Competition between lending channels intensified in 2025, as leveraged finance markets in Europe saw lenders vying for deals and offering borrowers greater flexibility ahead of an anticipated surge in activity in 2026.

Debt Explorer | European NPL stocks may be static due to declining risk as interest rates come down, but new investment opportunities are emerging as market dynamics shift.

By the White & Case Public Company Advisory Group

Debt Explorer | US high yield issuance posts double-digit gains, leading the global market through the first nine months of 2025.

Debt Explorer | European debt documentation is moving ever closer to the US market—a trend that began in the UK and has now spread to continental Europe, providing regional dealmakers with greater flexibility.

Debt Explorer | Italy delivered more high yield bond issuance than any other country in the continental Europe through the first half of the year, as improved political stability drove investors to reassess historical risk perceptions

Debt Explorer | US high yield bond markets are proving resilient and flexible in a period of high volatility, with investors and issuers successfully adapting to the challenging macroeconomic backdrop.

Debt Explorer | Convertible bond issuance surged through the first half of 2025, presenting issuers with a golden opportunity to raise capital on highly attractive terms

Debt Explorer | Although high yield bond markets in the US and Europe recorded small year-on-year declines in issuance in H1, high levels of activity in Q2 bode well for the rest of the year.

Debt Explorer | US and European high yield bond markets cooled during the first quarter of 2025 as macroeconomic uncertainty and a dearth of M&A financing opportunities put the brakes on issuance