🎙 Welcome back to Season 16 of The Firm Analyst! In this episode, we looked at three themes that dominated the headlines this year, including:

🔥 AI Infrastructure Megadeals — McKinsey estimates that $5.2 trillion is required by 2030 to build enough data centres to keep pace with AI demand, leaving everyone wondering: where will this money come from? Among other things, we cover how Meta secured funding for its $28.79 billion Hyperion project and why AI infrastructure is likely to remain an important sector for commercial law firms for the foreseeable future.

🌍 Global Trade and Fiscal Policy — we unpack how US “Liberation Day” tariffs sparked dollar weakness, contributing to record reverse Yankee bond issuance; UK budget uncertainty and its impacts on the market; and how France’s credit ratings downgrade hit CLO portfolio profile tests and borrowing conditions in the country.

💼 $4.5 Trillion M&A Frenzy — in this section we examine how tight credit spreads, rate cuts and the perception of a more relaxed relaxed regulatory environment led to the second best year for M&A since record keeping began, with 68 megadeals plastered across front pages this year. We also have a look at what is fueling international law firm mergers such as the proposed tie up between Ashurst and Perkins Coie and others.

Link to the full episode 👉 ⁠https://linktr.ee/thefirmanalyst

🎙 Welcome back to Season 16 of The Firm Analyst!
In this episode, we explored three major headlines shaking up finance, aviation, and UK fiscal policy:

✈️ Apollo’s $745m ABF Deal with Virgin Atlantic — last month, Apollo provided Virgin Atlantic with $745 million in senior secured financing backed by the airline’s take‑off and landing slots at Heathrow Airport. We unpack why this security package makes the structure so unique.
💷 Inside the 2025 Autumn Budget — with speculation swirling about major tax hikes, markets braced for volatility. Gilt yields remained volatile ahead of the announcement, only to retreat when investors welcomed new fiscal headroom of up to £22 billion. We cover the key takeaways: a reduced £12,000 Cash ISA cap for under‑65s, frozen income tax thresholds until 2031, a new 'mansion tax' and more.

🏦 Bank of England to Ease Capital Rules — for the first time since 2015, the Bank of England has decided that it will cut the amount of Tier 1 capital that banks are required to hold against their risk weighted assets from 14% to 13%, reflecting “the evolution of the banking system.” We consider how this change might impact banks' portfolios as well the the significant risk transfer and Additional Tier-1 bond markets.

Link to the full episode 👉 https://linktr.ee/thefirmanalyst

After a bit of a season break, I am delighted to welcome you back to The Firm Analyst. We kick off season 16 with a guest appearance from Yusuf Serang, an incoming trainee solicitor at Fieldfisher, who is joining us to talk about the AI boom and how law firms are helping accelerate it.

In particular, we discuss what is causing the AI boom, address arguments suggesting that a bubble is forming and walk through how various teams in a law firm are advising tech companies build and manage colossal data centers.

Tune in here to find out more: https://linktr.ee/thefirmanalyst

Welcome back to Season 15 of The Firm Analyst! 🎙 In the final episode of this season, we discussed:

🌍 Why emerging-market bonds and Sukuk are taking off — Kuwait, West African Development Bank, Majid Al Futtaim and other emerging markets issuers rush to raise billions from the international debt capital markets. Tune in to find out why and what's keeping international DCM lawyers busy.

🎮 Electronic Arts to be taken private in $55 bn deal — A consortium comprising Silver Lake, PIF and Affinity Partners is taking EA private in the largest leveraged buyout in history. We unpack how specialist teams assist buyers in conducting due diligence by taking the change of control put option in EA's 2051 bonds as a case study.

See more here: https://www.junkbondinvestor.com/p/the-most-interesting-trade-in-the .

🏦 Cantor Fitzgerald & UBS O’Connor — We discuss how funds managed by O'Connor's exposure to the recently collapsed First Brands Group has caused Cantor Fitzgerald to seek a price renegotiation for the UBS hedge fund unit. We also spend time reflecting on how corporate lawyers help protect their clients from risks arising between exchange and completion in an acquisition transaction.Full breakdown here 👉 https://linktr.ee/thefirmanalyst

DISCLAIMER:

The content discussed in this podcast does not constitute legal, financial or investment advice and these topics are discussed for information and educational purposes only. If in doubt, seek advice from an appropriately qualified individual.

Welcome back to Season 15 of The Firm Analyst🎙 ! In this episode, we discussed:

💰 Apollo’s $10bn raise — using structured-finance techniques to tap insurers with debt backed by its credit fund stakes, spanning direct lending, asset financings, and investment-grade strategies.

