Latham & Watkins and Ashurst have advised on two multibillion-euro refinancing deals in Europe, signalling a rare burst of activity in a market that has been quiet because of high interest rates but could rebound next year as more loans become due, lawyers involved said.

Latham advised the arrangers on a €2.3 billion equivalent dual-tranche Term Loan B leverage financing for the French veterinary pharmaceutical group Ceva Santé Animale.