White & Case LLP

Geopolitical volatility, energy market disruption and inflationary pressures created a challenging backdrop for capital markets across South and Southeast Asia in the first half of 2026. Yet equity and debt markets showed remarkable resilience, with regulatory reforms, market initiatives and a strong deal pipeline supporting a cautiously optimistic outlook for issuance. In our latest Debt Explorer article, Rahul Guptan, Kaya Proudian and Stephanie Zhao examine what’s driving market activity across the region and the trends investors, founders and issuers should be watching in the months: https://whcs.law/3UaeLoV #DebtExplorer #CapitalMarkets #IPO #DebtCapitalMarkets #AsiaPacific #EquityMarket

White & Case Debt Finance partner Eric Klar discussed the growing investment in AI infrastructure and potential financing risks for lenders in an article for the Financial Times. Eric noted that backlash against data centers could be disruptive to project development, explaining “As long as developers have the permits they need, they can continue borrowing. But local opposition or the loss of a permit could stop that midway through construction.” Read more about Eric’s perspective in the full article: https://whcs.law/4xp70Kr #AI #DataCentres #ProjectFinance #InfrastructureInvestment #PrivateCapital

AI-linked financing is reshaping the US high yield market, driving issuance growth even as geopolitical uncertainty tempers activity elsewhere. In the latest edition of Debt Explorer, our lawyers analyze how demand for AI data centers helped propel US high yield issuance to US$155 billion in H1 2026, while Europe and APAC (excl. Japan) navigated a more challenging environment. Read the full article here: https://whcs.law/4xi1pVZ #DebtExplorer #HighYield #CapitalMarkets #AI #Finance

White & Case has advised the Joint Liquidators of Tsinghua UNIC on the successful restructuring of its three series of guaranteed bonds with a total value of US$2 billion. The landmark cross-border restructuring delivered a blended cash recovery of 94% for eligible consenting creditors and received 100% support from participating Scheme Creditors, bringing a complex, multi-jurisdictional process to a successful conclusion. The transaction highlights the innovative solutions being deployed in today's restructuring landscape and demonstrates White & Case's strength advising on sophisticated cross-border restructurings involving stakeholders across multiple jurisdictions. Congratulations to the team who worked on this matter, led by partner Sophie Lyall and associate Anthony JK Chan, with support from partner Jessica Zhou and associate Paul Q.. Read more here: https://whcs.law/4gsHFYS #Restructuring #CrossBorder #CapitalMarkets #Insolvency #Finance #AsiaPacific

White & Case has once again earned strong recognition in the latest Chambers Latin America rankings. The Firm achieved 19 practice rankings, including three Band 1 rankings for Banking & Finance and Project Finance (International Counsel), and Banking & Finance: Regulatory in Mexico. In addition, the Firm received 49 individual lawyer rankings. Our rankings span a broad range of practices, reflecting the depth of our capabilities and our commitment to helping clients navigate their most complex matters across Latin America. Thank you to our clients and colleagues whose support and collaboration contribute to these results. Read more: https://whcs.law/4wAsv9X #Chambers #LatinAmerica

White & Case continues to advise on some of the most significant financings, sovereign transactions and infrastructure projects across Africa, helping clients navigate complex cross-border matters in some of the world's fastest-growing economies. Over the last six months, we have advised on deals in excess of US$30 billion, reflecting the breadth of our Africa platform and our ability to deliver on market-defining mandates across jurisdictions, sectors and asset classes. Among the many transactions we have advised on during this period, recent highlights include: ◾In South Africa, we advised Citibank, N.A. London Branch and Nedbank Limited, as global co-ordinators, on a US$1.28 billion senior unsecured multi-tranche, multi-currency financing for Harmony Gold. The sustainability-linked and green financing supports Harmony's refinancing objectives, ongoing exploration activities and strategic growth initiatives. ◾In Zambia, we advised the Republic of Zambia on its landmark US$1.3 billion debt-for-energy conversion, an innovative sovereign financing transaction that will redirect approximately US$275 million in debt service savings into critical electricity infrastructure through the country's Grid Resilience Program. ◾In Egypt, we advised AD Ports Group on securing project financing for the development of the Noatum Ports-Safaga Terminal on the Red Sea coast. The project will create the first internationally operated port terminal in Upper Egypt, strengthening regional trade connectivity and supporting long-term economic growth. Together, these mandates showcase our experience across Africa's most dynamic sectors, including mining, sovereign finance, infrastructure, energy and transport. Read more about our Africa practice: https://whcs.law/4iklrdT #Africa #ProjectFinance #Infrastructure #Mining #SovereignDebt #Energy

US trade & solar — are you on the pulse? The US has announced new tariffs and minimum price requirements on polysilicon and related solar products, signaling a broader push to strengthen domestic manufacturing and reduce reliance on overseas supply chains. Here’s what you need to know: ➡️ The rules go beyond solar energy. While solar cells and modules are directly targeted, the policy is framed around developing US semiconductor supply chains, highlighting the growing link between trade policy and critical technologies. ➡️ Supply chains could become more expensive and complex. Importers may face new tariffs, minimum pricing requirements and additional compliance obligations, potentially reshaping sourcing and procurement strategies. ➡️ Investment decisions may shift. The measures include incentives for companies that expand manufacturing in the US, reinforcing the administration's focus on driving domestic production. ➡️ This could be a sign of what's next. The policy hints at a broader trend: governments increasingly using tariffs, price controls and industrial policy tools to secure strategic industries and critical supply chains. Read more about the new Section 232 measures and what they could mean for solar supply chains from Senior Trade Analyst, Ian Saccomanno and Associate, Matt Solomon: https://whcs.law/45Bwk3C

From transformative transactions to significant legal and regulatory developments, the life sciences industry continues to navigate a period of rapid change. Watch as White & Case partner Nicole Daley discusses the trends influencing the sector and the considerations shaping decision-making for life sciences companies around the world. Discover how White & Case helps life sciences and healthcare clients navigate an evolving global landscape: https://whcs.law/3UqeRsm #LifeSciences #IntellectualProperty #Innovation

A game-changer for Saudi sport? Saudi Arabia's first standalone Sports Law introduces a clearer framework for investment, governance and regulation across the Kingdom's rapidly growing sports sector. In our latest article Philip Vavalidis, Payvand Vahdat and Jamie Kershaw break down eight key insights that investors and industry stakeholders should keep on their radar as the regulatory landscape continues to evolve. Read more here: https://whcs.law/4ibCdvK #SaudiSports #SportsLaw #SaudiArabia #SportsBusiness #MiddleEast

White & Case has advised the book running lead managers on the INR 92.75 billion (US$975 million) initial public offering of Manipal Health Enterprises Limited, one of India's leading healthcare providers. As the second-largest IPO completed in India this year, the offering highlights strong investor confidence in India's healthcare sector and the continued resilience of the country's equity capital markets. Manipal Health operates one of India's largest hospital networks and, following its market debut, has become one of the country's largest listed hospital groups by market capitalization. This transaction underscores White & Case's experience advising on landmark capital markets transactions that support leading businesses through transformational growth milestones. Congratulations to the White & Case team, led by partners Rahul Guptan and Kaya Proudian. Read more: https://whcs.law/3S0IS1f #CapitalMarkets #IPO #Healthcare #India #EquityCapitalMarkets #ECM