Recent Insights

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Abundant liquidity drives leveraged loan issuance
Highly competitive and liquid markets saw leveraged loan issuance in the US and Europe surge, while activity in Asia-Pacific dipped despite high-profile jumbo deals
buildings
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High yield bond issuance climbs in borrower-friendly market
Borrowers in the United States, Europe and Asia are tapping buoyant bond markets to extend maturities and refinance existing debt at cheaper rates
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PE real estate deals bounce back in Q1
Signs of a rebound follow last year's pullback in private equity real estate deals
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Assessing prospects for change under the Biden administration
Consider three factors: likelihood of legislation; complexity of regulatory action; and timeline for infrastructure development
Offshore Winds
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Offshore wind fuels European M&A wave
A string of deals took place in the first quarter as energy firms look to capitalize on offshore wind's potential  
Electric Towers
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Electrification, hedging risk spur utilities M&A
More than any other factor, the energy transition motivates utilities deals worldwide
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COVID-19 and the state of the European NPL market
Early in 2020, as the pandemic took hold, the European NPL market went into lockdown along with the rest of the economy—but as the market opened up in the second half of the year, NPL sellers jumped back in, setting the stage for a busier 2021.
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Grass roots and green shoots
European non-performing loan trends in a post-COVID-19 world
Stock Market
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Megadeals drive global M&A to 10-year high in Q1 2021
Global M&A value more than doubled YOY to the highest first quarter total on record
buildings
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Global PE deal value jumps to highest quarterly total since 2007
In Q1 2021, private equity activity reached its highest quarterly value in more than a decade
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Africa Focus: Spring 2021
Navigating a changing business landscape in Africa and beyond
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Asia-Pacific oil & gas infrastructure: New opportunities for the nontraditional investor
Without being part of the full hydrocarbon value chain, pension and super funds are now claiming stakes in the Asia-Pacific oil & gas market, bringing into play nontraditional sources of funding for processing infrastructure assets in the region.
building
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President Biden and leveraged finance: Short-term stability, long-term change?
Many leveraged finance dealmakers welcomed the certainty and stability President Biden's election brought to capital markets but attention will now turn to what the new administration means for the markets in the long-term
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Clearing the debt maturity wall
COVID-19 disruption has had little impact on borrowers' ability to refinance debt and extend loan maturities
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Sovereign wealth fund M&A volume surge in 2020
SWFs acquired more deals in 2020 as they hunted for stable returns in volatile times
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Sponsor and lender demand are back
Jennifer Kloud and Mitchell Kinastowski from BMO Sponsor Finance speak with White & Case partner Jacob Schtevie about BMO’s approach to funding technology credits, the importance of financial sponsor relationships in the mid-market and the growing popularity of recurring revenue financings
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US SPACs look beyond their backyard to Europe
Although most SPAC activity is concentrated in the US, the boom in listings spells opportunities for European firms
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Private equity in APAC ready to rebound
After a challenging 2020, APAC private equity dealmakers are forging ahead with deals, and financing markets are well-positioned to support the revival
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Asia-Pacific Infrastructure 2021: Strong foundations in a changing world
Although the world has been in the grip of a pandemic, our survey shows that the Asia-Pacific infrastructure market is set for considerable growth in the next few years with technology and ESG considerations at the heart of that expansion
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Global IPOs: Back in the game
When COVID-19 closed the IPO window at the start of last year, expectations were bleak. But the market fought back and 2020 ended on a high.
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The flight to quality in European issuance
The European leveraged finance market remains resilient following a year of unprecedented hardship, as lenders dissect credits to determine the best possible deals, from business fundamentals to pricing and documentary terms
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South Korean M&A staged Q4 comeback
An active fourth quarter and strong economic fundamentals signal a busy year ahead for South Korean dealmaking
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Shareholder activists poised for a resurgence in 2021
As the dust begins to settle, shareholder activists are making a comeback
Aviation
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Aviation finance in Russia and CIS countries
Opportunities in uncertain times  
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Leisure industry readies for distress amid prolonged lockdowns
Despite encouraging signs that economies could reopen as COVID-19 vaccinations are rolled out, additional waves of infections and extended travel restrictions weigh heavily on the leisure and hospitality industry
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Chapter 11 cases soared in 2020, with more distress likely in 2021
Commercial chapter 11 filings in the US increased significantly in 2020, but government stimulus measures and widespread availability of fresh capital resulted in fewer corporate restructurings than many anticipated—that could change in the next 12 months
Climate change
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Climate change disputes: Sustainability demands fuelling legal risk
Businesses must be prepared for legal challenges to their activities and proactively take steps to limit their exposure to climate change-related claims
SPACs on track to drive M&A leveraged loan issuance
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SPACs on track to drive M&A leveraged loan issuance
Record SPAC issuance is expected to boost M&A activity, supporting additional leveraged finance issuance, while financial sponsors take advantage of the opportunity to exit existing investments.
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COVID-19 and trade tensions weighed on Asia-Pacific debt markets
COVID-19 disruption and tension between the US and China saw loan and high yield bond issuance decline across Asia-Pacific in 2020, and borrowers and lenders remain cautious
airport boarding area
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Transportation M&A showed signs of recovery in Q4
Dealmaking is gradually making a comeback in the sector, both as a means to rebuild hard-hit companies and to meet growing consumer demand
building
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Private equity turns to fund restructurings in COVID-19 slowdown
General partner-led fund restructurings accounted for the majority of private equity secondaries volume in 2020 as managers sought liquidity in a flat exit market
Miami
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Positive outlook: US leveraged finance on solid ground for 2021
In 2020, after a volatile first half, US leveraged finance markets experienced a strong second half and are well-positioned for 2021.
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Carbon capture and storage: The legal and regulatory context
In addition to regulating how CO2 is stored and transported, governments increasingly provide incentives to accelerate adoption of carbon capture and storage
US M&A 2020 Against all odds
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Against all odds: US M&A 2020
US deal activity held up remarkably well in the face of unprecedented uncertainty in 2020, with total deal value in H2 surpassing the previous year
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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.
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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
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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? 
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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
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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
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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