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Leveraged Loans

White & Case LLP

Buyout issuance leads the way despite a choppy M&A market

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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

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5 things you need to know about … recurring revenue

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For fast-growth companies in particular, recurring revenue (or annualised recurring revenue, "ARR") loans are increasingly common in the European loan market, as lenders and borrowers become more familiar with a new...more

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From rising costs to ESG ratchets: Five trends that will drive leveraged finance in 2022

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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

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Macro-economic headwinds slow global leveraged loan market in H1

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Rising inflation and climbing interest rates have slowed leveraged loan activity in Europe and the US, while COVID-19 restrictions in China dampened demand in Asia-Pacific - Leveraged loan markets across the globe faced a...more

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Bonds drive Latin American debt activity

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After weathering pandemic-related disruption early in 2021, Latin American loan and bond markets remained open for business, with bonds leading the way - Ongoing COVID-19 disruption in 2021 saw a decline in Latin American...more

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M&A financing keeps the leveraged finance market beating

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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

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Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region

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Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains - Debt markets in the Asia-Pacific region (excl. Japan) (APAC)...more

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European leveraged finance: From surviving to thriving

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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

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Buyout momentum paints a strong picture for issuance in 2022

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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

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US versus Europe: Will their shared path continue in 2022?

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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

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European leveraged finance: Conclusion

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A flurry of activity saw year-on-year leveraged finance issuance in Europe hit new heights in 2021. Can this pace be maintained in the months ahead? Based on pipeline activity and investor appetite for growth, the answer...more

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US versus Europe: Will their shared path continue in 2022?

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- 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

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M&A drives issuance in busy healthcare space

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Following a year of healthy activity, M&A deals in the pipeline are set to sustain leveraged finance issuance in the pharmaceutical, medical and biotech sector in the months ahead - Lender appetite for exposure to the...more

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From recurring revenue to sticky customers: The trends driving tech sector issuance

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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

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M&A financing keeps the leveraged finance market beating

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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

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Five factors driving leveraged finance in 2022

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It was a year of rebounds in 2021, from the early hike in refinancing activity to the subsequent surge in M&A and buyout deals, as well as frenetic activity in the PE space, all of which contributed to a noteworthy uptick in...more

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From survive to thrive: European leveraged finance looks to the future

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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

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Investor appetite gives borrowers a boost

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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

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Lenders zero in on the fine print as ESG issuance surges

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The rise in sustainability-linked debt issuance observed in 2021 has shown little sign of slowing down as borrowers continue to focus on improving environmental, social and governance (ESG) performance in response to investor...more

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Recovering prices stabilize oil and gas credits

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Recovering oil prices brought much needed stability to the balance sheets of oil and gas borrowers that were on the brink of foreclosure through lockdowns, but the transition away from hydrocarbons poses an ongoing challenge...more

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Active private equity firms buoy buyout issuance

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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

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Leveraged loan markets keep on rolling

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Despite a spike in energy prices and persistent inflation, year-to-date leveraged loan activity showed substantial gains on 2020 levels - Global leveraged loan activity sustained momentum built up through H1 2021 to post...more

Latham & Watkins LLP

Could PE Benefit From the Universal Adoption of “Super Senior” RCFs in Leveraged Financings?

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Undrawn credit lines are essential to private equity but in short supply from banks. Undrawn revolving credit facilities (RCFs) are essential to private equity. They are a backup in the event of mismatches in the working...more

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Outlook for Africa brightens after challenging first half to the year

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African loan and bond issuance fell by just under 10% in the first half of 2021, year-on-year, with lenders still jittery after Zambia missed a bond repayment in November 2020 to become the first African sovereign to default...more

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Widening variety of issuers sustains refinancing momentum

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Debt markets warm to issuers from a broader range of sectors, maintaining high levels of refinancing activity - The surge in refinancing activity across leveraged loan and high yield bond markets through H1 2021 looks set...more

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