While issuance of high yield bonds strengthened across all key global jurisdictions in 2024, the US and Europe still face mounting maturity walls -
High yield bond issuance in key markets around the world recorded major...more
European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 -
Europe's leveraged...more
2/6/2025
/ Borrowers ,
Capital Markets ,
EU ,
Financial Institutions ,
Financial Markets ,
Financing ,
High-Yield Markets ,
Investment ,
Investors ,
Lenders ,
Leveraged Finance ,
Loans ,
Private Equity ,
Private Funds
At the beginning of 2024, the White & Case leveraged finance team made a series of predictions on how the leveraged loan and high yield bond markets would perform in 2024.
After 12 months of softer markets in 2023, the...more
11/11/2024
/ Acquisitions ,
Borrowers ,
Capital Markets ,
EU ,
Financial Services Industry ,
Global Dealmaking ,
High Yield Bonds ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers
HEADLINES -
-Rising interest rates and reduced refinancing options are increasing the likelihood of restructuring and financial distress in the next 12 months
-Cov-lite debt packages have given borrowers breathing...more
2/2/2023
/ Borrowers ,
Coronavirus/COVID-19 ,
Debt Restructuring ,
Financial Distress ,
Interest Rates ,
Investment ,
Investment Adviser ,
Investors ,
Lenders ,
Private Equity ,
Refinancing ,
Restructuring
European leveraged finance markets have been completely reconfigured in the past 12 months. Inflation, rising interest rates and geopolitical uncertainty have squeezed liquidity and seen high yield bond and leveraged loan...more
2/1/2023
/ Acquisitions ,
Borrowers ,
Capital Markets ,
EU ,
Financial Services Industry ,
Global Dealmaking ,
High Yield Bonds ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers ,
Refinancing ,
UK
European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on leveraged loan and high yield bond issuance. How will...more
1/31/2023
/ Acquisitions ,
Bank of England ,
EU ,
European Central Bank ,
Interest Rates ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Liquidity ,
Mergers ,
Price Inflation ,
Refinancing ,
Risk Assessment ,
UK ,
Ukraine
Current macroeconomic and geopolitical uncertainty may make it difficult for companies to know how to tackle their Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") disclosure. In...more
11/1/2022
/ Coronavirus/COVID-19 ,
Disclosure Requirements ,
Economic Sanctions ,
Energy Costs ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Markets ,
Geopolitical Risks ,
Investors ,
MD&A Statements ,
Military Conflict ,
NVIDIA ,
Price Inflation ,
Regulation S-K ,
Russia ,
Securities and Exchange Commission (SEC) ,
Supply Chain ,
Ukraine
Since the decision in Assénagon in 2012, there has been some doubt as to how much coercion can be applied in a consent solicitation that includes an "exit consent" and whether consents that seek to force detrimental economic...more
Mining & metals companies can take advantage of low prices in the leveraged finance markets to manage their liabilities amid the expected recession.
The current economic environment creates opportunities for the mining &...more
10/4/2022
/ Bank Loan Markets ,
Capital Requirements ,
Capital Structures ,
Collateral ,
Coronavirus/COVID-19 ,
Debt Restructuring ,
Economic Downturn ,
Federal Reserve ,
Interest Rates ,
Investors ,
Leveraged Finance ,
Liability ,
Liens ,
Metals ,
Mining ,
Price Inflation ,
Recapitalization ,
Refinancing
Standing at the intersection of the Eurobond and high yield markets, so-called "Cross-Over" emerging market deals were more popular than ever in 2021. These deals were not necessarily like the deals that had come before—deals...more
Pro forma financial statements may be required in a securities offering where an acquisition or disposition has occurred or is probable within a certain period of the offering. In a Rule 144A offering, market practice is...more
11/23/2021
/ Acquisitions ,
Asset Test ,
Auditors ,
Capital Markets ,
Disclosure Requirements ,
Dispositions ,
EU ,
Financial Services Industry ,
Financial Statements ,
Income Test ,
Investment ,
Investment Test ,
Investors ,
Offerings ,
Pro Forma Sessions ,
Required Documentation ,
Rule 144A ,
Securities and Exchange Commission (SEC)
Although COVID-19 lockdowns have seen high-profile companies lose their investment grade status, lenders have continued to support these credits.
COVID-19’s impact on earnings has seen companies across the United States...more
9/16/2020
/ Angel Investors ,
Borrowers ,
Coronavirus/COVID-19 ,
Credit Ratings ,
Economic Downturn ,
Financial Crisis ,
Global Market ,
Institutional Investors ,
Investors ,
Lenders ,
OECD ,
Private Investment Funds
- 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
2/19/2020
/ Acquisitions ,
Bifurcation ,
Borrowers ,
Covenant Lite Deals ,
EBITDA ,
EU ,
High Yield Bonds ,
Interest Rates ,
Investors ,
Leveraged Finance ,
Leveraged Lending ,
Mergers ,
UK Brexit
European Leveraged Finance Client Alert Series: Issue 7 -
The term "private placement", while having a relatively settled meaning in US financings, can have a variety of meanings in Europe. White & Case's European...more
European Leveraged Finance Alert Series: Issue 3, 2019 -
Investors in high yield debt expect protections to be included in documentation in order to prevent bond issuers from taking certain actions that deteriorate credit...more
3/30/2019
/ Acquisitions ,
Bond Issuers ,
Condition Precedent ,
Contract Terms ,
EBITDA ,
EU ,
High Yield Bonds ,
High-Yield Markets ,
Investor Protection ,
Investors ,
Leveraged Debt ,
Leveraged Lending ,
Mergers ,
Restrictive Covenants ,
Stock Purchase Agreement