A strong market for refinancing and low interest rates have enabled most borrowers in Europe and the US to avoid bankruptcy and restructuring procedures

Unfulfilled potential?

Soaring demand for digital infrastructure, transportation and social assets has generated landmark deals so far this year

Automotive and automotive-adjacent M&A sees fourth consecutive quarterly rise in value, supported by strong SPAC interest in electric vehicles

A number of big-ticket deals in high-growth sectors such as telecommunications and renewables signal a bright future for French dealmaking

Leveraged finance activity in the healthcare sector made strong gains through Q1 2021 as the pandemic response saw the industry attract steady investor inflows and M&A interest

SMRs are gaining the attention of governments and power providers across the world because of the optionality they offer. But the champions of the SMR will have to work hard to ensure its potential can be fully unlocked.

The number of distressed and liquidation-related M&A deals, especially in the US and UK, has increased year on year as businesses struggle to adapt to their post-pandemic reality.

Tightening liability spreads and the backlog from 2020 have seen European collateralized loan obligations resetting and refinancing at historic levels in 2021

There have been a number of developments in merger control in 2020 and Q1 2021. Some are related to the repercussions of the COVID-19 pandemic, while others are borne out of the ambitions and changes sought by individual competition authorities or unexpected jurisprudence

There have been several interesting developments in merger control in the UK over the past year, including the official separation of the UK from the EU merger control regime and the proposal of a new national security regime that will see notification for certain transactions become mandatory in

The Slovak Antimonopoly Office (the "AMO") continues to be particularly diligent in its review of mergers in markets with a possible impact on consumers and has increased its focus on the ownership of data and the competitive advantage that may accrue from gaining access to or the merging of sign

The Italian Antitrust Authority (IAA) has traditionally operated in line with the rules and guidelines stipulated by the European Commission, but IAA’s increasing use of far-reaching behavioral remedies in merger cases is certainly a development to be monitored in the future

The COVID-19 pandemic has not had a significant impact on the work of the Federal Cartel Office (FCO). For 2021 and going forward, the 10th amendment of the ARC that just came into force will bring the most substantial overhaul of competition law in a long time.

The most notable development for the French Competition Authority over the past 18 months has been its growing attention to the digitalization of merger control.

Dependable recurring income from digital music rights is attracting major investment from PE funds.

High yield bond and leveraged loan issuance by European industrials, chemicals and materials companies sustained steady activity levels in Q1 2021 as they took advantage of a borrower-friendly market to raise financing

Dealmaking within the PMB sector enjoyed an impressive start as companies across the globe embarked on their post-pandemic recovery.  

Borrowers are taking advantage of buoyant leveraged loan markets in the US and Europe to reprice existing credits at lower interest rates, and lenders are happy to oblige