M&A investors take advantage of the sector's resilience to transact

DNA
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Healthcare M&A prospers, despite fall in deal activity

The megadeals of 2019 may be off the table for now, but deal activity across healthcare and pharmaceuticals has proven resilient through the COVID-19 crisis

Refinery
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Oil & gas industry feels financing squeeze

Low prices and excess supply have pushed oil & gas balance sheets to the brink, which means raising traditional debt will remain difficult and restructurings are expected

circuit board
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Technology sector shows resilience during lockdowns

Remote working, online shopping and telemedicine have shielded the technology sector from the worst effects of COVID-19 lockdowns

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Strong foundations, uncertain future: How COVID-19 will affect the M&A market in Latin America in 2020 and beyond

The year started strongly for many nations in Latin America, but coronavirus has heavily impacted the M&A market.

medicine blue pills
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Healthcare sector under pressure but the prognosis looks good

COVID-19 has pushed healthcare systems around the world to the limit, but depending on the vertical, certain companies have been less affected than those in other sectors—and the availability of credit to battle the pandemic has helped

building windows
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Leisure sector M&A awaits delayed reaction

COVID-19 is hammering leisure sector M&A—but not so much that opportunities have vanished

store fridge
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Appetite for change in the consumer food and beverage sector

Even though COVID-19 has taken a toll on consumer spending and supply chains, the food and beverage industry has shown resilience and continues to tap credit markets

Aviation
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Coronavirus keeps aviation industry grounded

Few sectors have felt the impact of COVID-19 as deeply as aviation, and airlines are exploring all lines of finance to bolster balance sheets.

Aviation
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Aviation M&A braces for impact

COVID-19 travel restrictions have put the aviation industry on the backfoot. M&A will not be an immediate priority, but consolidation and distressed deals will come in time

tables outside a restaurant
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Relaxation not an option for leisure and hospitality sectors

The COVID-19 lockdown forced restaurants, hotels, gyms, theaters and casinos to shut their doors and put balance sheets under extreme strain, but some have tapped debt markets to see them through

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Cracks show in retail as debt burden begins to bite

Retailers faced a difficult financing market before COVID-19 appeared, but lockdowns have made the situation even tougher

Financial Institutions M&A: Sector trends - June 2019
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Global retail M&A volume drops to lowest total since 2009

COVID-19 has put dealmaking in the already disrupted retail industry under further strain. Some retailers, however, have proven resilient and those that survive will see opportunity to vertically integrate supply chains and invest in technology capabilities

city at night
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Accelerating change: From smart city to smart society

The COVID-19 pandemic has revealed some of the shortcomings of major cities in times of crisis. As the world searches for ways to make urban areas more resilient, smart city initiatives offer some of the answers.

refinery image
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Oil & gas M&A stumbles in the face of COVID-19 crisis

Oil & gas dealmaking has plummeted following a period of prolonged low oil prices and a steep fall in demand due to COVID-19. However, large players with strong balance sheets could still see opportunities to invest

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COVID-19 and your deal: Considerations for underwriters

Underwriters are grappling with the need to support clients that are accessing funding, while maintaining disclosure standards and managing their risk when the tools they’ve typically used may be unavailable

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High yield bond issuances rebound during coronavirus lockdown

The impact of the coronavirus pandemic saw high yield bond issuances grind to a halt at the end of Q1, but markets started to revive in Q2

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Loan issuance seizes up as coronavirus fallout hits

Despite a promising beginning to the year, US and European leveraged loan markets felt the full economic impact of the pandemic

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Most pending US M&A deals are proceeding as agreed, despite COVID-19

We highlight the responses companies are taking in light of the current environment and the arguments some buyers are making to terminate transactions

Rugby
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Dealmakers plan to lean into a downturn

Half of the executives in our survey expect to do more deals if there's a downturn in 2020 than if there isn't

Iceburg
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Shareholder activism changes everything

Activism affects virtually everyone now—even those who may never have to deal with an activist

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Trade and national security policies create pent-up demand for cross-border deals

Cross-border M&A remains a high priority—though trade wars and national security rules change the game for some

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The digital revolution could fuel “shadow protectionism”

Digital drives deals in every sector, ensuring tech is a primary focus of M&A across the board—even as data challenges multiply

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M&A is top of mind: Will dealmakers actually double down in a downturn?

In a world roiled by activism, geopolitical uncertainty and data risk, dealmakers are eager to lean in, according to our survey