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Leveraged Finance Commentary

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24 Feb 2021

Leisure industry readies for distress amid prolonged lockdowns

Despite encouraging signs that economies could reopen as COVID-19 vaccinations are rolled out, additional waves of infections and extended travel restrictions weigh heavily on the leisure and hospitality industry

19 Feb 2021

Chapter 11 cases soared in 2020, with more distress likely in 2021

Commercial chapter 11 filings in the US increased significantly in 2020, but government stimulus measures and widespread availability of fresh capital resulted in fewer corporate restructurings than many anticipated—that could change in the next 12 months

12 Feb 2021

SPACs on track to drive M&A leveraged loan issuance

Record SPAC issuance is expected to boost M&A activity, supporting additional leveraged finance issuance, while financial sponsors take advantage of the opportunity to exit existing investments

09 Feb 2021

COVID-19 and trade tensions weighed on Asia-Pacific debt markets

COVID-19 disruption and tension between the US and China saw loan and high yield bond issuance decline across Asia-Pacific in 2020, and borrowers and lenders remain cautious

08 Feb 2021

Private equity turns to fund restructurings in COVID-19 slowdown

General partner-led fund restructurings accounted for the majority of private equity secondaries volume in 2020 as managers sought liquidity in a flat exit market

03 Feb 2021

Positive outlook: US leveraged finance on solid ground for 2021

In 2020, after a volatile first half, US leveraged finance markets experienced a strong second half and are well-positioned for 2021

03 Dec 2020

Distressed-driven restructurings rise amid COVID-19 fallout

Lockdowns and market volatility have put companies across the board under financial pressure and forced many leveraged finance borrowers into restructurings

03 Dec 2020

LBO issuance slides on slow buyout activity

Leveraged buyout high yield bond and leveraged loan issuance fell in Q3 2020 as a lack of buyout deals in a still cautious M&A market dampened appetite for financing

24 Nov 2020

Miners dig deep to weather the storm

Mining companies entered 2020 in good financial shape and have continued to secure finance despite disruption from COVID-19

19 Nov 2020

NAV finance gains traction as private equity seeks liquidity

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market

16 Nov 2020

Refinancing remains resilient

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

11 Nov 2020

Leveraged finance in Asia-Pacific rallies on real estate

Chinese real estate lenders lift APAC high yield bond issuance after an active Q3