Debt & Capital Advisory Insights Q4 2025

The fourth quarter of 2025 brought noticeable momentum to the financing and credit markets. After several challenging years, the market showed signs of stabilization, although it continued to be characterized by structural uncertainties and subdued economic conditions. As a result, banks remain cautious in traditional corporate financing and continue to apply thorough credit assessments.

The leveraged finance market continues its recovery. Financing volumes in 2025 were significantly higher than in the previous year, 2024. Looking ahead to the start of 2026, private equity investors perceive promising conditions in terms of both availability and pricing of acquisition financing. In addition to new acquisition financings, refinancings and dividend recapitalizations are expected to remain a key focus in 2026.