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We are delighted to share with you our spring 2021 quarterly mid-market market update. In this issue, we present the results of our inaugural debt mid-market survey, tracking deals completed by over 50 leading European lenders in H2-2020. We also provide commentary on the strong rebound in deal activity, private debt fundraising and dry powder levels, insights into key trends in UK asset backed lending (ABL) and our initial outlook for the remainder of 2021.
We expect an incomplete and uneven recovery in 2021 across geographies and sectors. While we expect lender appetite for more cyclical sectors to return, a short-term continuation of lender preference for defensive credits is likely. Overall, we expect the deal momentum from Q4 2020 to continue into 2021. However, we also foresee an uptick in distressed refinancings as unprecedented levels of government support come to an end and loan schemes require repayment. The increased focus on ESG (environmental, social and governance factors) by lenders and investors may cause a further imbalance between supply and demand of capital for certain sectors which may create opportunities for ABL and special situations lenders.
Comprehensive support throughout mergers and acquisitions and other corporate finance transactions.
Senior, subordinated and mezzanine debt and venture/private equity for a wide range of transactions.
Financial and operational solutions for distressed and special situations.
Middle-market M&A advisory differentiated by industry expertise and superior execution.
Enable buyers, sellers and lenders to maximize value throughout the transaction process.
Dedicated coverage and access to M&A deal-flow for financial sponsors.