European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?

Overall leveraged finance activity in Spain declined in 2022, driven primarily by a severe drop in high yield bond issuance—as was the case in virtually all markets. Having weathered the worst of COVID-19, many companies had already taken steps to bring their debt under control. However, the new year brought with it new challenges, from rising inflation to events in Ukraine.

Insolvency in France – an Introduction

The French ecosystem is facing a major paradigm shift.

While companies and major businesses have benefited for several years from cheap debt due to an abundance of liquidity (fuelled by banks, alternative providers of funding and private debt) and an accommodating monetary policy characterised by extremely low interest rates, they are now facing a sharp liquidity rarefication.

1. State of the Restructuring Market

1.1 Market Trends and Changes