Mad Dogs and Panameños!
FATHER KNOWS BEST!
In Women in Private Credit: Talking Trends, we dive into the world of private credit through the lens of eminent women in the field – from professionals at the forefront of the industry to our own lawyers. Together, we...more
On December 5, the OCC and FDIC rescinded the Interagency Guidance on Leveraged Lending issued in 2013 and the related FAQs from 2014, citing concerns that these documents were “overly restrictive and impeded banks’...more
The Bank of England (BoE) has launched its second system-wide exploratory scenario (SWES) exercise, this time focused on the private markets ecosystem. It will be run in collaboration with a group of banks and NBFIs active in...more
On December 5, 2025, the Office of the Comptroller of the Currency (“OCC”) and Federal Deposit Insurance Corporation (“FDIC”) rescinded guidance on leveraged lending activities by banks. The rescissions should come as a...more
On December 8, the OCC and the FDIC announced that they are rescinding the 2013 Interagency Guidance on Leveraged Lending and the 2014 FAQs. The agencies explained that banks should instead manage leveraged lending activities...more
Banks subject to the Agencies’ jurisdiction will now be expected to manage leveraged lending using general risk management principles for safe and sound lending....more
Green shoots in the M&A market have provided a timely boost for leveraged loan issuance, putting the market on track to end the year strong - US leveraged loan issuance is energizing the global debt capital markets, with...more
On December 5, the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) jointly rescinded the 2013 Interagency Guidance on Leveraged Lending and the 2014 FAQs, citing that the...more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
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
NEW YORK, October 23, 2025 – Proskauer today released its latest Private Credit Default Index (the “Index”), which tracks senior-secured and unitranche loans in the United States. The Index revealed a default rate of 1.84%...more
Unitranche financing structures, also known as first out/last out or "FOLO," are not new to the lending market but have become increasingly common in recent years, particularly in private equity sponsor-backed middle-market...more
When Gatsby stands at the edge of his lawn, gazing across the bay at the green light on Daisy Buchanan's dock, that lamp promises his imagination that time itself might be reversed. History will relent and desire bend the...more
A liability management exercise ("LME") is, at its core, any transaction a company undertakes to manage its debt other than actually servicing it in the ordinary course of business. While these historically ranged from...more
Large cap private equity sponsors are increasingly targeting middle and lower middle market deals, drawn by relative insulation from macroeconomic volatility and greater portfolio diversification. However, as they bring large...more
As we approach the end of the financial year, activity in the leveraged market is gaining pace. Are we headed for a positive end to Q4?...more
On July 22, 2025, PitchBook published the latest Midyear Outlook: US Leveraged Loan and Private Credit report offering insights into key trends shaping the leveraged loan and private credit markets during the first half of...more
After a sharp tariff-induced dip in loan issuance, markets in the US and Europe regained confidence and stabilized by the end of the first half of the year - US and European leveraged loan markets had a bumpy ride during...more
Read our latest insights into the U.S. private equity market. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. Deal activity: The U.S. PE deal market has been choppy in 2025 YTD...more
Competition between the private credit and broadly syndicated loan (BSL) markets is intensifying, with developments on both sides blurring the distinctions between the two products. One of these distinctive features is the...more
Read our latest insights into the U.S. private equity market. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. The drop in March deal count pushed Q1 deal count to the lowest...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
At the beginning of 2024, the White & Case leveraged finance team made a series of predictions on how the leveraged loan and high yield bond markets would perform in 2024. After 12 months of softer markets in 2023, the...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
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