The White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information and discussion resource regarding surprise on-the-spot inspections by antitrust authorities (dawn raids) across Europe. DRAQ provides updates on recent case law, enforcement activity and trends.

Sustainability and antitrust are converging - but not consistently. Our updated Global Antitrust Sustainability Heatmap tracks how 20+ jurisdictions are navigating this fast-moving intersection: from open-door approaches in some regions to more sceptical stances in others. 

Debt Explorer | Syndicated loan markets stayed open for business in the first half of 2026 despite persistent macroeconomic uncertainty, but cautious lenders concentrated their efforts on refinancing proven issuers rather than underwriting new risks

Debt Explorer | AI-linked financing is reshaping the US high yield market, but geopolitical tensions and investor caution are creating a more complex environment for issuers across Europe and APAC

White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information resource on surprise on-the-spot inspections (dawn raids) across Europe. Here, we guide you through the latest updates and legal developments for 2026 Q2.

Debt Explorer | Despite headwinds related to AI-led disruption and the conflict in Iran, leveraged loan markets in Europe and the US proved resilient in Q1, with high-quality borrowers continuing to access financing throughout the quarter

M&A Explorer | The US-Nordics M&A pipeline remains strong despite evolving regulatory scrutiny and shifting deal dynamics

Debt Explorer | AI-driven demand and lower exposure to software shield US high yield markets from macro challenges, but activity dips in Europe and Asia

White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information resource on surprise on-the-spot inspections (dawn raids) across Europe. Here, we guide you through the latest updates and legal developments for 2026 Q1.

Entering its third year, Sweden's foreign direct investment ("FDI") Act remains a key consideration in a significant share of transactions involving Swedish companies.

Norway's foreign direct investment ("FDI") screening regime is anchored in the Norwegian Security Act (the "Security Act" or the "Act"), which imposes mandatory filing requirements for transactions involving companies designated as security sensitive.

Foreign direct investment ("FDI") deals are generally not blocked in Finland, but the government is able to monitor and, if necessary, restrict foreign investment.

The scope of the Danish foreign direct investment ("FDI") regime is comprehensive and requires a careful assessment of investments and agreements involving Danish companies.

The European Union continues to be a driver of foreign direct investment ("FDI") screening, with coordinated and mandatory enforcement now on the horizon.

Debt Explorer | US and European leveraged loan markets navigate a tumultuous year to post record levels of issuance in 2025.

Debt Explorer | Despite macroeconomic volatility, high yield issuance recorded year-on-year gains in 2025 as interest rate cuts and investor demand lifted activity levels, especially in the US

White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information resource on surprise on-the-spot inspections (dawn raids) across Europe. Here, we guide you through the latest updates and legal developments for 2025 Q4.

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.

M&A Explorer | Sound economic foundations, sectoral excellence and healthy sponsor activity are all driving increased deal activity.

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

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.

White & Case Dawn Raid Analysis Quarterly (DRAQ) is an information resource on surprise on-the-spot inspections (dawn raids) across Europe. Here, we guide you through the latest updates and legal developments for 2025 Q3.

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.

M&A Explorer | As European M&A activity begins to recover after a down cycle, private capital—now a cornerstone of the continent’s deal market—will be a key driver of its return.