News & Analysis as of October 19, 2024

Investment

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

China’s real estate sector shows the beginning signs of recovery

White & Case LLP on 10/14/2024

China’s real estate industry, which accounts for about a fifth of the country’s economic activity, according to IMF, has faced numerous headwinds over the past three years. These have ranged from a mismatch in supply and...more

Tepid UK & European private capital markets spur unicorns into inorganic opportunities

White & Case LLP on 10/4/2024

3 reasons for continuously high fintech M&A activity levels: Banks target indirect digital access: Through credit lines, investments in venture capital funds, collaborations with innovators and establishment of next...more

Sector trends - September 2024: Payments

White & Case LLP on 10/2/2024

Equity and debt cheques from financial sponsors fuel growth, with investment committee appetite across the full spectrum from Seed through to late stage / pre-IPO. The payments sector bucks the trend on IPOs. Current...more

Other Financial Services - UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024

White & Case LLP on 9/27/2024

Asset / Wealth Management - Current market: Consistently high M&A activity levels - We are seeing: Europe’s barbell becomes more pronounced—larger asset / wealth managers swallow smaller competitors at pace: -...more

Refinancing surge reenergizes US and European loan markets

White & Case LLP on 8/28/2024

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

Investors flock to investment grade debt markets

White & Case LLP on 6/21/2024

Primary investment grade bond issuance surged in Q1 2024 as investors ramped up exposure to high-quality borrowers in a high interest rate environment. In the US, investment grade corporate borrowers secured US$429.7 billion...more

Private Credit Deep Dives – Sponsor “Guarantees” (Europe)

Proskauer Rose LLP on 5/14/2024

As borrowers continue to feel the squeeze caused by inflation and high interest rates, lenders in the European mid-market have seen a marked increase in covenant relief, waiver and amend and extend requests from borrowers on...more

Side Letters: Just Paper Tigers, Or Do They Roar?

White & Case LLP on 5/7/2024

Side letters document bespoke arrangements between all or certain parties to a financing transaction and supplement the terms of the principal documents thereto. Becoming increasingly popular with stakeholders, and with the...more

Innovation in Financing: Where Are We Seeing Growth?

McDermott Will & Emery on 12/22/2023

Meanwhile, cash-strapped biotechs have in many cases been forced to leverage relationships with big pharma to address liquidity. Cash is king in a financing environment such as we have observed over the last 18 months, and...more

The 3rd Fintech Epoch: Europe’s first-movers drive M&A amid tightened purse strings

White & Case LLP on 9/25/2023

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Fintech - Whilst many European start-ups have struggled to successfully execute funding rounds at valuation levels of yesteryear, more mature fintechs...more

Subdued macro conditions shelve major loan activity

White & Case LLP on 8/16/2023

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

US M&A Levels Remain Healthy, but Due Diligence and Deal Protections Will Become Even More Critical

Skadden, Arps, Slate, Meagher & Flom LLP on 12/14/2022

Acquisition market participants in the U.S. approached dealmaking with greater caution in 2022 than they did in 2021. Steadily rising interest rates and financing costs, persistent inflation, geopolitical uncertainty,...more

The Rise of ARR Financings

Hogan Lovells on 1/24/2022

EBITDA has long been the trusted metric for leveraged financings, but the European market is becoming increasingly familiar with a new barometer of performance: annual recurring revenue (“ARR”)....more

Financial institutions M&A: Consumer Finance

White & Case LLP on 9/28/2021

Financial institutions M&A sector trends: consumer finance — H1 2021 and outlook for H2 2021 - Hyper-specialisation of the European consumer finance market continues, with POS, entrepreneur, freelancer, migrant and payroll...more

COVID-19 and Leveraged Finance: Some Issues to Consider

Pillsbury Winthrop Shaw Pittman LLP on 3/27/2020

With many borrowers facing a current or looming liquidity crunch but having a committed revolving line of credit potentially available to them, borrowers and lenders need to carefully review their loan documentation when...more

European Direct Lending – where are we now…

Hogan Lovells on 3/17/2020

Hogan Lovells was a sponsor of last week's Creditflux/Debtwire European Direct Lending Forum and London leveraged finance partner, Jo Robinson, took part in a panel discussing the influence of large cap precedents on...more

Unitranche: On the up, down under

Hogan Lovells on 9/15/2017

Unitranche facilities have been a feature of the European and US markets for a number of years, and have recently been making their mark in Australia. What is unitranche? A unitranche facility is a single facility which...more

How Europe’s Private Debt Funds Are Approaching the Leveraged Finance Market

Hogan Lovells on 5/22/2017

Paul Mullen is a partner in the Hogan Lovells London office. In this hoganlovells.com interview, Mullen talks about how the deal structures vary between the private debt funds and the banks, the differences in the...more

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