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.

M&A Explorer | Once the quiet money behind private equity, sovereign wealth funds are increasingly writing their own deals.

Debt Explorer | Green shoots in the M&A market have provided a timely boost for leveraged loan issuance, putting the market on track to end the year strong

White & Case Quarterly Global Merger Control Update

M&A Explorer | Global conflicts have put governments on alert and defense spending high on the agenda, but private sector dealmaking has also ramped up in response to the threat

M&A Explorer | While the figures may differ between US and European AI deals, the drivers and challenges are similar, and competition is fierce on both sides of the Atlantic.

Debt Explorer | Direct lenders are expanding their teams in a Spanish market that, though smaller than others in Europe, is rapidly becoming more established.

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