🛞 The fall of Tricolor & First Brands — Tricolor Holdings has filed for Chapter 7 liquidation amid fraud allegations, while First Brands has filed for Chapter 11 bankruptcy with potentially tens of billions in liabilities. We unpack the importance of representations, warranties, and covenants in financing documentation — along with the need for robust due diligence.

🏭  UK Export Finance's £1.5bn loan guarantee for Jaguar Land Rover — a government-backed rescue following a cyberattack that halted production and threatened its vast supply chain, designed to stabilise liquidity and protect jobs.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

🛢 Saudi Aramco raised $3bn through Islamic bonds i.e., Sukuk — attracting over $20bn in orders. We take a deep dive into how lawyers helped to structure the deal under Shariah principles, incorporating both Commodity Murabaha and Ijara elements.

💊 Merck has scrapped its £1bn UK expansion plans, following AstraZeneca’s retreat earlier this year— a blow to UK life sciences. With pricing pressures, NHS spending caps, and tighter economics, foreign direct investment in the sector has dropped nearly 60% since 2017. We discuss how Merck's move will impact the wider life sciences sector in the UK and how commercial law firms can assist clients in this sector facing similar challenges.

🇫🇷 Fitch Ratings downgraded France to A+, its lowest level on record, citing political instability and budget gridlock. The downgrade raises borrowing costs and signals growing investor concern — even some corporate debt is now yielding lower than French sovereign bonds. Tune in to find out how this is impacting debt capital markets in France and beyond.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

📊 Private Credit is pushing into investment grade territory, attracting blue chip debt issuers globally. Can private credit remain competitive and how will the public debt capital markets fare? (3:00)

🍂 Autumn tax pain? The government’s £20bn budget hole has sparked talk of new levies on banks’ reserves, landlords, and HNWI home sales — knocking billions off major banks’ valuations and raising fiscal policy uncertainty in the market. (22:50)

🏎 Formula 1 sponsorship boom — McLaren’s $100m-per-season deal with Mastercard cements F1 as a global sponsorship magnet, with lawyers at the heart of structuring these major policy agreements. (36:05)

It’s a week of shifting markets, rising pressures, and big-ticket deals reshaping the legal and financial landscape.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

Welcome to the final episode of this season of The Firm Analyst! Today, we discuss the following stories:

🏖 Blackstone's £1.5 billion CMBS Deal (2:35) - this is the largest transaction of its kind in the UK since the 2008 crisis and is being structured to refinance debt used by Blackstone to purchase 39 Haven holiday parks across the country. Listen in to find out more about how securitisation works!

🚗 The Supreme Court's Motor Finance Ruling (15:05) - this landmark judgment has spared motor finance lenders a £44bn hit over issues arising from undisclosed commissions, but with Consumer Credit Act 'unfairness' still a possibility for many deals and the FCA intending to look at deals stretching as far back as 2007, billions could still be on the line.

🏦 The Bank of England Base Rate Falls to 4% (27:45) - in its first-ever split vote, the Bank of England's Monetary Policy Committee has decided to cut rates to a two-year low. We analyse some of the factors leading to the decision and its broader economic implications.

It’s a week of big deals, big rulings, and big calls — and the effects stretch far beyond the headlines.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

Welcome back to The Firm Analyst! In this episode, we discussed the following topics:

Heathrow’s Third Runway: With a price tag reported to be pushing £50bn and the M25 potentially in its path, we unpack the legal complexities of building one of the UK’s most ambitious infrastructure projects — from project financing and land purchases to government concessions and risk allocation.

Crypto on the Balance Sheet: Companies are loading up on crypto to drive valuations sky-high — but what happens when regulators, lenders, and securities lawyers get involved? We explore the rise of crypto-backed deals, token-linked bonds, and the evolving legal infrastructure behind digital asset plays.

Private Equity’s New Playbook: As dealmaking slows and exits stall, PE funds are tapping NAV loans and continuation funds to keep capital flowing. We break down how law firms are helping GPs navigate fund extensions, tax structuring, and LP negotiations in a high-rate world.

📢 Tune in for a deep dive into the legal mechanics powering today’s boldest business moves.

This episode explores three topical legal and commercial developments. We discuss the proposed ban on upward-only rent review clauses in commercial leases in an attempt to help revive the High Street, its impact on landlords, tenants, and investors. We then cover CityFibre’s £2.3bn refinancing deal, the role of conditions precedent in facility agreements, and implications for lenders. Finally, we delve into why Wimbledon has an 11 PM curfew — tracing it back to planning conditions and the broader planning law framework.

