In a previous article, we introduced the fundamental concepts of the yield restriction and rebate rules set out in the Internal Revenue Code and Treasury Regulations and how tax-exempt bonds may be affected by high interest...more
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
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
High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize...more
As predicted in our previous M&A report, 2022 has not lived up to the runaway performance of 2021. As activity—still at impressive levels considering everything that has been thrown at the deal market—takes a breather, we...more
Lenders and borrowers in US leveraged finance markets have had to recalibrate pricing and issuance volume expectations in 2022 in the face of rising inflation and interest rates....more
High yield bond markets see issuance slow as borrowers and investors step back from new deals due to macroeconomic headwinds and geopolitical uncertainty Elevated inflation and interest rate hikes in Europe and the US,...more
Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced...more
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
Refinancing activity has proven an attractive option amid COVID-19 disruption, with borrowers in good standing seeking to extend maturities and take advantage of low interest rates - Refinancing issuance across high yield...more
The oil and gas sector has been one of the hardest hit by COVID-19 lockdowns and there has been little relief as restructurings rise across the industry - The oil and gas (O&G) upstream sector continues to face financing...more
After taking a deep dive in Q2, US leveraged loan issuance picked up in Q3, while European markets gained year on year - Having navigated extreme market dislocation due to COVID-19 for the past six months, leveraged loan...more
Although US high yield bond issuance cooled somewhat in Q3 2020, it still hit record highs, while European activity remained on an upward trend. High yield bond markets in the United States and Western and Southern Europe...more
HEADLINES - Default levels remain historically low at 1 per cent to 2 per cent - Prevalence of cov-lite loans in Europe may be concealing some underperformance, but there are no conventional triggers for lenders to...more
- The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent - European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion - High yield bond...more
European Leveraged Finance Client Alert Series: Issue 6 July, 2019 - Sub-investment grade rated property companies in the German market are increasingly supplementing conventional real-estate senior secured bank financing...more
• In Europe, leveraged loan issuance is down 28 per cent year-on-year to €202.5 billion in 2018, but is up on all years between 2014 and 2016 • High yield bond issuance is down 37 per cent year-on-year • Leveraged loans...more
Overview and Methodology - Welcome to this seventh edition of Proskauer’s Global High-Yield Bond Study, our analysis of market trends for high-yield bond offerings. Using analyses from our proprietary database of...more