Although high yield bond markets in the US and Europe recorded small year-on-year declines in issuance in H1, high levels of activity in Q2 bode well for the rest of the year - After a slow start to the year beset by a...more
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
High yield activity in the US, Europe and APAC revives after a tricky period, but markets remain uncertain moving into the final months of 2024 High yield bond issuance across the US, Europe and APAC rallied in H1 2024....more
High yield bond issuance in the US and Europe improved in 2023, but came in significantly below long-term annual averages, while markets in the Asia-Pacific (“APAC”) (excl. Japan) region remained stymied, primarily due to...more
High yield bond markets in the US and Western Europe posted double-digit increases in issuance during the first nine months of 2023 as borrowers continued to prefer fixed rate debt products in a high interest rate...more
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
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
Leveraged finance activity slowed on both sides of the Atlantic in the first half of the year, as a tougher macroeconomic environment and events in Ukraine affected debt issuance in both Europe and the US....more
A rebound in European corporate transactions has driven a double-digit acceleration in leveraged finance earmarked for M&A (excl. buyouts), with a robust pipeline setting the stage for an active 2022. In the summer of...more
HEADLINES - ▪️ In the US, leveraged loan issuance for 2021 reached US$1.4 trillion, a 63% increase year-on-year ▪️ The high yield bond market in the US was relatively flat, rising from US$428.3 billion in 2020 to...more
- In the US, leveraged loan issuance for 2021 reached US$1.4 trillion, a 63% increase year-on-year - The high yield bond market in the US was relatively flat, rising from US$428.3 billion in 2020 to US$429.7 billion in...more
European leveraged finance markets roared back to life in 2021, sparked by a combination of attractive pricing in the first half of the year and buoyant M&A activity in the second half. The result? High volumes of refinancing...more
Investors eager to maintain high levels of capital deployment have kept terms and pricing highly flexible for bond and loan issuers, but that does not mean easy access for borrowers—lenders are still pushing back against...more
The European debt and equity markets shrugged off the impact of a nearly total shutdown due to COVID-19 at the end of the first quarter of 2020 to rebound with strong performances in the second half of the year. As activity...more
An issuer of high yield bonds is subject to a number of different ongoing reporting obligations, some of which are contractual and some of which are regulatory. As part of the transaction process, issuers should take these...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
Liability management exercises (“LMEs”) are increasing in the bond and capital market and are often used in relatively benign situations. They are certainly not always a precursor to a full-scale restructuring or insolvency....more