US borrowers have turned to convertible bonds in recent months as mainstream debt and equity markets have stumbled in the face of inflationary and interest rate headwinds. Combined leveraged loan and high yield bond deal...more
Welcome to Debt Download, Goodwin’s monthly newsletter covering what you need to know in the leveraged finance market. We hope you are enjoying some early summer weather and (if you live in the Northeast) are breathing...more
High yield bond activity in key global markets showed signs of life in Q1 2023, with quarter-on-quarter issuance improving despite ongoing macroeconomic challenges. In the US, high yield bond issuance in Q1 2023 came in at...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
Heading into 2023, European leveraged finance markets continue to deal with fierce headwinds, following 12 months of economic and geopolitical volatility that has prompted a general slowdown in issuance. What does this mean...more
US leveraged loan and high yield bond markets saw significant declines in issuance in 2022, as macroeconomic and geopolitical uncertainty drove up borrowing costs, dampened risk appetite and significantly reduced M&A...more
HEADLINES - - M&A leveraged loan issuance in Western and Southern Europe is down 69 per cent year-on-year, while high yield is down 81 per cent -Buyout loan and high yield bond issuance is down by 9 per cent and 52 per...more
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
Leveraged finance activity slowed on both sides of the Atlantic in the first half of the year, as a tougher macroeconomic environment and events in Ukraine affected debt issuance in both Europe and the US....more
Lenders and borrowers in US leveraged finance markets have had to recalibrate pricing and issuance volume expectations in 2022 in the face of rising inflation and interest rates....more
Lender appetite for US buyout opportunities remained resilient in the first half of 2022 despite a volatile macro-economic backdrop and a decline in activity across the wider leveraged finance market....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
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
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
Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022- The US leveraged finance market posted strong year-on-year gains in 2021 as...more
HEADLINES - ▪️ Buyout deal value in Western Europe hit an all-time record high by the end of 2021, more than doubling year-on-year ▪️ Private equity (PE) activity supported an 81% uplift in buyout loan issuance...more
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
- 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
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
HEADLINES - • Buyout deal value in Western Europe hit an all-time record high by the end of 2021, more than doubling year-on-year • Private equity (PE) activity supported an 81% uplift in buyout loan issuance...more
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
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
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
European Leveraged Finance Client Alert Series: September 2021 - White & Case explores the use of escrows in the leveraged finance market, offering issuers and investors practical guidance on the mechanics, protections and...more