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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

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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

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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

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Global leveraged loan markets spring to life

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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

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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

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights - 2024 European Fund Finance Market Predictions

The year 2023 presented the fund finance industry with many challenges that it rose to face with an inventiveness and rigour that showed just how mature and multi-faceted the market has become. At Cadwalader in London we saw...more

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High yield issuance rallies in Western markets

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High yield bond markets in the US and Western Europe posted double-digit increases in issuance during the first nine months of 2023 as borrowers continued to prefer fixed rate debt products in a high interest rate...more

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Subdued macro conditions shelve major loan activity

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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

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Getting the deal done: How is European PE securing debt in a tight market?

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European PE dealmaking declined in 2022—down 38 per cent year-on-year, according to Mergermarket—as macro-economic uncertainty intensified, valuations became increasingly volatile, and financing tightened. Under the...more

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Five factors that will influence leveraged finance in 2023

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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

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Economy pumps the brakes on loan markets

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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

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"Taking the Keys": Six things to consider for credit investors contemplating share pledge enforcement

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Rises in energy costs, disruption to global supply chains, the situation in Ukraine, soaring inflation and higher interest rates are pushing several major European economies towards recession. Borrowers and issuers in the...more

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Recurring revenue reset?

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After a year of red-hot moves in the tech sector, markets have cooled down in 2022, as inflation and rate hikes prompted many investors to prioritize investment in safe haven asset classes....more

Paul Hastings LLP

Direct Lenders Are Navigating Rough Seas

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Direct lenders need to be strategic about higher default rates, according to partners William Brady, Kris Hansen, and Jennifer Yount- William Brady: Direct lenders are facing challenges on two fronts: they are under...more

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High yield bond markets tap the brakes

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High yield bond markets see issuance slow as borrowers and investors step back from new deals due to macroeconomic headwinds and geopolitical uncertainty Elevated inflation and interest rate hikes in Europe and the US,...more

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Global PE activity slows in Q1 following blockbuster year

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Private equity dealmaking was slow to pick up the pace in Q1, yet activity remained in line with pre-pandemic levels - Global PE activity in 2021 struck a new record, with US$2.2 trillion in deals, almost doubling 2020's...more

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M&A financing keeps the leveraged finance market beating

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A rebound in European corporate transactions has driven a double-digit acceleration in leveraged finance earmarked for M&A (excl. buyouts), with a robust pipeline setting the stage for an active 2022. In the summer of...more

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

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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

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European leveraged finance: Conclusion

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A flurry of activity saw year-on-year leveraged finance issuance in Europe hit new heights in 2021. Can this pace be maintained in the months ahead? Based on pipeline activity and investor appetite for growth, the answer...more

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

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- 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

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From recurring revenue to sticky customers: The trends driving tech sector issuance

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HEADLINES - • Leverage loan technology and computer-related issuance in Western and Southern Europe almost doubled from annual pre-pandemic levels to €19.9 billion by the end of 2021 • Technology and computer-related...more

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European CLOs and the unstoppable impact of ESG

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Europe's CLO market and environmental, social and corporate governance (ESG) objectives are converging at pace, providing unique opportunities for CLOs to access the vast and rapidly expanding pools of capital earmarked for...more

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M&A financing keeps the leveraged finance market beating

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A rebound in European corporate transactions has driven a double-digit acceleration in leveraged finance earmarked for M&A (excl. buyouts), with a robust pipeline setting the stage for an active 2022. In the summer of...more

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

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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

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Investor appetite gives borrowers a boost

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Investors eager to maintain high levels of capital deployment have kept terms and pricing highly flexible for bond and loan issuers, but that does not mean easy access for borrowers—lenders are still pushing back against...more

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