Recent Insights

Financial Institutions M&A: Sector trends - June 2019
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Taiwan in the changing global landscape
Significant legal and business developments during 2020
Africa Focus: Autumn 2020
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Africa Focus: Autumn 2020
Africa in the coronavirus era
race track
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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
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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
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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
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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
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Regulation of Artificial Intelligence in Europe and Japan
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
grey stairs
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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
metal wall
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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
Chile city
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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
Stock market
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Responding to a cyber-incident
Shanghai city image
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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
graph
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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
circuit board
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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