Panel: Geographic focus – Spanish restructurings
Leveraged loan issuance in Spain started off well at the start of 2022 but dropped significantly as Spanish activity moved in sync with the wider downturn across Europe due to multiple headwinds. The decline in the high yield space has been even more pronounced, with issuance down 80% year-on-year in the first half. The outlook remains challenging with high inflation and rising household prices. Experts expect to see a higher volume of restructurings following the close of an insolvency moratorium introduced by the Spanish government post-pandemic. The closure means that debtors and blocked creditors can now file for insolvency petitions against borrowers. This panel will discuss:
- Will M&A activity keep debt issuance active in 2023?
- Have restructuring situations peaked since the reforms to the country’s insolvency regime? What further legislation should we expect in 2023?
- Which sectors will prove most fruitful for debt issuance or restructuring opportunities for distressed investors? Which companies are LCM professionals keeping an eye on?
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