An inability to satisfy ratio or incurrence-based tests in leveraged finance loan agreements can lead to a borrower group being unable to draw debt it has paid for, or complete transactions it has legally committed to....more
Australia's leveraged finance market is ending the year well-positioned to support a hopeful M&A comeback in 2026. Deep Australian/Asia-Pacific demand for risk assets, sizeable private credit firepower and reinvigorated...more
High yield bond activity rallies in the US as borrowers pivot away from pricier leveraged loans, but European and Asian markets remain challenged US high yield bond activity sparked back to life in H1 2023 as improved...more
Private debt managers seized the opportunity to win market share in 2022 as leveraged loan and high yield bond activity slowed—moving into 2023, private debt players remain open for business, but mainly on their terms - ...more
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
During 2021, after months of regulatory pressure to end reliance on the London Interbank Offered Rate (LIBOR), concerns were mounting that the US leveraged loan market was being too slow to adopt the Secured Overnight...more
The first half of the year has marked an inflection point for US leveraged finance markets. After a buoyant but brief post-pandemic period in 2021, the combination of surging inflation, rising interest rates and events in...more
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
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
Management teams and private equity (PE) sponsors have successfully deployed a range of liability management tools to steer companies through the COVID-19 downturn and avoid both bankruptcies and full-blown restructurings. ...more
The LMA Early Evening Seminar at Hogan Lovells Amsterdam on 1 October 2019 explored some trends in the leveraged finance market, with reports of a very healthy Dutch market, notwithstanding effects of Brexit, recession...more