World in transition: Four themes

We focus on four themes of change and how they are affecting companies and markets around the world.
In this way, we hope to contribute to a greater understanding of where the world is headed at a time of historic transitions.

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Insight
Reality check: US M&A H1 2022

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

European SPACs data hub
Insight
European SPACs Data Hub

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.

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Insight
US SPACs Data Hub

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

FIG M&A Sector Trends - July 2022
Insight
Financial institutions M&A: Sector trends - July 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.

European NPLs: Smaller deals and a slower pace
Insight
European NPLs: Smaller deals and a slower pace

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.

Africa's digital infrastructure transformation
Insight
Africa's digital infrastructure transformation

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

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Insight
Retail M&A driven by pandemic trends

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

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Insight
Buoyant capital markets help fuel dealmaking
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Insight
Global IPOs: A blockbuster year

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.  

Alert
How to Manage the Risks of SPAC Securities Fraud Actions in 2022
stock market
Insight
Backed by SPACs, IPOs hit new heights in 2021

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

Alert
SPACs and De-SPAC Transactions in the UAE
Alert
How Digital Asset Innovators Can Manage the Risks of White Collar Scrutiny in the US
Alert
Virtual "Currencies": Not actual currencies
Facing headwinds
Insight
Facing headwinds

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

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Insight
European leveraged finance: From surviving to thriving

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  

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Insight
Loan activity drives US leveraged finance to new heights while high yield bond issuance maintains lofty pace

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  

Patterns
Insight
CLO activity skyrockets in the US

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

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Insight
Buy-and-build boom sees add-on debt surge

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  

Record breaker: US M&A 2021
Insight
Financing likely to continue largely as is, despite inflationary worries

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

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Insight
European leveraged finance: From survive to thrive

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

Offshore Winds
Insight
Lenders zero in on the fine print as ESG issuance surges

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.

SPACs on track to drive M&A leveraged loan issuance
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Debt financing gains traction as SPAC space matures

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

Insight
Financial Regulatory Observer - Autumn 2021

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

Alert
Unstable: the PWG's Report on Stablecoins
Petroleum industry
Insight
Acquisition financing in an era of energy transition

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

latin america-focus fall 2021 sovereign debt restructurings in latin america a new chapter card
Insight
Sovereign debt restructurings in Latin America: A new chapter

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

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Insight
Sustainable finance in Latin America

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

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Webinar
Scaling voluntary carbon markets: Opportunities and challenges
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Webinar
How Islamic finance can accommodate ESG as an additional element
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Webinar
How sustainability-linked formats can be adapted to securitisation and covered bonds
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Webinar
More than compliance: Why ESG disclosure is essential to a successful IPO and beyond
above the forest trees
Webinar
Sustainability-linked bonds, including an issuer’s perspective: H&M’s debut
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Insight
Domestic banking champions across Europe merge, blinking into the sunlight

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

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Insight
SPACs find opportunity in Israel

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

Windmill
Insight
The rise and rise of ESG-linked debt issuance

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

Alert
SPACs are Not Investment Companies
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Insight
Widening variety of issuers sustains refinancing momentum

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

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Insight
From closing loopholes to rising inflation: Five trends that will drive leveraged finance
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Insight
Downgrades, defaults, distressed debt and refinancing