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Loans Capital Markets Borrowers

White & Case LLP

Private credit leans on PIK flexibility in competitive market

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In the face of intensifying competition from the broadly syndicated loan market, private credit lenders are leveraging their ability to provide payment-in-kind flexibility to secure deals - Private credit lenders in the US...more

White & Case LLP

Delayed-draw facilities: A key differentiator in a competitive market

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Competition between the private credit and broadly syndicated loan (BSL) markets is intensifying, with developments on both sides blurring the distinctions between the two products. One of these distinctive features is the...more

A&O Shearman

Navigating private credit in the Middle East

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The continued growth and diversification of the regional economies, coupled with significant advancements in the legal frameworks, have made the United Arab Emirates and the Kingdom of Saudi Arabia increasingly attractive...more

A&O Shearman

FMSB Statement of good practice on the governance of sustainability-linked products

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The Financial Markets Standards Board (FMSB) has issued a Statement of Good Practice (SoGP) on the governance of sustainability-linked products (SLPs), along with a press release. SLPs are products where the financial and/or...more

Cadwalader, Wickersham & Taft LLP

The Comfort Letter Comeback, March 2025 - Comfort Letters

In the evolving fund finance market, lenders are constantly assessing ways to mitigate risk and enhance credit support in order to provide for the smooth operation of subscription-based credit facilities. One such credit...more

Akin Gump Strauss Hauer & Feld LLP

2025 Perspectives in Private Equity: Private Equity Finance

After a subdued 2023 during which it was challenging for private equity (PE) to raise debt financing as a result of elevated interest rates and a difficult syndicated lending market, 2024 featured a material shift in the...more

White & Case LLP

European leveraged finance: A market reawakened

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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

Pillsbury Winthrop Shaw Pittman LLP

Loan Market Association Publishes Green Loan Terms, Smoothing Path for Green Finance in 2025

The green term sheet accompanies the provisions for green loans previously published at the end of 2024. Environmental, Social and Governance (ESG) principles continue to be a focus for the financial markets. Notably, the...more

Allen Matkins

What will be the big trends in commercial real estate in 2025 related to financing and capital markets?

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Real estate lending will continue to be impacted by elevated interest rates, limited borrowing capacities, and slow transaction volumes. Floating-rate debt will likely be the chosen option by borrowers. Additionally,...more

Crunched Credit

A Modest Proposal Concerning A Grand Bargain For Our Business 

Crunched Credit on

Let me begin with an apology for not being in print for a while.  All that Ho-ho-ho-ing and a lot of mulling over this particular commentary is to blame.  Today, with writer’s block behind me, this commentary is about...more

White & Case LLP

Refinancing surge reenergizes US and European loan markets

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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

J.S. Held

Lending Climate in America – 2nd Quarter 2024 Survey

J.S. Held on

With inflation continuing to impact the US economy, lenders are focused on the economic impact of elevated interest rates. Lenders’ expectations for the US economy’s performance in the longer term – beyond the next six months...more

White & Case LLP

Private debt diversifies into infrastructure

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Private debt funds are rapidly expanding into a segment of the market traditionally dominated by banks - Bank lenders have traditionally been the primary providers of debt to finance infrastructure project development, but...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

J.S. Held

Lending Climate in America – 4th Quarter 2023 Survey

J.S. Held on

Interest rates and inflation have been the big drivers of the US economy as of late, but lenders are increasingly optimistic for 2024, despite some challenges. Lenders foresee interest rate declines beginning in 2024 – with...more

White & Case LLP

Liability management transactions give borrowers some breathing room

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Although liability management transactions have been controversial, they can provide borrowers a valuable respite in tough times when used appropriately - High interest rates and circumspect capital markets have caused...more

McDermott Will & Schulte

HPE Miami 2023 | Financing Healthcare Companies in a Challenging Market

During this session, Sam Koplik, Partner and Stephanie McCann, Partner and Co-Chair of Finance moderated a panel that provided key insights on financing strategies in the current market and discussed specific challenges and...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Playbook for Borrowers Facing Economic and Debt Market Pressures

The U.S. capital markets have experienced significant volatility since the arrival of COVID-19. After lockdowns resulted in a short recession in early 2020, the markets reopened in booming fashion, with M&A, equity and debt...more

Cadwalader, Wickersham & Taft LLP

Muddled Macros - September 2022 | Issue No. 193 - Five Career Development Tactics (and One Digression) for Young Fund Finance...

On Wednesday, 300+ attendees participated in FFA University 1.0, and I was fortunate to get to provide the Closing Remarks to the highly engaged group. Below is a rough summary of the remarks I provided, which focused on my...more

White & Case LLP

SOFR transition progresses despite volatile markets

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During 2021, after months of regulatory pressure to end reliance on the London Interbank Offered Rate (LIBOR), concerns were mounting that the US leveraged loan market was being too slow to adopt the Secured Overnight...more

King & Spalding

What Happened To My Interest Rate? Planning Now To Avoid Value Transfer And Other Risks Upon The Demise Of U.S. Libor

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As the title suggests, U.S. LIBOR (LIBOR) is going away, with official announcements expected as soon as year-end 2020 of LIBOR’s December 31, 2021 demise. The end of LIBOR will be replete with a plethora of risks for banks,...more

White & Case LLP

Loan activity evolves in Latin America

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Latin American loan issuance has felt the effects of COVID-19 disruptions, but lenders have remained open for business as borrowers turn to bilateral loan revolving credit facilities for liquidity. Loan markets in Latin...more

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