We highlight the key UK & European M&A trends in H2 2021 and H1 2022, and provide our insights into the outlook for M&A moving forward.

A host of megadeals bumped up deal value in the sector, but regulatory and economic headwinds remain  

Dealmaking failed to reach the highs of the previous year as rising inflation and a challenging financing environment put some deals under question

The European non-performing loan landscape looks very different in 2022, with large deals driven by urgent government regulation supplanted by small but steady opportunities.

What does the future hold for NPLs? There's still plenty of business to be done, but buyers and sellers alike will need to change tack to get the most from the available opportunities.

Europe's banks continue to defy expectations—not a single country saw its banking sector’s NPL ratio increase in 2021, with the vast majority reporting an improvement.

While the spike in bad debt and subsequent tsunami of NPL and non-core loan deals that was anticipated due to COVID-19 did not materialise, the increasingly volatile market trends may lead investors to discover new and unexpected opportunities.

Long-term consumer behavior triggered by the pandemic continues to catalyze deal activity  

The global drive towards a low-carbon circular economy and increased focus on ESG are creating many new opportunities for metal recycling projects. But is scrap the answer to the growing demand for green metals?

While global dealmaking in Q1 was down from a blockbuster 2021, there are signs deal activity could pick up later in the year

Private equity dealmaking was slow to pick up the pace in Q1, yet activity remained in line with pre-pandemic levels

IPOs boomed in 2021, with both the number of new listings and the total proceeds raised breaking records. But dealmakers face a tougher road ahead.  

The dust is settling after the flurry of activity in 2021, and the IPO market is facing considerable headwinds. The following key themes could dominate equity market headlines in 2022

While IPO activity was robust throughout Europe, the Nordic region stood out

Fueled by strong stock markets and the need for yield, investors poured money into IPOs in 2021, resulting in a record-breaking year

Companies across the globe are turning to M&A to fulfill their ESG ambitions while investors seek the steep returns on offer

A combination of SPACs, pent-up demand from pandemic-shocked 2020 and a wave of technology listings drove the IPO market to record highs 

Ambitious decarbonization policies are encouraging dealmaking within the renewables industry, with the sector’s untapped potential too big to ignore  

Governments around the world are tightening their scrutiny of foreign direct investments  

European leveraged finance markets rebounded in the past 12 months, driven  by enthusiastic refinancing activity and a resurgent M&A marketplace, setting the  stage for a healthy year ahead

A flurry of activity saw year-on-year leveraged finance issuance in Europe hit new heights in 2021. Can this pace be maintained in the months ahead? Based on pipeline activity and investor appetite for growth, the answer seems to be: Yes.