As a result of a combination of well documented macro-economic factors, new money financings backing traditional private equity (PE) activity has stalled so far in 2023. With a vast amount of PE capital at the ready,...more
Welcome to Debt Download, Goodwin’s monthly newsletter covering what you need to know in the leveraged finance market. We hope your year is off to a good start!...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
In a market that has seen notable highs and lows since the financial crisis, while remaining ever-vigilant for red flags, a degree of consistency is beginning to take hold in European leveraged finance . The European...more
HEADLINES - In 2019, European take-private deals backed by private equity reached €34.5 billion over 31 deals - This is 14 per cent higher than 2018 and more than five times the total deal value seen just five years...more
HEADLINES: - European collateralised loan obligation (CLO) new-issue volume reached €30.1 billion in 2019 - This was 11 per cent above the €27.2 billion netted over the previous year - The fourth quarter of 2019 saw...more
Structured finance transactions, whether of the CLO or CDO variety, are highly regulated today, following the losses certain types of these products suffered in and around the 2008 financial crisis. Nevertheless, with the...more
On May 6, 2019, the Board of Governors of the Federal Reserve System (the Board) published its annual Financial Stability Report....more
On April 10, 2019, the International Monetary Fund (IMF) held a press conference to discuss its semiannual Global Financial Stability Report (the GFSR), which assesses key risks facing the global financial system. The GFSR...more
In this report, members of Dechert’s multidisciplinary permanent capital team provide a round-up of legal and business considerations for private credit, BDCs and everything in between. Topics covered include: -...more
As the leveraged debt market has matured at pace in the past decade, many are hopeful that it will maintain an upward trajectory, at least in the medium term. As noted in the report, times have changed, and 2018 has seen a...more
Loans backing LBOs have driven the market in Europe this year, with volumes reaching €56.5 billion, up 37 per cent from €41.3 billion in 2017. By the middle of 2018, total loans in the US breached US$100 billion, up a third...more