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

Developments and Trends in Collective Actions

Deal activity within the renewables sector has been a bright spot for energy M&A in 2020

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

In response to the COVID-19 emergency, the screening powers of the Italian government were significantly expanded

The Federal Ministry for Economic Affairs and Energy continues to tighten FDI control, but the investment climate remains liberal in principle

In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment

With a new piece of primary legislation, the UK government is expected to make more far-reaching changes to its powers of scrutiny over investments that may pose a risk to national security

New measures enacted for the purpose of protecting the Spanish economy amid the COVID-19 crisis may persist longer than expected

The French Foreign Investments Control regime has recently been reinforced following a reform of 2019, and other measures have been adopted in view of the COVID-19 pandemic

European Leveraged Finance Client Alert Series: October 2020