The energy transition and a growing need for efficient digital infrastructure are two trends fueling infrastructure dealmaking in 2020

Mining companies entered 2020 in good financial shape and have continued to secure finance despite disruption from COVID-19

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market

Refinancing activity has proven an attractive option amid COVID-19 disruption, with borrowers in good standing seeking to extend maturities and take advantage of low interest rates

COVID-19 split the retail financing market—players of scale with online capabilities thrived, while retailers reliant on brick-and-mortar stores for the bulk of their earnings came under increasing financial pressure

Global retail M&A value increased year on year, as appetite for supermarket and convenience store assets resulted in big-ticket deals

Dividend recapitalization activity plunged in the immediate aftermath of COVID-19 but, as markets recovered, investor appetite for recap deals swelled

After taking a deep dive in Q2, US leveraged loan issuance picked up in Q3, while European markets gained year on year

Since COVID-19, deals involving foreign state-owned enterprises or enterprises related to public health or the supply of critical goods and services are increasingly subject to review

Most deals are approved, but new rules covering more types of transactions and requiring mandatory filings in certain cases have changed the landscape

While COVID shut the window on deals in H1 2020, Q3 saw a revival that augurs well for the rest of the year and beyond

Although US high yield bond issuance cooled somewhat in Q3 2020, it still hit record highs, while European activity remained on an upward trend

After deal activity stagnated in H1, the third quarter offers some hope for dealmakers, as deal volume and value surpass Q3 2019