Financing

In the 12th edition of our report, we bring you the key deal highlights and M&A trends across UK/Europe in the past 12 months which have shaped the financial services landscape. 

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the "new normal", rate and price stability offer hope for a brighter 2024.

Debt Explorer | After a slow first half, the outlook for Latin American debt markets is improving as inflation cools and interest rates stabilize

The ongoing decline in NPL volumes in 2022 and pivot towards smaller disposals leave European lenders well positioned to withstand adverse economic conditions.

We highlight the key UK & European M&A trends in H2 2022 and H1 2023, and provide our insights into the outlook for M&A moving forward.

Debt Explorer | In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity

Global IPO markets faced unexpected headwinds in 2022, prompting some to postpone their deals until the dust settles, but the market remains resilient

Debt Explorer | As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents.

Debt Explorer | Economic headwinds proved challenging for leveraged finance markets in Asia-Pacific in 2022, but rising issuance beyond the core Chinese market cushioned the impact of global macro dislocation. 

Debt Explorer | The US leveraged finance market ended 2022 in the red, as inflation and rising interest rates put the brakes on issuance  

European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?

Embarking on a period of unprecedented growth and opportunity

The sector's ability to adapt to changing circumstances underlines positivity and upbeat sentiment about the future—particularly in the longer term

Debt Explorer | High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize

Key legal developments in 2022 and their implications for Taiwan.

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

Debt Explorer | Leveraged loan activity slows in the US, Europe and APAC as a volatile economic backdrop and the rising cost of debt starts to weigh on issuance

Debt Explorer | As the technology sector cools and macro-economic headwinds build, lenders are reassessing the provision of recurring revenue loans

The White & Case Debt Explorer is an interactive tool that puts a wealth of leveraged finance data and more at your fingertips.

Debt Explorer | After a bright first quarter, Spanish leveraged finance has been confronted by the same headwinds buffeting the wider European debt space—but a cluster of large M&A deals may keep the market active for the rest of the year

Debt Explorer | M&A was expected to ease off the accelerator in 2022 following a blistering 2021, but questions remain about how long it will take M&A financing to catch up with dealmaking

Borrowers and lenders are seeking new opportunities in the face of growing market volatility

White & Case Debt Explorer | Term loan A debt is back in the spotlight as borrowers look for financing alternatives in an increasingly volatile institutional loan market

White & Case Debt Explorer | Rising inflation and climbing interest rates have slowed leveraged loan activity in Europe and the US, while COVID-19 restrictions in China dampened demand in Asia-Pacific.

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.

Sustainably powering Africa’s development

Despite a decline in overall bond and loan issuance in the Latin American region, ESG-linked debt issuance thrived in 2021—and looks set to continue in the months ahead  

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.  

Vehicle sales rebounded strongly following lockdowns, but Europe’s automotive companies confront a period of significant change as governments phase out combustion engines, supply chain constraints bite and the impacts of events in Ukraine are felt  

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

Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains  

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  

Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance

Following a year of healthy activity, M&A deals in the pipeline are set to sustain leveraged finance issuance in the pharmaceutical, medical and biotech sector in the months ahead.

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