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Capital Markets Lenders

White & Case LLP

Refinancing surge reenergizes US and European loan markets

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Leveraged loan activity in the US and Europe sprang back to life in H1 2024, with both markets enjoying near-triple-digit increases in issuance. In the US, overall issuance surged 95.7% from US$461 billion in H1 2023 to...more

Goodwin

Pluralsight Change of Control Transaction - The Tip of the Private Credit Iceberg?

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The growth in private credit (lending by institutions other than banks) has been one of the most significant capital market developments of the last decade. It is estimated that the size of the private credit market was...more

Cadwalader, Wickersham & Taft LLP

Going for Gold August 2024 - Credit Portfolio Finance – A Primer on Back-Leverage

The combination of increased regulatory pressure and additional investor demand for higher yield has seen numerous banks gradually displaced by private debt funds in the corporate lending sector (particularly for mid-market...more

Cadwalader, Wickersham & Taft LLP

Different Yet Similar August 2024 - Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities

The key component of any subscription credit facility is the underlying capital commitments that are pledged to secure the facility. Virtually every lender will require some level of over-collateralization – meaning, investor...more

Cadwalader, Wickersham & Taft LLP

A Truly Bingeworthy Series July 2024 - Some Key Considerations When Lending to a Master-Series Fund

Master-series funds are definitely not on our desks on a daily basis; however, they do arise from time to time, and certainly as transactions are becoming more and more bespoke. Care should be taken by lenders when lending to...more

J.S. Held

Lending Climate in America – 2nd Quarter 2024 Survey

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With inflation continuing to impact the US economy, lenders are focused on the economic impact of elevated interest rates. Lenders’ expectations for the US economy’s performance in the longer term – beyond the next six months...more

White & Case LLP

Private debt diversifies into infrastructure

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Private debt funds are rapidly expanding into a segment of the market traditionally dominated by banks - Bank lenders have traditionally been the primary providers of debt to finance infrastructure project development, but...more

White & Case LLP

High-profile deals in European regulators’ firing lines

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Dealmakers are learning to navigate a stricter regulatory environment as UK and EU authorities take an increasingly interventionist stance Global dealmaking experienced a slowdown in 2023 as the market battled headwinds on...more

White & Case LLP

Investors flock to investment grade debt markets

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Primary investment grade bond issuance surged in Q1 2024 as investors ramped up exposure to high-quality borrowers in a high interest rate environment. In the US, investment grade corporate borrowers secured US$429.7 billion...more

Cadwalader, Wickersham & Taft LLP

8th Annual European Fund Finance Symposium: The Latest From London May 2024 - Equity Commitment Letters – A Refresher

We have recently seen a notable uptick in the usage of equity commitment letters (ECLs) in fund finance transactions and have been spending an increasing amount of time discussing their merits with our clients’ credit teams....more

White & Case LLP

Six things to reflect on for creditors considering a share pledge enforcement

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In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some...more

Cadwalader, Wickersham & Taft LLP

Missing Miami March 1, 2024 - 13 Takeaways From Miami

More than 1,800 industry players attended the 13th annual Global Fund Finance Symposium that wrapped up yesterday afternoon at the Fontainebleau in Miami Beach. There was a lot to talk about in terms of market evolution...more

White & Case LLP

Late rally softens leveraged loan landing

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A strong finish to 2023 helped to boost global leveraged loan issuance at the end of an otherwise rocky year for all key markets. The last 12 months were incredibly challenging for banks, investors and borrowers, as elevated...more

White & Case LLP

European leveraged finance enters new era

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High interest rates weighed down on deals, precipitating a drop in leveraged loan issuance in 2023. However, there are reasons to be optimistic that deal activity will pick up in 2024 - As our latest leveraged finance...more

White & Case LLP

Uptick in high yield could signal start of recovery

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High yield bond issuance in the US and Europe improved in 2023, but came in significantly below long-term annual averages, while markets in the Asia-Pacific (“APAC”) (excl. Japan) region remained stymied, primarily due to...more

White & Case LLP

Incremental debt holds steady in uneven loan market

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With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although...more

J.S. Held

Lending Climate in America – 4th Quarter 2023 Survey

J.S. Held on

Interest rates and inflation have been the big drivers of the US economy as of late, but lenders are increasingly optimistic for 2024, despite some challenges. Lenders foresee interest rate declines beginning in 2024 – with...more

White & Case LLP

Liability management transactions give borrowers some breathing room

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Although liability management transactions have been controversial, they can provide borrowers a valuable respite in tough times when used appropriately - High interest rates and circumspect capital markets have caused...more

McDermott Will & Emery

Innovation in Financing: Where Are We Seeing Growth?

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Meanwhile, cash-strapped biotechs have in many cases been forced to leverage relationships with big pharma to address liquidity. Cash is king in a financing environment such as we have observed over the last 18 months, and...more

Proskauer Rose LLP

Feeling Bullish: A Career in Private Credit

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Interest in private credit has grown significantly in the past 12 months. As the syndicated market has slowed, direct lenders (and borrowers) are finding better deal flow and increased opportunities. Market pundits have...more

Husch Blackwell LLP

Lender Settles Dispute with Colorado over Membership Fees to Access Loan Products

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On November 13, 2023, a nonbank lender and the Colorado Administrator of the Uniform Consumer Credit Code (Administrator) entered into an Assurance of Discontinuance to settle allegations that the lender charged membership...more

White & Case LLP

European NPLs: Market earns welcome breathing room

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The ongoing decline in NPL volumes in 2022 and pivot towards smaller disposals leave European lenders well positioned to withstand adverse economic conditions. Lenders are enjoying the fruits of their labours. Having...more

White & Case LLP

The 3rd Fintech Epoch: Europe’s first-movers drive M&A amid tightened purse strings

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UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Fintech - Whilst many European start-ups have struggled to successfully execute funding rounds at valuation levels of yesteryear, more mature fintechs...more

Goodwin

Debt Download - July 2023

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Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Are the debt capital markets this summer as hot as the weather? Read on to find out!...more

White & Case LLP

US issuers flock to convertible bonds in choppy market

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US borrowers have turned to convertible bonds in recent months as mainstream debt and equity markets have stumbled in the face of inflationary and interest rate headwinds. Combined leveraged loan and high yield bond deal...more

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