In this episode of The Firm Analyst, we examine Apollo’s £4.5bn loan to support the Hinkley Point C nuclear project and its significance for private credit in large-scale infrastructure. We also explore the growing interest in external investment within the legal sector, as firms consider private equity funding to support strategic growth and innovation. Lastly, we reflect on the continued decline in British equity allocations by UK pension providers and the broader implications for domestic capital markets and commercial law firms at large.

In our final episode of this season I invited Yusuf Serang, an incoming trainee solicitor at Fieldfisher, to the podcast to discuss all things trade. Recently, the UK announced two major trade deals with the US and India while other countries headed to the negotiating tables. Yusuf and I asked ourselves: what does this mean for the markets at large and commercial law firms? Tune in to find out.

Link to access on all platforms: https://linktr.ee/thefirmanalyst

Welcome back to The Firm Analyst everyone! In this episode, we looked at cyberattacks, macroeconomic shifts and the complex world of property development. Covering key stories and concepts along the way, we delved even deeper into the world of business through the lens of a commercial lawyer.

I hope you enjoy this episode! Link to access: https://linktr.ee/thefirmanalyst

To say these last few weeks have been volatile is a gross understatement. Donald Trump recently unleashed a wave of tariffs which have sent the global markets into flux. In this episode, we try to unpack the unfolding mayhem and assess how the markets are reacting by looking at US/UK government bond yields, the S&P 500, the FTSE100, the US Dollar index and the price of gold in the last two weeks.

We round off the episode by looking the micro effects of this global trade war and investigate how deal uncertainty has led to the deployment of force majeure clauses and resulted in abortive transactions. We also take a look at how lawyers will be assisting clients with their liability management via hedging while covering the main risks keeping investors up at night during this crisis.

I hope you enjoy the episode. Feel free to share it across all your platforms!

Hi everyone! We are officially back from our season break and we welcome you to Season 13 of The Firm Analyst. In this episode, we discussed: (1) the recent shutdown at Heathrow Airport and some of the potential legal consequences arising as a result; (2) Barclays' "Caterpillar" strategy and how UK banks use derivatives to protect income while weathering fluctuations in interest rates; and (3) the challenges that sustainable finance and investment continue to face and what lies ahead for this sector.

Welcome back to The Firm Analyst as we dive into a range of stories in this early release episode! Today we discussed: (1) Skype's unfortunate demise and what role lawyers play in reorganising businesses; (2) how UK small cap companies have been perceived by international investors in light of the UK's dampened growth; and (3) how changes to the SDLT thresholds in April are convincing home buyers to move their purchases forward.

Thanks for tuning into this episode of The Firm Analyst. Today we'll be discussing a range of stories affecting the market and how they impact the wider practice of commercial law. I hope you find benefit in the stories discussed and feel free to reach out for more information or a general discussion!

$600bn...that's the estimated value NVIDIA is said to have lost as markets struggled to comprehend a new company's arrival onto the AI scene. Here at The Firm Analyst, we discuss how DeepSeek's AI model is set to affect the wider data infrastructure and legal markets (2:15).

In this week's episode, we also discussed how the US' recently introduced tariffs are set to cause challenges for multinational corporations and investigate how lawyers can help their clients navigate a new era of international trade environment (16:20).

To wrap up, we looked into the recently announced AAM and Dowlais plc merger and its wider implications for transatlantic M&A dealmaking (29:25).

I hope you enjoy this episode!

Link to access on all platforms: https://linktr.ee/thefirmanalyst

Welcome back to The Firm Analyst everyone! Super glad to be kicking this year off to a start with a discussion on what 2025 holds for the UK economy (2:30) and the world at large as the political climate grows ever more uncertain (20:00) .

Listen in as we also break down how the TikTok ban illustrates what sorts of challenges multinational corporations and clients will be expected to face this year after an unprecedented number of leadership changes worldwide following the 50+ elections that took place in 2024 (27:15).

Happy listening!

Link to access on all platforms: https://linktr.ee/thefirmanalyst

Welcome back to The Firm Analyst everyone! In this episode, we reviewed market reactions to one of the most significant events of this year: the US election.

With the dollar rising in strength, the possibility of tariffs looming on the horizon and rate cuts in the US and the UK, there was lots to unpack this episode. Listen in to hear how this will impact global markets and the world of commercial law as a whole.

Link to access: https://linktr.ee/thefirmanalyst