Coronavirus

The recent outbreak of the coronavirus COVID-19 has quickly evolved from a local issue to a global crisis. In addition to the tragic human loss, the disease is having and will continue to have a profound economic impact. On this page we will be providing regular legal updates on issues affecting our clients’ businesses around the world. Below is a list of our published updates.

 

Coronavirus
Insight
Coronavirus Resource Center: Managing business impact and legal risks

As the COVID-19 outbreak continues to escalate, ensuring wellbeing of employees is paramount, but it is not the only challenge. There is a vast sway of operational and legal issues that businesses must address, too.

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COVID-19 – Guidance for International Employers
Stock Market
Insight
Megadeals drive global M&A to 10-year high in Q1 2021

Global M&A value more than doubled YOY to the highest first quarter total on record

buildings
Insight
Global PE deal value jumps to highest quarterly total since 2007

In Q1 2021, private equity activity reached its highest quarterly value in more than a decade

building
Insight
President Biden and leveraged finance: Short-term stability, long-term change?

Many leveraged finance dealmakers welcomed the certainty and stability President Biden's election brought to capital markets but attention will now turn to what the new administration means for the markets in the long-term

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Insight
Clearing the debt maturity wall

COVID-19 disruption has had little impact on borrowers' ability to refinance debt and extend loan maturities

circuit board
Insight
Sponsor and lender demand are back

Jennifer Kloud and Mitchell Kinastowski from BMO Sponsor Finance speak with White & Case partner Jacob Schtevie about BMO’s approach to funding technology credits, the importance of financial sponsor relationships in the mid-market and the growing popularity of recurring revenue financings

Insight
US SPACs look beyond their backyard to Europe

Although most SPAC activity is concentrated in the US, the boom in listings spells opportunities for European firms

tables outside a restaurant
Insight
Leisure industry readies for distress amid prolonged lockdowns

Despite encouraging signs that economies could reopen as COVID-19 vaccinations are rolled out, additional waves of infections and extended travel restrictions weigh heavily on the leisure and hospitality industry

LED lights
Insight
Chapter 11 cases soared in 2020, with more distress likely in 2021

Commercial chapter 11 filings in the US increased significantly in 2020, but government stimulus measures and widespread availability of fresh capital resulted in fewer corporate restructurings than many anticipated—that could change in the next 12 months

airport boarding area
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Transportation M&A showed signs of recovery in Q4

Dealmaking is gradually making a comeback in the sector, both as a means to rebuild hard-hit companies and to meet growing consumer demand

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Grants of early termination of HSR waiting period temporarily suspended by DOJ and FTC – merging parties should expect to wait the full 30 days until further announcement
Miami
Insight
Positive outlook: US leveraged finance on solid ground for 2021

In 2020, after a volatile first half, US leveraged finance markets experienced a strong second half and are well-positioned for 2021.

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Corporate Transparency Act and New Implications for US Special Purpose Vehicles, Wealth Structuring and Other Arrangements
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Primer: What Companies in the COVID-19 Vaccine Supply Chain Need to Know about the Defense Production Act
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Unlucky: Do the recent changes to the Federal Reserve’s powers under Section 13(3) of the Federal Reserve Act inhibit future action?
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Coronavirus (COVID-19) Financial Regulatory and Legislative Dashboard
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Key COVID-19 FAQs for financial institutions: A Cross-border view

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.

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COVID-19 – Key Provisions Tracker for Shelter in Place, Safer at Home, and Other Work Reduction Orders for Key Jurisdictions in the United States
metal wall
Insight
LBO issuance slides on slow buyout activity

Leveraged buyout high yield bond and leveraged loan issuance fell in Q3 2020 as a lack of buyout deals in a still cautious M&A market dampened appetite for financing

office building windows
Insight
Distressed-driven restructurings rise amid COVID-19 fallout

Lockdowns and market volatility have put companies across the board under financial pressure and forced many leveraged finance borrowers into restructurings

Infrastructure
Insight
Infrastructure M&A remains robust despite COVID uncertainty

The energy transition and a growing need for efficient digital infrastructure are two trends fueling infrastructure dealmaking in 2020

mining
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Miners dig deep to weather the storm

Mining companies entered 2020 in good financial shape and have continued to secure finance despite disruption from COVID-19

Alert
ISS Announces 2021 Benchmark Policy Updates
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NAV finance gains traction as private equity seeks liquidity

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market

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Refinancing remains resilient

Refinancing activity has proven an attractive option amid COVID-19 disruption, with borrowers in good standing seeking to extend maturities and take advantage of low interest rates

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Renewables M&A offers hope for hard-hit energy sector

Deal activity within the renewables sector has been a bright spot for energy M&A in 2020

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Insight
A tale of two retail loan markets

COVID-19 split the retail financing market—players of scale with online capabilities thrived, while retailers reliant on brick-and-mortar stores for the bulk of their earnings came under increasing financial pressure

Financial Institutions M&A: Sector trends - June 2019
Insight
Retail M&A focuses on the essentials in 2020

Global retail M&A value increased year on year, as appetite for supermarket and convenience store assets resulted in big-ticket deals

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The recap rebound

Dividend recapitalization activity plunged in the immediate aftermath of COVID-19 but, as markets recovered, investor appetite for recap deals swelled

Insight
Resurging leveraged loan issuance points to a stronger year

After taking a deep dive in Q2, US leveraged loan issuance picked up in Q3, while European markets gained year on year

coal gasification to methanol plant
Insight
Chemicals and materials deals down from 2019 highs but recovery is on the way

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

Financial stock display
Insight
Global M&A stages rebound in Q3 2020

After deal activity stagnated in H1, the third quarter offers some hope for dealmakers, as deal volume and value surpass Q3 2019

buildings
Insight
High yield bond activity continues to climb

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

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Infrastructure Investment Plan for Mexico
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Electronic Global Certificates | Rule 36/2020 of Banxico
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Employment Law Considerations for Returning to the Workplace in a COVID-19 World
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Letter from America: navigating Australia’s new debtor-in-possession insolvency reforms
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Project Finance, human rights and climate change: Updated Equator Principles 4 in effect from October
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Authorization of special accounting standards for credit institutions by the CNBV. Part III