Hospitality and dining have been buffeted by the pandemic, weighing on deal activity. But Q4 has brought welcome refinancing support and investor confidence.

Lockdowns and market volatility have put companies across the board under financial pressure and forced many leveraged finance borrowers into restructurings

Leveraged buyout high yield bond and leveraged loan issuance fell in Q3 2020 as a lack of buyout deals in a still cautious M&A market dampened appetite for financing

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

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

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

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

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

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

A series of exit megadeals doubled the value recorded in Q3 2019, while global buyout activity lost momentum, growing more modestly in the third quarter.

While not unscathed by the ongoing pandemic, software deals are proving to be resilient to the effects of lockdown

The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions

Leveraged finance defaults are rising as the impact of COVID-19 is felt, but covenant-lite terms, government intervention and support from financial sponsors have mitigated fallout from the pandemic

The online gaming industry has flourished amid stay-at-home orders

After COVID-19 concerns brought issuance to a near halt in March, Q2 high yield bond activity climbed in most markets as borrowers sought to boost balance sheets and cash reserves

Strong ESG credentials and long-term plans to improve their relationship with society and the environment are increasingly important to ensure companies’ access to capital

Growing investor appetite for financial products with a positive impact, coupled with a demand for recovery capital post-COVID-19, have lifted the market for social bonds

The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021

Investor sentiment has begun to recover, but ratings downgrades and higher pricing continue to keep loan markets on alert

We highlight the key European M&A trends in the first half of 2020, and provide our insights into the outlook for M&A moving forward.

Financial Institutions M&A sector trends: Specialty finance/marketplace Lending — H1 2020 and outlook for H2 2020

Financial Institutions M&A sector trends: Consumer finance — H1 2020 and outlook for H2 2020

Financial Institutions M&A sector trends: Brokers/corporate finance — H1 2020 and outlook for H2 2020

Financial Institutions M&A sector trends: Stock exchanges/clearing houses/trading venues — H1 2020 and outlook for H2 2020