Financing

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Private equity in APAC ready to rebound
After a challenging 2020, APAC private equity dealmakers are forging ahead with deals, and financing markets are well-positioned to support the revival
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Global IPOs: Back in the game
When COVID-19 closed the IPO window at the start of last year, expectations were bleak. But the market fought back and 2020 ended on a high.
staircase
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The flight to quality in European issuance
The European leveraged finance market remains resilient following a year of unprecedented hardship, as lenders dissect credits to determine the best possible deals, from business fundamentals to pricing and documentary terms
Aviation
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Aviation finance in Russia and CIS countries
Opportunities in uncertain times  
tables outside a restaurant
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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
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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
SPACs on track to drive M&A leveraged loan issuance
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SPACs on track to drive M&A leveraged loan issuance
Record SPAC issuance is expected to boost M&A activity, supporting additional leveraged finance issuance, while financial sponsors take advantage of the opportunity to exit existing investments.
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COVID-19 and trade tensions weighed on Asia-Pacific debt markets
COVID-19 disruption and tension between the US and China saw loan and high yield bond issuance decline across Asia-Pacific in 2020, and borrowers and lenders remain cautious
building
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Private equity turns to fund restructurings in COVID-19 slowdown
General partner-led fund restructurings accounted for the majority of private equity secondaries volume in 2020 as managers sought liquidity in a flat exit market
Miami
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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.
building pillars
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Financial institutions M&A: Sector trends - January 2021
We highlight the key European M&A trends in the second half of 2020, and provide our insights into the outlook for M&A moving forward.
staircase
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European leveraged finance: COVID-19 and the flight to quality
The European leveraged finance market remains resilient after a year of unprecedented hardship, as lenders dissect credits to determine the best possible deals, from pricing to documentary terms
metal wall
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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
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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
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
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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
Hong Kong city
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Leveraged finance in Asia-Pacific rallies on real estate
Chinese real estate lenders lift APAC high yield bond issuance after an active Q3
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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
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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
Refinery
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No let up for oil and gas borrowers
The oil and gas sector has been one of the hardest hit by COVID-19 lockdowns and there has been little relief as restructurings rise across the industry
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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
buildings
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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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CIGA: Super-scheme to the rescue?
The UK's new Corporate Insolvency and Governance Act introduces a restructuring plan procedure that enhances the flexibility of the English scheme of arrangement
Africa Focus: Autumn 2020
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Africa Focus: Autumn 2020
Africa in the coronavirus era
LED lights
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Lenders calm despite fallen angel risks
Although COVID-19 lockdowns have seen high-profile companies lose their investment grade status, lenders have continued to support these credits
office building windows
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Lenders' views on documentation diverge under lockdown
The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions
grey stairs
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Are rising default rates cause for concern?
Leveraged finance defaults are rising as the impact of COVID-19 is felt, but covenant-lite terms, government intervention and support from financial sponsors have mitigated fallout from the pandemic
metal wall
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High yield bond issuance rebounds
After COVID-19 concerns brought issuance to a near halt in March, Q2 high yield bond activity climbed in most markets as borrowers sought to boost balance sheets and cash reserves
Chile city
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Loan activity evolves in Latin America
Latin American loan issuance has felt the effects of COVID-19 disruptions, but lenders have remained open for business as borrowers turn to bilateral loan revolving credit facilities for liquidity
windows
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Social bond issuance soars as COVID-19 recoveries begin
Growing investor appetite for financial products with a positive impact, coupled with a demand for recovery capital post-COVID-19, have lifted the market for social bonds
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Regulators determined to keep SOFR transition on track
The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021
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Loan markets show signs of life after COVID-19 shock
Investor sentiment has begun to recover, but ratings downgrades and higher pricing continue to keep loan markets on alert
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Financial institutions M&A: Sector trends - July 2020
We highlight the key European M&A trends in the first half of 2020, and provide our insights into the outlook for M&A moving forward.
Refinery
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Oil & gas industry feels financing squeeze
Low prices and excess supply have pushed oil & gas balance sheets to the brink, which means raising traditional debt will remain difficult and restructurings are expected
circuit board
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Technology sector shows resilience during lockdowns
Remote working, online shopping and telemedicine have shielded the technology sector from the worst effects of COVID-19 lockdowns
medicine blue pills
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Healthcare sector under pressure but the prognosis looks good
COVID-19 has pushed healthcare systems around the world to the limit, but depending on the vertical, certain companies have been less affected than those in other sectors—and the availability of credit to battle the pandemic has helped
store fridge
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Appetite for change in the consumer food and beverage sector
Even though COVID-19 has taken a toll on consumer spending and supply chains, the food and beverage industry has shown resilience and continues to tap credit markets
tables outside a restaurant
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Relaxation not an option for leisure and hospitality sectors
The COVID-19 lockdown forced restaurants, hotels, gyms, theaters and casinos to shut their doors and put balance sheets under extreme strain, but some have tapped debt markets to see them through
escalator image
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Cracks show in retail as debt burden begins to bite
Retailers faced a difficult financing market before COVID-19 appeared, but lockdowns have made the situation even tougher