Join your peers in the private equity, leveraged finance and advisory communities for the inaugural Spanish Debt Financing Briefing on 5 November at the Hesperia Madrid Hotel. This new event will explore how European debt financing trends are playing out in the Spanish market, with discussions on the leveraged finance outlook and direct lending opportunities
Registration and breakfast
Data: Five charts on Spanish debt markets
Our analysts will summarise the main trends in the credit markets, including sponsor backed M&A, issuance, pipeline and maturities.
Panel: Leveraged finance outlook
Iberia has not been immune to the broader decline in M&A. Just 203 deals were announced in 1H19, the lowest period in five years. However, Spanish buyouts performed better than the headline figure with 52 buyouts in the first half, comparable to the same period last year. What does the deal outlook look like?
Leveraged loan issuance has suffered, dropping 40% in Europe in the first half of 2019 to just €17.3bn. High yield bond data for buyouts in 1H19 is even more dramatic, showing an 89% drop year-on-year. How are lenders viewing the pipeline in Spain?
With the proportion of deals with over 7x leverage increasing to 14% in 1H19 compared to 10% in 2018, and EBITDA addbacks ever more plentiful, we ask speakers, if we have reached the top?
Panel: Direct lending trends
Meanwhile, unitranche financing hit its largest annual issuance in Europe in 2018, totalling €7.6bn, up 15% from the previous year. We'll explore how debt funds are finding the market and what the appetite from borrowers is, as Spain remains an attractive market to deploy capital. The bifurcation which has taken over the syndicated market amid macro uncertainty is also opening the door to direct lenders. This panel will consider how unitranche is becoming a real alternative in large cap deals and how direct lenders are impacting the syndicated market.
White & Case is a leading global legal advisor in a wide range of areas, including mergers & acquisitions and private equity. The leading international law firm in Mexico, the Firm has been advising on the most significant M&A deals in the past year, many of them cross border. Our knowledge and strong capabilities in the Mexican market have made us the preferred counsel for clients involved in particularly complex M&A transactions that involve regulatory, antitrust, tax and environmental components. Cross-border M&A is in our DNA as a team and as a firm: Our ability to work seamlessly across regions and translate creative solutions across different market realities is second-to-none.
The strength of our M&A team on the ground in Mexico City combined with such cross-border integration enables our nearly 500 M&A practitioners across the globe to help our clients work with confidence in any one market or across many.
White & Case es un despacho de abogados global líder en una amplia variedad de áreas, incluyendo fusiones y adquisiciones y capital privado. Siendo el despacho internacional líder en México, la Firma ha asesorado en los asuntos de fusiones y adquisiciones más significativos en el último año, muchos de ellos transnacionales. Nuestro conocimiento y capacidades en el mercado mexicano nos han colocado como los asesores de preferencia de clientes involucrados en operaciones de fusiones y adquisiciones particularmente complejas, que involucran componentes regulatorios, de competencia económica, fiscales y ambientales. Las fusiones y adquisiciones transnacionales están en nuestro ADN como equipo y como firma: Nuestra capacidad para trabajar de manera ininterrumpida a lo largo de diversas regiones y de crear soluciones creativas a lo largo de distintas realidades de mercado no tiene comparación.
La solidez de nuestro equipo de M&A en la Ciudad de México, combinada con dicha integración transnacional, permite a nuestros cerca de 500 practicantes en el área de fusiones y adquisiciones en el mundo asistir a nuestros clientes en trabajar con confianza en uno o en varios mercados.
Chris is responsible for sponsorship and business development at Acuris. He leads events for Debtwire's fixed income forums and Mergermarket's M&A conferences in Central & Eastern Europe, Spain, UK, and South Africa.