Recent Insights

Sao Paulo
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Bonds drive Latin American debt activity
After weathering pandemic-related disruption early in 2021, Latin American loan and bond markets remained open for business, with bonds leading the way
pump jacks
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ESG pressures fuel dealmaking
Companies across the globe are turning to M&A to fulfill their ESG ambitions while investors seek the steep returns on offer
Energy projects
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Building the new: Creative solutions for procuring major energy projects
growth graph
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Private equity continues to step up as a catalyst for digitalization
Sponsors spot value in companies that support others in digitally transforming their operations
Connect cars
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At a crossroads: Europe’s auto sector borrowers face change and the effects of events in Ukraine
Vehicle sales rebounded strongly following lockdowns, but Europe’s automotive companies confront a period of significant change as governments phase out combustion engines, supply chain constraints bite and the impacts of events in Ukraine are felt  
Melbourne
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Australian M&A delivers groundbreaking year
M&A activity down under reaches unprecedented highs as decarbonization and digitalization drive the dealmaker agenda
stock market
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Backed by SPACs, IPOs hit new heights in 2021
A combination of SPACs, pent-up demand from pandemic-shocked 2020 and a wave of technology listings drove the IPO market to record highs 
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Brexit: Fresh Perspectives
The UK has left the EU but there remains a vast array of operational and legal issues for businesses to address. See below for our perspectives on the key challenges and opportunities that Brexit presents for different industries and sectors.
Coronavirus
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Coronavirus Resource Center: Managing business impact and legal risks
As the COVID-19 outbreak continues to escalate, ensuring wellbeing of employees is paramount, but it is not the only challenge. There is a vast sway of operational and legal issues that businesses must address, too.
Solar
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Global decarbonization goals drive renewables M&A
Ambitious decarbonization policies are encouraging dealmaking within the renewables industry, with the sector’s untapped potential too big to ignore  
India city image
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India M&A sets new records in 2021
Dealmaker interest from both home and abroad, along with record private equity activity, has driven India’s dealmaking activity to an all-time high  
Shanghai city image
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Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region
Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains  
Facing headwinds
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Facing headwinds
The aviation sector has endured a difficult two years amid border closures and lockdowns. In spite of persistent volatility and uncertainty, our survey finds that senior executives are cautiously optimistic about the state of global aviation financing in 2022
London city photo
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European leveraged finance: From surviving to thriving
Leveraged loan and high yield bond markets in Western and Southern Europe saw a major resurgence in the past 12 months, driven initially by refinancing, followed by almost unprecedented M&A and buyout issuance, and setting the stage for, on balance, a productive year ahead  
building
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Loan activity drives US leveraged finance to new heights while high yield bond issuance maintains lofty pace
Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022  
Patterns
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CLO activity skyrockets in the US
Financial stimulus and sustained investor appetite for yield have seen US CLO issuance scale record heights  
Stock board
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Buy-and-build boom sees add-on debt surge
Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment  
Doha
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Islamic finance closes in on LIBOR transition
Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance
Cairo
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Egypt M&A posts impressive rebound in 2021
Interest in high-growth industries such as TMT and financial services resulted in a string of deals—from both local and international bidders.  
London at sunset
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UK Pensions Regulator's new criminal powers are a wake-up call to companies planning corporate transactions
The UK Pensions Regulator is gaining stronger powers, which will have a significant impact on companies undertaking activities such as M&A, secured borrowing, and restructuring. Following best practice and thinking ahead have become more important than ever.
US flags
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FDI on the radar screen
Governments around the world are tightening their scrutiny of foreign direct investments  
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M&A drives issuance in busy healthcare space
Following a year of healthy activity, M&A deals in the pipeline are set to sustain leveraged finance issuance in the pharmaceutical, medical and biotech sector in the months ahead.
cylinder
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Mining & metals 2022: ESG and energy transition – the sector's biggest opportunity
Against a backdrop of record commodity prices and the pressure for miners to boost their ESG credentials, the sector is seeking to position itself as a trusted partner in fighting climate change.
sunset view
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European leveraged finance: From survive to thrive
European leveraged finance markets rebounded in the past 12 months, driven  by enthusiastic refinancing activity and a resurgent M&A marketplace, setting the  stage for a healthy year ahead
Record breaker: US M&A 2021
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Record breaker: US M&A 2021
US M&A had an extraordinary year in 2021, with total deal value reaching US$2.6 trillion—surpassing US$2 trillion for the first time
office building windows
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2021: A spectacular year for SPACs
From record SPAC IPOs and M&A deal flow to the SEC issuing a variety of pronouncements, last year was one to remember.  
Stock market
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Global private equity delivers groundbreaking 2021
Annual deal value more than doubled 2020’s total to reach all-time high  
buildings
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Global M&A hits new milestone in 2021
Deal value exceeded US$1 trillion in every quarter for the first time in history, in just one example of the record-shattering 2021.  
LIghthouse
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Shining a light on the massive global surge in merger control filings
The data White & Case gathered from 58 of the most active merger control jurisdictions globally reveals trends and insights that can't be gleaned from data on single jurisdictions considered in isolation.
cargo-holder-1600x600.jpg
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Logistics deals deliver for investors as supply chains struggle
Logistics, packaging and shipments companies are using M&A to expand their service coverage and future proof.
Pharmaceutical
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Healthcare M&A on track to set new record in 2021
Heightened interest in medical suppliers, contract research organizations and biotech firms resulted in an impressive year for healthcare dealmaking.
Foreign direct investment reviews 2021: A global perspective
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Foreign direct investment reviews 2021: A global perspective
A guide to navigating the rules for investing in countries that require foreign direct investment approval
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Middle Eastern dealmaking strides ahead in 2021
Deal volume has reached new highs as dealmaking confidence in the region returns  
Stock Market
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Global content battle pushes media dealmaking to record highs
Intense competition to deliver on-demand content accelerates dealmaking in the sector
LED lights
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Investor appetite gives borrowers a boost
Investors eager to maintain high levels of capital deployment have kept terms and pricing highly flexible for bond and loan issuers, but that does not mean easy access for borrowers—lenders are still pushing back against credits that fall short of the quality bar
buildings
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Credit ratings rebound
Reopening economies have transformed the credit landscape with ratings upgrades rising sharply through the year, after 2020 recorded the highest number of downgrades in more than two decades.
Offshore Winds
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Lenders zero in on the fine print as ESG issuance surges
The rise in sustainability-linked debt issuance observed in 2021 has shown little sign of slowing down as borrowers continue to focus on improving ESG performance in response to investor demand.
Stock board
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DACH dealmaking powers ahead in 2021
Traditionally a powerhouse of European M&A, the DACH region—D for Germany, A for Austria and CH for Switzerland—did not disappoint in the first three quarters of the year.
SPACs on track to drive M&A leveraged loan issuance
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Debt financing gains traction as SPAC space matures
In a rapidly maturing SPAC market, sponsors are more frequently turning to debt financing tools to fund deals
Refinery
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Recovering prices stabilize oil and gas credits
Recovering oil prices brought much needed stability to the balance sheets of oil and gas borrowers that were on the brink of foreclosure through lockdowns, but the transition away from hydrocarbons poses an ongoing challenge for issuers.