World in transition: Four themes

Welcome to the White & Case US SPACs Data Hub, which provides a quarterly review and analysis of key drivers and trends behind US SPAC IPO and de-SPAC activity.

US deal activity saw an annual decrease in H1 of this year, but remains buoyant compared to pre-pandemic standards

After a record year of activity in 2021, European SPAC IPO issuance slowed in  Q1 2022. EU SPAC IPO proceeds totalled US$1.07 billion in Q1 2022.

We highlight the key UK & European M&A trends in H2 2021 and H1 2022, and provide our insights into the outlook for M&A moving forward.

The European non-performing loan landscape looks very different in 2022, with large deals driven by urgent government regulation supplanted by small but steady opportunities.

Affordable, universal digital access is key to Africa's growth and development

Long-term consumer behavior triggered by the pandemic continues to catalyze deal activity  

IPOs boomed in 2021, with both the number of new listings and the total proceeds raised breaking records. But dealmakers face a tougher road ahead.  

A combination of SPACs, pent-up demand from pandemic-shocked 2020 and a wave of technology listings drove the IPO market to record highs 

The aviation sector has endured a difficult two years amid border closures and lockdowns. In spite of persistent volatility and uncertainty, our survey finds that senior executives are cautiously optimistic about the state of global aviation financing in 2022

Leveraged loan and high yield bond markets in Western and Southern Europe saw a major resurgence in the past 12 months, driven initially by refinancing, followed by almost unprecedented M&A and buyout issuance, and setting the stage for, on balance, a productive year ahead  

Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022  

Financial stimulus and sustained investor appetite for yield have seen US CLO issuance scale record heights  

Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment  

Borrower-friendly terms over the past few years have helped boost M&A totals—and a number of factors suggest the financing will not change dramatically in 2022

European leveraged finance markets rebounded in the past 12 months, driven  by enthusiastic refinancing activity and a resurgent M&A marketplace, setting the  stage for a healthy year ahead

The rise in sustainability-linked debt issuance observed in 2021 has shown little sign of slowing down as borrowers continue to focus on improving ESG performance in response to investor demand.

In a rapidly maturing SPAC market, sponsors are more frequently turning to debt financing tools to fund deals

The Financial Regulatory Observer spotlights selected topics currently driving regulatory and technological changes in the financial industry.

An innovative, first-of-its-kind hybrid acquisition financing in Nigeria* 

Sovereign debt restructuring solutions developed in Latin America during 2020 and 2021 create a new paradigm for sovereign debt restructurings in the region and globally

GSS bonds and other forms of sustainable finance have become a mainstream feature of Latin American debt capital markets

Financial institutions M&A sector trends: banks — H1 2021 and outlook for H2 2021

The SPAC phenomenon has spread to Israel, where regulators have laid the foundation for local SPAC IPOs as well  

ESG-linked financing issuance swelled in 2021, with issuers responding to the rapid growth in investor demand for environmental and socially-linked debt issuance

Debt markets warm to issuers from a broader range of sectors, maintaining high levels of refinancing activity