Davis Polk partner and Capital Markets co-head John Meade recently spoke with the American Lawyer about deal activity in the debt markets.

John noted that current market conditions have led to differing activity for different areas of the market. Speaking about the investment-grade bond market, John said, “Those markets never really closed. In the last few years, there was a slight pause at the beginning of the pandemic, but then things went on a tear. It continued to be busy in 2020 and 2021, and while 2022 tailed off a bit, I’m not sure if that wasn’t a natural taking of stock,” he said. John added that he has seen a particular uptick in green and sustainable investment-grade debt deals.

Turning to high-yield deals, John explained, “Overall, the high-yield market got slower and slower as 2022 went on. We are still watching it to see what happens. Investor sentiment is much more sensitive to market volatility and macroeconomic factors.”

The American Lawyer column went on to highlight significant debt issuances from the past week, nearly all of which involved Davis Polk. They included Comcast’s inaugural green bond offering and offerings by Synchrony Financial, Norwegian Cruise Line, Constellation Brands and Integer Holdings.

“Deal Watch: Davis Polk and Others See See Steady Activity in Debt Deals,” American Lawyer (February 13, 2023) (subscription required)

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