Europe's leveraged finance markets have given issuers sufficient space to navigate macroeconomic headwinds and prepare for an increase in deals in 2026. Through periods of uncertainty, the system has slowed but not...more
Market dynamics reshape borrower choices - Competition between lending channels intensified in 2025, as leveraged finance markets in Europe saw lenders vying for deals and offering borrowers greater flexibility ahead of an...more
Welcome to this edition of Credit Conditions, a quarterly publication from McDermott Will & Schulte that analyzes recent debt market trends. End-of-year dealmaking accelerated across M&A, private equity (PE), and credit...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
The growth in private credit over the past few years means understanding this sector of the debt markets, and the benefits private credit can provide, is increasingly important for Private Equity sponsors. Background - ...more
It has been a busy year for European financing markets, with robust demand for refinancings driving volume. The fourth quarter of 2025 likely will see more transactions coming to market in preparation for an even livelier...more
In-Depth: Acquisition and Leveraged Finance (formerly The Acquisition and Leveraged Finance Review) provides a practical overview of the most common structures and methods used to finance acquisitions in major jurisdictions...more
Leveraged finance has experienced notable shifts in recent years, driven by the rapid expansion of private credit and the continued evolution of the broadly syndicated loan (BSL) market. Once clearly separate in structure,...more
Nov. 12, 2025 – “Know thy enemy” is often attributed to Sun Tzu, who famously advised “[i]f you know the enemy and know yourself, you need not fear the result of a hundred battles.” Centuries later, as many of us with...more
"Baskets" are leveraged finance jargon for certain permissions a Sponsor's borrower group has to undertake certain transactions that, because of they are viewed by lenders as "leakage" items of a more risky nature to the...more
After a period of volatility, Europe’s leveraged finance market is primed for resurgence, with new and exciting opportunities available to lenders and borrowers alike - Leveraged finance markets in Europe have entered 2025...more
European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 - Europe's leveraged...more
As regular Fund Finance Friday readers know, articles in this newsletter often explore emerging trends in fund finance and fund finance-adjacent areas, and in this article, we will look at single-asset back-leverage (“SABL”)...more
U.S. PE deal activity: Deal activity was slightly down in 2024 with a 3% YoY decline, while deal value was up 14%. Transaction activity did not make the strong comeback dealmakers were hoping for in 2024 as investors...more
Jersey and Guernsey (collectively, the "Channel Islands") remain popular for both private equity buyout structures of UK and international corporate groups across various industries and asset classes, and for leverage...more
We are increasingly seeing requests for a committed acquisition/capex facility – often referred to as a Delayed Draw Term Loan (DDTL) – to be included as part of the initial capital structure on European syndicated leveraged...more
On this episode of Private Market Talks, we’re joined by Tim Flynn, Co-Founder and CEO of Hayfin, an alternative asset manager that has invested €35 billion of capital across more than 470 portfolio companies since its...more
European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest...more
Aggregate global buyout value dipped sharply in the second half of 2022 reverting to pre-pandemic levels—the first three months of 2023, however, have seen an uptick in volume...more
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
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
Welcome to Goodwin's Debt Download, our monthly newsletter covering what you need to know in the leveraged finance market. We hope you’re staying warm during the winter doldrums....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
Market conditions have remained challenging through the past year. The post-pandemic recovery globally saw a significant setback as a result of the war in Ukraine, which exacerbated the pre-existing market issues and led to...more
A public-to-private transaction ("P2P") is one in which a publicly listed company is acquired and taken into private ownership. Because they involve changes in ownership of public companies, P2Ps are subject to various...more