DLA Piper publishes International Debt Finance Intelligence Report 2026
DLA Piper has published its International Debt Finance Intelligence Report 2026, offering fresh insight into the international debt finance market and the trends shaping deal activity, pricing, financing terms and regional practice.
Under the theme A year of contrasts: Competition meets caution, the report highlights a market where lenders continued to compete for high-quality assets, while geopolitical uncertainty, valuation gaps and macroeconomic volatility kept overall M&A activity selective.
According to the report, refinancings, recapitalisations and balance sheet management remained central to deal activity in 2025, accounting for 60% of transactions with a debt size above EUR100 million.
The report also points to increasingly competitive pricing, with median opening margins across private credit deals in the UK and Europe falling to 5.5%, while bank-only deal margins returned to 2022 levels at 4.25%.
Borrower-friendly terms also continued to gain ground, with the report identifying increased use of PIK toggle provisions, EBITDA cures and greater flexibility around EBITDA adjustments.
Alongside its market data, the report explores a wide range of topical areas, including annual recurring revenue financings, fund finance, liability management exercises, restructuring, sport finance, super senior lending in the Nordics, and venture and growth finance.
Looking ahead, the report indicates that significant capital remains available, but that lenders are expected to continue deploying cautiously, with a focus on resilient sectors, strong cashflows and high-quality credits.
If you have any questions about the report or its relevance to the Finnish or Nordic debt finance market, please contact Mikko Luukkonen, Partner, DLA Piper Finland.
