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PIK a pocket or two?

The macro-economic landscape of recent years, marked by rising interest rates and inflationary pressures, has significantly escalated borrowing costs in the European mid-market. This has prompted borrowers to explore...more

Refinancing surge reenergizes US and European loan markets

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

Creditor protections in liability management transactions

Liability management transactions which may favour a subset of creditors over another are increasingly common in the US leveraged finance markets. 2024 may be seen as the year in which these US imports began to make a real...more

Governing law of loan agreements – why does it matter?

Borrowers and lenders alike may be forgiven for running out of steam when, having negotiated ever more complex commercial grids, term sheets and loan agreements, one reaches the final line item – the governing law of the loan...more

Global leveraged loan markets spring to life

After a challenging 2023, US and European leveraged loan issuance showed year-on-year gains in Q1 2024 as a more stable interest rate outlook encouraged borrowers and lenders to return to the market. After a challenging...more

Side Letters: Just Paper Tigers, Or Do They Roar?

Side letters document bespoke arrangements between all or certain parties to a financing transaction and supplement the terms of the principal documents thereto. Becoming increasingly popular with stakeholders, and with the...more

Are You as Senior Secured as You Think?

Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,...more

European leveraged finance: A whole new world

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. -Rising interest...more

Subdued macro conditions shelve major loan activity

Loan issuance across all major jurisdictions saw year-on-year double-digit declines during the first half of 2023, as high inflation and rising interest rates continued to weigh on loan activity The first half of 2023 has...more

Macro headwinds dampen loan activity

Stubborn inflation, ongoing interest rate hikes and the banking crisis in the US and Europe have slowed activity across global loan markets at the start of the year, but there are signs that loan issuance may start rebounding...more

European leveraged finance battens down the hatches

As our latest leveraged finance report reveals, European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on...more

Sector focus: European infrastructure financing flows

In the face of rising interest rates and macro-economic uncertainty, infrastructure finance has proven relatively resilient when compared to the dislocation in other debt markets....more

Five factors that will influence leveraged finance in 2023

European leveraged finance markets have been completely reconfigured in the past 12 months. Inflation, rising interest rates and geopolitical uncertainty have squeezed liquidity and seen high yield bond and leveraged loan...more

Hitting the brakes: European leveraged finance battens down the hatches

European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on leveraged loan and high yield bond issuance. How will...more

Economy pumps the brakes on loan markets

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 - Leveraged loan markets have been buffeted by a challenging macroeconomic...more

Macro-economic headwinds slow global leveraged loan market in H1

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 - Leveraged loan markets across the globe faced a...more

European leveraged finance: From surviving to thriving

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...more

US versus Europe: Will their shared path continue in 2022?

HEADLINES - ▪️ In the US, leveraged loan issuance for 2021 reached US$1.4 trillion, a 63% increase year-on-year ▪️ The high yield bond market in the US was relatively flat, rising from US$428.3 billion in 2020 to...more

US versus Europe: Will their shared path continue in 2022?

- In the US, leveraged loan issuance for 2021 reached US$1.4 trillion, a 63% increase year-on-year - The high yield bond market in the US was relatively flat, rising from US$428.3 billion in 2020 to US$429.7 billion in...more

Five factors driving leveraged finance in 2022

It was a year of rebounds in 2021, from the early hike in refinancing activity to the subsequent surge in M&A and buyout deals, as well as frenetic activity in the PE space, all of which contributed to a noteworthy uptick in...more

From survive to thrive: European leveraged finance looks to the future

European leveraged finance markets roared back to life in 2021, sparked by a combination of attractive pricing in the first half of the year and buoyant M&A activity in the second half. The result? High volumes of refinancing...more

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 - Buyouts are back in a big way. Private equity (PE) firms around...more

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 - Global leveraged loan activity sustained momentum built up through H1 2021 to post...more

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 Leveraged loan markets in the United States,...more

Sustainability-linked loan or green loan: Which? When? Why?

The Loan Market Association ("LMA"), Loan Syndication and Trading Association ("LSTA") and Asia Pacific Loan Market Association ("APLMA") have published new guidance on the key aspects of the Green Loan Principles ("GLP") and...more

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