Noetica’s Q2’25 report equips attorneys with comprehensive data and trend analysis, enabling precise benchmarking.
Highlights
Q2’25 saw lower deal volume from economic uncertainty, but negotiations grew more thoughtful and flexible.
The market is rapidly implementing new protections in response to lessons from cases like J.Crew, PetSmart, and Windstream.
Capital markets aren’t slowing down, and neither are transactional attorneys. Today’s dealmakers aren’t just legal experts, they’re strategic partners. They guide clients through fast-moving, high-stakes environments where every decision counts.
That’s where the Q2’25 Capital Markets Radar report comes in. Built for the pace and complexity of modern transactions, it delivers sharper analytics, deeper industry context, and benchmarking that reflects how the world’s most active dealmakers operate. The platform that underpins this data is already trusted by the vast majority of the top 25 global law firms, amongst others.
Thanks to the partnership between Thomson Reuters and Noetica, legal professionals can take advantage of even more solutions. This collaboration brings together cutting-edge legal tech and unmatched market intelligence. It gives attorneys the tools to move faster, think smarter, and lead with confidence.
Jump to ↓
| What’s in the Q2’25 Capital Markets Radar report? |
| A pivotal shift in market dynamics |
| Market rebalancing in real-time |
| Smarter, faster negotiation is the new norm |
| Rising sophistication despite lower volume |
| Key insights from Q2’25 Capital Markets Radar report |
What’s in the Q2’25 Capital Markets Radar report?
Momentum in capital markets is relentless—and Noetica’s quarterly report is built to keep pace. The Q2’25 Capital Markets Radar report introduces a suite of data trends and league tables to keep legal professionals ahead of the curve. Noetica delivers unmatched data coverage on key terms and analytical trends, empowering attorneys to benchmark with precision. This allows them to respond confidently to any transactional challenge.
A pivotal shift in market dynamics
The second quarter of 2025 brought a major shift in capital markets. Overall, deal volume was hampered by economic uncertainty. But the deals that did go through showed a clear trend: counterparties took a more thoughtful and flexible approach to negotiations than ever before.
Market rebalancing in real-time
Noetica’s proprietary data, recognized as the gold standard for market intelligence, captures a market in flux. Lenders have aggressively strengthened structural protections:
- Pro rata sharing consent terms jumped to 85% of deals
- IP transfer protections surged 50% from last quarter
- Anti-PetSmart terms appeared in 25% of transactions
At the same time, issuers and borrowers won meaningful economic ground. EBITDA cost savings addbacks rebounded and became even more generous, with uncapped addbacks in 30% of relevant deals and 20%+ caps in over 80% of those transactions. These weren’t zero-sum battles, but deliberate exchanges. Issuers traded some flexibility for breathing room while lenders secured stronger protections. Each side walked away with what mattered most.
Smarter, faster negotiation is the new norm
The market is adopting targeted, real-world protections at unprecedented speed, responding directly to lessons from cases like J.Crew, PetSmart, and Windstream. Noetica’s AI-driven platform surfaces these shifts by analyzing indexed transactional terms and distinct transaction types, spanning corporate debt, securities, and M&A. Attorneys can now spot negotiation hotspots, anticipate shifts in risk allocation, and draft documents reflecting the very latest in market practice with just a few clicks.
Rising sophistication despite lower volume
Although deal volume is down, negotiation sophistication continues to rise. Parties now prioritize the provisions that matter most for day-to-day performance, and the market quickly integrates new risk protections as conditions evolve.
Key insights from Q2’25 Capital Markets Radar report
As capital markets evolve, several clear themes have emerged from the Q2 2025 data. Here are the key takeaways every transactional professional should know:
- The market is moving toward more thoughtful, data-driven negotiations.
- Structural protections and economic flexibility are now more carefully balanced.
- Each side is securing what it truly needs, setting a new baseline for future deals.
- Relying on outdated data or assumptions puts dealmakers at a disadvantage.
Stay ahead in this new era of dealmaking. Download Noetica’s Q2’25 Capital Markets Radar report today and put the industry’s most advanced benchmarking and analytics platform at the center of your transactional practice.
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