Publications & Events

A decade on from the onset of the financial crisis, the leveraged debt landscape is almost unrecognisable and continues to evolve as lenders, borrowers and advisers find new ways to come to market

• In Europe, leveraged loan issuance is down 28 per cent year-on-year to €202.5 billion in 2018, but is up on all years between 2014 and 2016 • High yield bond issuance is down 37 per cent year-on-year • Leveraged loans retain primacy over high yield bonds

• European loans backing LBOs are valued at €56.5 billion, up 37 per cent from last year • Cov‑lite deals dominate the loan market, with the share of cov-lite institutional loans standing at 81 per cent in 2018 • CLOs are driving the demand for the asset class, with a new post-crisis record of €27.2 billion of new issuance and a further €18 billion of reset/refinance issuance in 2018

As the leveraged debt market has matured at pace in the past decade, many are hopeful that it will maintain an upward trajectory, at least in the medium term

The US M&A market delivered another year of strong performance in 2018. Though deal volume dipped 2 percent year-on-year to 5,682 deals, deal value was up by 15 percent over the period, to US$1.5 trillion

Private equity buyout activity saw an increase in 2018, with volume rising 6 percent to 1,361 deals and value up 7 percent to US$214 billion. Exit volume was down 4 percent to 1,107 deals and value dropped 5 percent to US$249.1 billion

We surveyed 200 executives on their views about the future of M&A and found that most remain optimistic about 2019

TMT and energy were the top two sectors by value; fintech is poised to invigorate dealmaking in the financial services sector.

After a period of frenetic dealmaking in technology over the last few years, which saw businesses across all industries scramble to adjust to the rapid shifts driven by digitalization, 2018 has seen value climb in the tech M&A sector

Digital disruption and its impact on physical retailers once again weighed on the consumer sector in 2018. Consumer M&A volume was down 13 percent year-on-year to 465 deals in 2018. Value decreased 28 percent to US$119 billion

Financial services sector M&A volume decreased by 6 percent to 461 deals in 2018, with value decreasing 48 percent to US$80.2 billion. But there are signs that the sector’s M&A market is moving in the right direction going into 2019

A stable oil price (for the majority of 2018) saw deal value climb in the energy, mining and utilities sector in 2018, despite volume falling

Real estate M&A value jumped 116 percent to US$74.9 billion in 2018, with deal volume staying flat at 46 deals

Although deal volume and value in the pharma, medical and biotech sector fell in 2018, down by 3 percent to 580 deals and 27 percent to US$111.8 billion respectively, pharma companies have invested aggressively in strategic deals throughout the year

In the second half of 2018, the Delaware courts once again produced decisions that will guide M&A transactions in the future

Activism among investors is on the rise across the globe. Companies that empower directors to engage with shareholders can optimize investor relations, if they follow some simple but important guidelines

In 2018, the US M&A market has seen marked robust domestic activity and a strong tech sector but declining inbound dealmaking. We examine the four key factors that could characterize 2019

2018 was a strong year for dealmaking in the US, particularly domestically, but when will the tide turn?

A jurisdictional overview of the world’s court systems