Recent Insights

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

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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

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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

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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
computer and mobile gaming
Insight
Online gaming M&A levels up

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

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Insight
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

metal wall
Insight
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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Insight
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

Insight
Responding to a cyber-incident
Shanghai city image
Insight
Chinese M&A bounces back in Q2

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

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Insight
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
Insight
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

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Insight
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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Insight
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
Insight
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
Insight
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
Insight
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

Insight
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

circuit board
Insight
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
Insight
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
Insight
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
Insight
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
Insight
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
Insight
Leisure sector M&A awaits delayed reaction

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