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.

As the pandemic continues to overshadow financial markets and the global economy, the following factors will have a major impact on the IPO market in 2021

After more than a decade of buildup, special purpose acquisition companies (SPACs) have exploded and are gaining momentum in the US and beyond

IPO activity ground to a halt following the outbreak of the pandemic, but activity in the second half of the year more than made up for the downturn

This report is the first of a series in which White & Case's International Trade Group will examine the Biden administration's trade agenda and the key institutions that shape US trade policy.

As the dust begins to settle, shareholder activists are making a comeback

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

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

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.

Dealmaking is gradually making a comeback in the sector, both as a means to rebuild hard-hit companies and to meet growing consumer demand

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

In 2020, after a volatile first half, US leveraged finance markets experienced a strong second half and are well-positioned for 2021.

HSR Thresholds Decline for the First Time Since 2010

In addition to regulating how CO2 is stored and transported, governments increasingly provide incentives to accelerate adoption of carbon capture and storage

Real estate portfolios exposed to hospitality and retail assets have struggled through COVID-19 lockdown periods, but healthcare and logistics investments have performed strongly

Total M&A value in the consumer sector has dropped only 1 percent year-on-year thanks to several significant transactions in the food industry

M&A value in the healthcare sector (incorporating pharma, medical and biotech) stayed relatively robust in 2020, even without the kind of blockbuster deals the sector had become accustomed to seeing in recent years

Businesses and consumers have relied on technology more than ever through the course of the pandemic, supporting strong dealmaking at the top end of the market

Deal activity in the oil & gas sector was severely impacted by the COVID-19 pandemic, as commodities prices plummeted

The TMT sector was buoyed by global spikes in demand as the world shifted toward virtual interactions in every walk of life

US buyout activity at the top end of the market dropped significantly but exit value held up in 2020