News & Analysis as of

Leveraged Loans

A&O Shearman

Syndicated DDTLs: New territory for acquisition lines?

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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

White & Case LLP

Refinancing surge reenergizes US and European loan markets

White & Case LLP on

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

White & Case LLP

Global leveraged loan markets spring to life

White & Case LLP on

After a challenging 2023, US and European leveraged loan issuance showed year-on-year gains in Q1 2024 as a more stable interest rate outlook encouraged borrowers and lenders to return to the market. After a challenging...more

Latham & Watkins LLP

In Practice: European Middle Market CLOs Could Rise in 2024 - Despite Some Challenges

Latham & Watkins LLP on

This article describes the current challenges in developing a European MM CLO market, and how asset managers may overcome them. Originally published in Butterworths Journal of International Banking and Financial Law -...more

White & Case LLP

Late rally softens leveraged loan landing

White & Case LLP on

A strong finish to 2023 helped to boost global leveraged loan issuance at the end of an otherwise rocky year for all key markets. The last 12 months were incredibly challenging for banks, investors and borrowers, as elevated...more

White & Case LLP

European leveraged finance enters new era

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High interest rates weighed down on deals, precipitating a drop in leveraged loan issuance in 2023. However, there are reasons to be optimistic that deal activity will pick up in 2024 - As our latest leveraged finance...more

White & Case LLP

Incremental debt holds steady in uneven loan market

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With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although...more

Harris Beach PLLC

Syndicated Loans are Not Securities, Court Rules

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In a win for banks and private credit lenders, the U.S. Court of Appeals, Second Circuit recently ruled a $1.8 billion leveraged loan was not a security. The United States syndicated loan market had been anxiously...more

Cadwalader, Wickersham & Taft LLP

IOSCO Consults on Good Practices for Leveraged Loans and CLOs

The International Organisation of Securities Commissions, or IOSCO, has published a Consultation Report on good practices for consideration in relation to leveraged loans and CLOs....more

Troutman Pepper

Kirschner Update: 2nd Circuit Affirms District Court Opinion That Leveraged Loans Are Not Securities

Troutman Pepper on

In its highly anticipated decision, the Second Circuit has answered the question of whether a syndicated term loan qualifies as a “security” with a definitive “no”. On August 24, the Court of Appeals for the Second Circuit...more

Orrick, Herrington & Sutcliffe LLP

2nd Circuit affirms leveraged loans are not securities

On August 24, the U.S. Court of Appeals for the Second Circuit affirmed a district court’s order dismissing plaintiff’s claim that a national bank’s nearly $1.8 billion syndicated loan for a drug testing company were...more

White & Case LLP

Subdued macro conditions shelve major loan activity

White & Case LLP on

Loan issuance across all major jurisdictions saw year-on-year double-digit declines during the first half of 2023, as high inflation and rising interest rates continued to weigh on loan activity The first half of 2023 has...more

Goodwin

Debt Download - July 2023

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Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Are the debt capital markets this summer as hot as the weather? Read on to find out!...more

White & Case LLP

US issuers flock to convertible bonds in choppy market

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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

White & Case LLP

How CLOs are dealing with a post-SVB world

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Collateralized loan obligations (CLOs)—investment structures that buy up leveraged loans and debt securities, package them into tranches with varying levels of risk and return, and sell them to investors—had minimal direct...more

Proskauer Rose LLP

Private Credit Deep Dives – Leverage Covenants and Auto-Resets

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As the private credit industry has relentlessly expanded and the capital available for deployment by private credit asset managers has rapidly grown, those investing at the top end of the market have increasingly had to...more

Goodwin

Debt Download - June 2023

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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

White & Case LLP

High yield bonds held firm in the first quarter against a tough backdrop

White & Case LLP on

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

White & Case LLP

Macro headwinds dampen loan activity

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Stubborn inflation, ongoing interest rate hikes and the banking crisis in the US and Europe have slowed activity across global loan markets at the start of the year, but there are signs that loan issuance may start rebounding...more

White & Case LLP

Private debt players open for business, but only on the right terms

White & Case LLP on

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

Goodwin

Debt Download - February 2023

Goodwin on

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

White & Case LLP

APAC debt markets hang tough

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Economic headwinds proved challenging for leveraged finance markets in Asia-Pacific in 2022, but rising issuance beyond the core Chinese market cushioned the impact of global macro dislocation - Debt issuance across the...more

White & Case LLP

US versus Europe: On different footing for 2023

White & Case LLP on

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

White & Case LLP

US leveraged finance slows in turbulent market

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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

White & Case LLP

M&A and buyouts— slowing the pace

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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

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