Research & Commentary
Insights
Perspectives on capital markets, structured finance, and the forces shaping investment banking across European markets — published quarterly and distributed to clients and select contacts.
60+
Publications
Since 2010
6
Coverage Areas
Disciplines
Quarterly
Distribution
Research letters
Institutional
Readership
Clients & select contacts
Featured
European Private Markets in 2026: Opportunity Amid Recalibration
After two years of compressed valuations and subdued deal activity, European private markets are entering a period of selective opportunity. We examine where capital is being deployed, which sectors are attracting institutional interest, and what the recalibration of interest rate expectations means for structured credit and private equity allocations. The divergence between asset classes is now pronounced — and the window for disciplined deployment is opening.
Mid-Market M&A: Bridging the Valuation Gap in a Normalising Rate Environment
Persistent valuation gaps between buyers and sellers have defined the mid-market M&A landscape for the past eighteen months. As financing conditions stabilise and seller expectations adjust, we examine the bridging mechanisms, earnout structures, and vendor financing arrangements enabling transactions to close — and the sectors where deal momentum is building fastest.
Recent Publications
October 2025 – March 2026
Asset-Based Lending in the DACH Region: A 2026 Outlook
Deal volumes in asset-based lending have recovered meaningfully from 2024 lows. We analyse the drivers, the sectors attracting the most interest, and the financing structures reshaping transactions across Germany, Austria, and Switzerland.
March 2026 · 10 min read
By Marcus Hoffmann
Rethinking Fixed Income: Duration, Credit, and the New Rate Regime
The era of near-zero rates has ended. We set out a framework for navigating duration risk and credit selection in the current European rate environment, with particular attention to the implications for institutional fixed income portfolios.
March 2026 · 8 min read
By Dr. Katharina Brandt
Collateral Optimisation: Unlocking Liquidity from Balance Sheets
Companies are increasingly turning to collateral optimisation strategies to unlock liquidity without diluting equity. We examine the structures, risks, and regulatory considerations — and the conditions under which this approach delivers genuine value.
February 2026 · 11 min read
By Marcus Hoffmann
Geopolitical Risk and Portfolio Resilience: A Framework for 2026
Elevated geopolitical uncertainty is now a structural feature of the investment landscape. We present a practical framework for assessing and managing exposure across asset classes, drawing on historical precedents and current positioning data.
February 2026 · 7 min read
By Dr. Katharina Brandt
Cross-Border Banking Relationships: Structuring for Efficiency
Accessing institutional capital across multiple jurisdictions requires careful structuring. We examine the legal, regulatory, and operational considerations for cross-border mandates spanning Germany, Switzerland, and the United Kingdom.
January 2026 · 13 min read
By Thomas Schumann
Private Equity Sponsor Activity in Germany: Reading the 2026 Pipeline
After a subdued 2024 and 2025, private equity sponsors are rebuilding their German deal pipelines. We examine the sectors attracting the most interest, the financing structures being deployed, and the exit environment for portfolio companies.
January 2026 · 9 min read
By Thomas Schumann
ECB Policy Divergence and Its Implications for European Credit
The ECB's rate path has diverged meaningfully from market expectations. We examine the transmission mechanisms through European credit markets and the implications for corporate borrowers, structured credit investors, and fixed income allocators.
December 2025 · 8 min read
By Dr. Katharina Brandt
Alternative Risk Premia: Separating Signal from Noise
The proliferation of alternative risk premia strategies has created significant dispersion in outcomes. We evaluate the evidence for persistence in key premia, the conditions under which they deliver, and the portfolio construction implications.
December 2025 · 14 min read
By Dr. Katharina Brandt
The German Mittelstand and the Capital Markets Gap
Germany's Mittelstand — the backbone of the economy — remains significantly underserved by capital markets. We examine the structural barriers, the instruments available, and the role of independent advisory in bridging the gap between Mittelstand companies and institutional capital.
November 2025 · 11 min read
By Thomas Schumann
Swiss Banking Infrastructure: A Gateway for European Capital
Switzerland's banking infrastructure continues to offer unique advantages for cross-border capital flows. We examine the regulatory framework, the role of Swiss private banks in institutional capital allocation, and the practical considerations for accessing Swiss capital markets.
November 2025 · 9 min read
By Thomas Schumann
Real Estate-Backed Financing in a Repriced Market
European real estate values have repriced significantly from their 2022 peaks. We examine the implications for real estate-backed financing structures, the opportunities emerging in distressed and transitional assets, and the risk management considerations for lenders and borrowers.
October 2025 · 12 min read
By Marcus Hoffmann
Fairness Opinions in a Volatile Market: Standards and Practice
The role of the fairness opinion in M&A transactions has come under renewed scrutiny as market volatility complicates valuation. We examine current standards of practice, the methodologies employed, and the governance considerations for boards commissioning independent opinions.
October 2025 · 10 min read
By Thomas Schumann
Archive
Prior publications.
Q3 2025
Leveraged Buyouts in the DACH Region: Financing Structures Post-Rate Peak
Investment Banking · September 2025
ESG Integration in Fixed Income: Beyond the Label
Asset Management · August 2025
Structured Credit in a Higher-for-Longer Environment
Structured Finance · July 2025
Q2 2025
Corporate Treasury Management: Navigating Rate Uncertainty
Asset Management · June 2025
The European High Yield Market: Recovery and Selectivity
Global Markets · May 2025
Family Office Capital Allocation: Trends and Implications
Capital Markets · April 2025
Q1 2025
Infrastructure Debt: An Institutional Perspective
Asset Management · March 2025
Cross-Border M&A: Regulatory Complexity and Deal Structuring
Investment Banking · February 2025
The Collateralised Loan Obligation Market in 2025
Structured Finance · January 2025
Topics We Cover
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Our quarterly research letters and market commentaries are distributed to clients and select institutional contacts. Publications cover capital markets, structured finance, investment banking, and macroeconomic developments across European markets.
To be added to our distribution list, please contact us directly. All publications are for informational purposes only and do not constitute investment advice.
Publication Schedule
Published April — covering January to March developments
Published July — covering April to June developments
Published October — covering July to September developments
Published January — annual review and outlook
Published as required on significant market events