Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2025

On August 11, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2025. Highlights from this edition include:

MARKET TRENDS

• Financing activity in the United States was generally mixed in Q2 2025 compared to Q1 2025, with increased activity for high‑yield bonds but decreased activity for investment‑grade bonds, IPOs, follow-on equity offerings and syndicated leveraged loans.
• Year-over-year trends for Q2 2025 relative to Q2 2024 were also mixed, with increased activity for investment‑grade bonds, decreased activity for IPOs, follow‑on equity offerings and syndicated leveraged loans, and generally consistent activity for high‑yield bonds.
• Financing activity in April 2025 was subdued, as companies and markets reacted to tariff announcements and associated uncertainty.

OTHER DEVELOPMENTS, INCLUDING REGULATORY, RESTRUCTURING, LITIGATION AND CRYPTO UPDATES

• The U.S. Senate confirmed Securities and Exchange Commission Chairman Paul Atkins in April 2025, and the SEC continued to reverse course on many Gensler‑era initiatives, withdrawing 14 proposed rules and continuing the broader shift in priorities that began under the new administration.
• Expansion of retail investor access to private markets remained a focus as the SEC removed key barriers to entry, updated investment rules and began exploring revisions to the accredited investor definition to further widen participation.
• Digital asset regulation and de‑regulation continued to rapidly evolve during Q2 2025 across multiple agencies, as the SEC, Commodity Futures Trading Commission, Office of the Comptroller of the Currency and Congress took steps to clarify oversight of cryptocurrency assets, staking, broker‑dealer activities and stablecoins.
• The SEC reassessed certain existing regulatory frameworks, including with respect to executive compensation disclosures and the definition of a foreign private issuer, with the stated goal of simplifying and modernizing its approach.

Please click here to read the full report.