Financing

LED lights
Insight
Investor appetite gives borrowers a boost
Investors eager to maintain high levels of capital deployment have kept terms and pricing highly flexible for bond and loan issuers, but that does not mean easy access for borrowers—lenders are still pushing back against credits that fall short of the quality bar
buildings
Insight
Credit ratings rebound
Reopening economies have transformed the credit landscape with ratings upgrades rising sharply through the year, after 2020 recorded the highest number of downgrades in more than two decades.
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.
Refinery
Insight
Recovering prices stabilize oil and gas credits
Recovering oil prices brought much needed stability to the balance sheets of oil and gas borrowers that were on the brink of foreclosure through lockdowns, but the transition away from hydrocarbons poses an ongoing challenge for issuers.
Liquid debt markets hit the brakes on restructurings
Insight
Active private equity firms buoy buyout issuance
Issuance of leveraged loans and high yield bonds to fund buyouts surged to quarterly highs in 2021 as private equity sponsors raised their investment game
Insight
Financial Regulatory Observer - Autumn 2021
The Financial Regulatory Observer spotlights selected topics currently driving regulatory and technological changes in the financial industry.
Africa Focus
Insight
Africa Focus: Autumn 2021
Transitioning to new priorities in a post-pandemic era
Ontario
Insight
Canadian issuers take advantage of buoyant US markets
A rebounding domestic economy and abundant liquidity south of the border are encouraging Canadian borrowers to draw on US high yield bond markets in increasing numbers
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Insight
Leveraged loan markets keep on rolling
Despite a spike in energy prices and persistent inflation, year-to-date leveraged loan activity showed substantial gains on 2020 levels  
metal wall
Insight
High yield bond markets make steady year-on-year gains
Global high yield markets paused for breath in Q3 2021, but year-to-date issuance remains ahead of 2020 levels in most regions
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Insight
Latin America Focus: Fall 2021
Opportunities and challenges in post-COVID-19 Latin America
Intersection
Insight
US infrastructure 2021 – 22: The path to growth
Our survey shows investment in infrastructure assets looks set to accelerate with an anticipated boost from the US infrastructure bill and a growing focus on sustainability and technology
Taiwanese investors and businesses: Forging a path through global transitions
Insight
Taiwanese investors and businesses: Forging a path through global transitions
Key legal developments in 2021 and their implications for Taiwan
entrance
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Financial institutions M&A: Sector trends - September 2021
We highlight the key European M&A trends in the first half of 2021, and provide our insights into the outlook for M&A moving forward.
Doha
Insight
Middle East debt markets step up as economic outlook improves
Lifting pandemic restrictions, coupled with successful vaccination rollouts in the Gulf and an improving economic outlook, supported a rebound in loan and bond activity in the Middle East in the first half of 2021
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
Hong Kong city
Insight
High yield bond issuance grows in APAC despite cooling real estate activity
Strong refinancing appetite sustains the high yield bond market in the Asia-Pacific region despite a slowdown in real estate issuance in China.
India city image
Insight
Jumbo deals a bright spot after tough period for India’s loan markets
Loan issuance from Indian borrowers has tailed off because of rising COVID-19 infections, but high-profile mega-deal financings have given lenders and borrowers cause for optimism  
Cairo
Insight
Outlook for Africa brightens after challenging first half to the year
Lender caution following Zambia’s debt repayment default in 2020 has weighed on African debt issuance, but successful raisings by high profile borrowers show that investor appetite remains resilient
office building windows
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  
grey stairs
Insight
Rising inflation represents risks and opportunities for leveraged finance markets
For the first time in years, inflation is on the radar for high yield bond and leveraged loan lenders and borrowers—but how might it impact markets?
SPACs on track to drive M&A leveraged loan issuance
Insight
Jumbo deals contribute to a rise in M&A and LBO financing
Borrowers take advantage of hot loan and high yield bond markets to lock in M&A and leveraged buyout financing at attractive terms and pricing
office building windows
Insight
Refinancing and jumbo deals drive global leveraged loan market
Refinancing activity supports a double-digit year-on-year uptick in leveraged loan issuance in the United States and Europe, while mega-deals dominate in the Asia-Pacific region.  
Mountain road aerial shot
Insight
US leveraged finance: The road ahead
What will drive issuance in a post-COVID-19 world?
building
Insight
High yield issuance surges in the US, Europe and APAC
Plentiful liquidity supports a year-on-year rise in high yield bond issuance in the US, Europe and the Asia-Pacific region  
Liquid debt markets hit the brakes on restructurings
Insight
Liquid debt markets hit the brakes on restructurings
A strong market for refinancing and low interest rates have enabled most borrowers in Europe and the US to avoid bankruptcy and restructuring procedures
medicine blue pills
Insight
Healthcare leveraged finance issuance climbs
Leveraged finance activity in the healthcare sector made strong gains through Q1 2021 as the pandemic response saw the industry attract steady investor inflows and M&A interest
SPACs on track to drive M&A leveraged loan issuance
Insight
Pandemic downturn highlights management fee credit facility benefits for PE firms
Management fee credit facilities have become increasingly popular among private equity firms during the pandemic as a tool to manage cash flow volatility
LED lights
Insight
Refinancings and resets dominate European CLO space
Tightening liability spreads and the backlog from 2020 have seen European collateralized loan obligations resetting and refinancing at historic levels in 2021
Miami
Insight
Lenders eager to finance US buyouts, but supply of new deals tightens
High yield bond and syndicated loan lenders are eager to fund US buyout deals, but competition from private debt markets and high secondary buyout volumes have restricted supply
factory
Insight
Industrials, chemicals and materials issuers take advantage of borrower-friendly backdrop
High yield bond and leveraged loan issuance by European industrials, chemicals and materials companies sustained steady activity levels in Q1 2021 as they took advantage of a borrower-friendly market to raise financing
grey stairs
Insight
Repricing on the rise
Borrowers are taking advantage of buoyant leveraged loan markets in the US and Europe to reprice existing credits at lower interest rates, and lenders are happy to oblige
stock market display
Insight
Abundant liquidity drives leveraged loan issuance
Highly competitive and liquid markets saw leveraged loan issuance in the US and Europe surge, while activity in Asia-Pacific dipped despite high-profile jumbo deals
buildings
Insight
High yield bond issuance climbs in borrower-friendly market
Borrowers in the United States, Europe and Asia are tapping buoyant bond markets to extend maturities and refinance existing debt at cheaper rates
bank notes
Insight
COVID-19 and the state of the European NPL market
Early in 2020, as the pandemic took hold, the European NPL market went into lockdown along with the rest of the economy—but as the market opened up in the second half of the year, NPL sellers jumped back in, setting the stage for a busier 2021.
macroshot of a plant
Insight
Grass roots and green shoots
European non-performing loan trends in a post-COVID-19 world
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Insight
Africa Focus: Spring 2021
Navigating a changing business landscape in Africa and beyond
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
metal wall
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