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High Yield Bonds

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High yield bond issuance grows in APAC despite cooling real estate activity

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Strong refinancing appetite sustains the high yield bond market in the Asia-Pacific region despite a slowdown in real estate issuance in China - High yield bond markets in the Asia-Pacific region (excl. Japan) (APAC) have...more

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Outlook for Africa brightens after challenging first half to the year

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African loan and bond issuance fell by just under 10% in the first half of 2021, year-on-year, with lenders still jittery after Zambia missed a bond repayment in November 2020 to become the first African sovereign to default...more

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Widening variety of issuers sustains refinancing momentum

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Debt markets warm to issuers from a broader range of sectors, maintaining high levels of refinancing activity - The surge in refinancing activity across leveraged loan and high yield bond markets through H1 2021 looks set...more

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Rising inflation represents risks and opportunities for leveraged finance markets

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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? A sustained period of low interest rates and abundant liquidity have been...more

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Direct lending in the US is in good shape post-COVID-19

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After a volatile and challenging year, US direct lenders moved into 2021 with reputations enhanced and teams strongly positioned to fund new deals. But we cannot discuss current direct lending in the US without casting a...more

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US leveraged finance: Conclusion

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Refinancing, repricing, M&A and buyout activity all surged in the early months of 2021, but then lenders shifted gears in pursuit of yield and borrowers realized they could tap the market for more than just liquidity. Where...more

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From closing loopholes to rising inflation: Five trends that will drive leveraged finance

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HEADLINES Leveraged finance markets largely returned to the pre-pandemic status quo in the first half of 2021 following a tumultuous 2020. From January to June 2021, US leveraged loan issuance climbed 60 percent compared to...more

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After the storm: The US leveraged finance story so far

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By all accounts, leveraged finance markets in the United States were hot in the first quarter of 2021. This activity was driven primarily by refinancing and repricing. Borrowers jumped at the chance to take advantage of the...more

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Downgrades, defaults, distressed debt and refinancing

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Abundant liquidity, a red-hot refinancing market and improving credit ratings combined through the first half of 2021 to limit defaults and ease any near-term pressure on the balance sheets of US borrowers. Borrowers...more

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High yield issuance surges in the US, Europe and APAC

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Plentiful liquidity supports a year-on-year rise in high yield bond issuance in the US, Europe and the Asia-Pacific region - High yield bond markets posted strong gains in the US, Europe and the Asia Pacific region (excluding...more

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Liquid debt markets hit the brakes on restructurings

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A strong market for refinancing and low interest rates have enabled most borrowers in Europe and the US to avoid bankruptcy and restructuring procedures - So far this year, fewer European and American businesses have...more

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Healthcare leveraged finance issuance climbs

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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 - With the pandemic still working its way...more

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Lenders eager to finance US buyouts, but supply of new deals tightens

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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 - High yield bond and leveraged loan...more

McDermott Will & Emery

Loan Transfers: 102

Despite many similarities, high-yield bonds remain liquid instruments that are freely transferable in accordance with US securities law, whilst leveraged loans are becoming increasingly difficult to trade, particularly during...more

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Leisure industry readies for distress amid prolonged lockdowns

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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 - The...more

Skadden, Arps, Slate, Meagher & Flom LLP

European Debt and Equity Markets Resilient in Face of Turbulent Year

The European debt and equity markets shrugged off the impact of a nearly total shutdown due to COVID-19 at the end of the first quarter of 2020 to rebound with strong performances in the second half of the year. As activity...more

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Hospitality/Leisure M&A finds flourishing niches in 2020

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The effect of the COVID-19 pandemic on the hospitality industry has been especially severe, the face-to-face nature of commercial activity in the space making it especially susceptible to social distancing and lockdown...more

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LBO issuance slides on slow buyout activity

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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 - Although leveraged buyout (LBO) activity showed signs...more

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Miners dig deep to weather the storm

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Mining companies entered 2020 in good financial shape and have continued to secure finance despite disruption from COVID-19 - The mining industry has navigated the past nine months in better shape than most sectors, even...more

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Refinancing remains resilient

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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 - Refinancing issuance across high yield...more

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Leveraged finance in Asia-Pacific rallies on real estate

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Chinese real estate lenders lift APAC high yield bond issuance after an active Q3 - Leveraged finance in APAC (excl. Japan) showed signs of recovery in Q3 2020. The high yield market drove the rebound, which was tempered...more

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A tale of two retail loan markets

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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 - ...more

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The recap rebound

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Dividend recapitalization activity plunged in the immediate aftermath of COVID-19 but, as markets recovered, investor appetite for recap deals swelled - Leveraged loan and high yield bond issuance specifically intended...more

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No let up for oil and gas borrowers

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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 - The oil and gas (O&G) upstream sector continues to face financing...more

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Resurging leveraged loan issuance points to a stronger year

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After taking a deep dive in Q2, US leveraged loan issuance picked up in Q3, while European markets gained year on year - Having navigated extreme market dislocation due to COVID-19 for the past six months, leveraged loan...more

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