Recent Insights

Despite a drop in activity, public-to-private (P2P) transactions in Europe have continued through 2020, unlike in the US market, where they have fallen sharply

While COVID shut the window on deals in H1 2020, Q3 saw a revival that augurs well for the rest of the year and beyond

After deal activity stagnated in H1, the third quarter offers some hope for dealmakers, as deal volume and value surpass Q3 2019

Although US high yield bond issuance cooled somewhat in Q3 2020, it still hit record highs, while European activity remained on an upward trend

The law will make German financial markets more competitive, allowing issuers and investors to benefit from efficiencies and lower transaction costs.

A series of exit megadeals doubled the value recorded in Q3 2019, while global buyout activity lost momentum, growing more modestly in the third quarter.

As pandemic effects linger, companies intent on avoiding layoffs are looking at compensating workers with equity in lieu of cash as part of their pay.

A majority of dealmakers say their companies are focused on defense or survival, but about a quarter are actively pursuing growth.

The UK's new Corporate Insolvency and Governance Act introduces a restructuring plan procedure that enhances the flexibility of the English scheme of arrangement

While not unscathed by the ongoing pandemic, software deals are proving to be resilient to the effects of lockdown

Significant legal and business developments during 2020

Africa in the coronavirus era

Competition regulators have shown their ability to act quickly and decisively in order to help allay the worst impacts of the coronavirus outbreak. Could these responses provide a template for achieving environmental and sustainability goals in the future?

While Spain's recession is expected to be among the deepest on the continent, the nation has remained one of the most attractive deal destinations in Europe for PE and M&A

Although COVID-19 lockdowns have seen high-profile companies lose their investment grade status, lenders have continued to support these credits

The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions

The online gaming industry has flourished amid stay-at-home orders

Leveraged finance defaults are rising as the impact of COVID-19 is felt, but covenant-lite terms, government intervention and support from financial sponsors have mitigated fallout from the pandemic

After COVID-19 concerns brought issuance to a near halt in March, Q2 high yield bond activity climbed in most markets as borrowers sought to boost balance sheets and cash reserves

Latin American loan issuance has felt the effects of COVID-19 disruptions, but lenders have remained open for business as borrowers turn to bilateral loan revolving credit facilities for liquidity

A surge of interest from inbound investors drives recovery after a sharp fall in Q1

Growing investor appetite for financial products with a positive impact, coupled with a demand for recovery capital post-COVID-19, have lifted the market for social bonds

Strong ESG credentials and long-term plans to improve their relationship with society and the environment are increasingly important to ensure companies’ access to capital

The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021

Investor sentiment has begun to recover, but ratings downgrades and higher pricing continue to keep loan markets on alert

A handful of large deals struck early in the year provided a few bright spots for Italian M&A activity in H1 2020

The global mining & metals industry began the new decade on a positive note. But as the global economy is struck by the unprecedented force of the coronavirus pandemic, how is the sector positioned for life post-COVID-19?

We highlight the key European M&A trends in the first half of 2020, and provide our insights into the outlook for M&A moving forward.

As the COVID-19 pandemic spread, global M&A value dropped to the lowest half-yearly total since H1 2010

Amidst the COVID-19 pandemic, total buyout volume in the first half of 2020 dropped 23% annually, while value fell 30%—less than half the rate of decline of overall M&A

French M&A activity has suffered steep falls because of COVID-19, but green shoots are emerging as lockdown measures ease

Technology dealmaking has continued apace in 2020 as M&A investors take advantage of the sector's resilience to transact

The megadeals of 2019 may be off the table for now, but deal activity across healthcare and pharmaceuticals has proven resilient through the COVID-19 crisis

Low prices and excess supply have pushed oil & gas balance sheets to the brink, which means raising traditional debt will remain difficult and restructurings are expected

Remote working, online shopping and telemedicine have shielded the technology sector from the worst effects of COVID-19 lockdowns

The year started strongly for many nations in Latin America, but coronavirus has heavily impacted the M&A market.

COVID-19 has pushed healthcare systems around the world to the limit, but depending on the vertical, certain companies have been less affected than those in other sectors—and the availability of credit to battle the pandemic has helped

COVID-19 is hammering leisure sector M&A—but not so much that opportunities have vanished