World in transition: Four themes

The number of distressed and liquidation-related M&A deals, especially in the US and UK, has increased year on year as businesses struggle to adapt to their post-pandemic reality.

There have been a number of developments in merger control in 2020 and Q1 2021. Some are related to the repercussions of the COVID-19 pandemic, while others are borne out of the ambitions and changes sought by individual competition authorities or unexpected jurisprudence

Businesses with high market shares may find themselves under the microscope

Is 2021 a year of change?

Companies seeking mergers can expect scrutiny and litigation

The benefits of highlighting ESG, jobs and other positive deal impacts 

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

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

A focus on “critical” products and sectors could impact manufacturers, distributors and others

A renewed focus on methodical analysis means careful preparation can improve deal outcomes

Now is a good time for lenders, borrowers and other businesses to review compliance policies and procedures

Companies may need to alter their sourcing and supply chain practices to meet new US government standards 

Consider three factors: likelihood of legislation; complexity of regulatory action; and timeline for infrastructure development

A string of deals took place in the first quarter as energy firms look to capitalize on offshore wind's potential  

More than any other factor, the energy transition motivates utilities deals worldwide

European non-performing loan trends in a post-COVID-19 world

The African Continental Free Trade Area could trigger a new era in intra-African trade

Rising to challenges, funding a recovery response and leading the way to sustainable lending

Despite challenges, Africa remains an attractive PE and VC investment destination

The development of mine decommissioning and closure laws

Supporting post-COVID recovery and growth in key sectors

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

Although most SPAC activity is concentrated in the US, the boom in listings spells opportunities for European firms

Although the world has been in the grip of a pandemic, our survey shows that the Asia-Pacific infrastructure market is set for considerable growth in the next few years with technology and ESG considerations at the heart of that expansion

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.