Debt Exporer | Loan issuance slowed in all key regions during the first nine months of 2023, but after a tough year there are signs that market conditions may be improving

M&A Explorer | Looming debt maturities push real estate companies to seek exit

White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information resource on surprise on-the-spot inspections (dawn raids) across Europe. Here, we guide you through the latest updates and legal developments for 2023 Q3.

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The ongoing decline in NPL volumes in 2022 and pivot towards smaller disposals leave European lenders well positioned to withstand adverse economic conditions.

Declining NPL ratios have put banks in a somewhat more comfortable position than they were this time last year, but the threat of macroeconomic hardship looms over borrowers.

Total NPL volumes across Europe are down and ratios remain stable, with countries such as Italy and Greece having worked especially hard to deal with toxic assets. Even with economic growth set to slow, banks have reason to be broadly optimistic about their NPL levels.

Despite broad economic turmoil, countries across Europe have so far avoided recession. Banks have been able to catch their breath with the NPL market shrinking steadily post-pandemic. But looking forward, Europe is hardly anxiety-free.

M&A Explorer | Strategic carve-outs continue to present a strong business case, as companies shed non-core assets and position themselves for growth

We highlight the key UK & European M&A trends in H2 2022 and H1 2023, and provide our insights into the outlook for M&A moving forward.

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Specialty Finance/Marketplace Lending

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Consumer Finance

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Brokers/Corporate Finance

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Stock Exchanges/Clearing Houses/Trading Venues

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Payments

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Asset/Wealth Management

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Fintech

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Banks