Coronavirus

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

Although US high yield bond issuance cooled somewhat in Q3 2020, it still hit record highs, while European activity remained on an upward trend

Our global team has prepared the following FAQs to provide financial institutions with a cross-border perspective in navigating the governmental/regulatory response to the COVID-19 pandemic.

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

Although COVID-19 lockdowns have seen high-profile companies lose their investment grade status, lenders have continued to support these credits

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

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

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

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

Latin American loan issuance has felt the effects of COVID-19 disruptions, but lenders have remained open for business as borrowers turn to bilateral loan revolving credit facilities for liquidity

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

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

The megadeals of 2019 may be off the table for now, but deal activity across healthcare and pharmaceuticals has proven resilient through the COVID-19 crisis

Low prices and excess supply have pushed oil & gas balance sheets to the brink, which means raising traditional debt will remain difficult and restructurings are expected

Practical advice on restructuring processes and considerations

Remote working, online shopping and telemedicine have shielded the technology sector from the worst effects of COVID-19 lockdowns

The year started strongly for many nations in Latin America, but coronavirus has heavily impacted the M&A market.

COVID-19 is hammering leisure sector M&A—but not so much that opportunities have vanished

Even though COVID-19 has taken a toll on consumer spending and supply chains, the food and beverage industry has shown resilience and continues to tap credit markets