Debt Explorer | A strong finish to 2023 helped to boost global leveraged loan issuance at the end of an otherwise rocky year for all key markets

Debt Explorer | High interest rates weighed down on deals, precipitating a drop in leveraged loan issuance in 2023. However, there are reasons to be optimistic that deal activity will pick up in 2024

Debt Explorer | With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the "new normal", rate and price stability offer hope for a brighter 2024.

Debt Explorer | Although liability management transactions have been controversial, they can provide borrowers a valuable respite in tough times when used appropriately

Key legal developments in 2023 and their implications for Taiwan

M&A, debt finance and investment fund actors seek alternative routes to dealmaking in the face of a dim macroeconomic outlook

Debt Explorer | High yield bond issuance in the US and Western Europe shows strong year-on-year gains, but challenges in the real estate sector weigh on APAC activity

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

Against a challenging macro-economic environment worldwide, India has proven resilient and demonstrated its huge potential for growth.

Debt Explorer | After a slow first half, the outlook for Latin American debt markets is improving as inflation cools and interest rates stabilize

Debt Explorer | Many private credit funds are steering portfolios through a downturn for the first time. Borrowers are keeping a close eye on how debt managers are reacting when company balance sheets come under pressure

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.

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 — Banks

Debt Explorer | High yield bond activity rallies in the US as borrowers pivot away from pricier leveraged loans, but European and Asian markets remain challenged

Debt Explorer | In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity

Debt Explorer | Loan issuance across all major jurisdictions saw year-on-year double-digit declines during the first half of 2023, as high inflation and rising interest rates continued to weigh on loan activity

Debt Explorer | Sponsors hope increasing competition and the flexibility of Australia’s leveraged finance market will provide increasing optionality during challenging times