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Bending Spoons launches TLB to finance buyout spree

Italian tech conglomerate Bending Spoons has hit the market with a US$1.3bn-equivalent dual-currency term loan B to finance the acquisitions of AOL, Vimeo and Eventbrite.

LOA

KfW funding up for 2026

KfW will raise €75bn–€80bn from the bond markets in 2026, it has announced, up from the €71bn it has issued this year.

BON ESG

Paramount raises stakes with competing WBD bid

Competing bids to acquire Warner Bros Discovery – in whole or in part – backed by mammoth bridge loan financings are setting the stage for a quick start to 2026. They further signal a positive shift in market sentiment since economic volatility earlier in the year stilled confidence. 

LOA

Medline de-risks US$5.4bn IPO with cornerstone investors

Medline publicly launched marketing of its US$5.4bn Nasdaq IPO Monday evening with about half of the deal for spoken for.

EQY

JP Morgan prospers from Warner Bros bidding war

JP Morgan looks set to be the big banking winner from the emerging bidding war for Warner Bros Discovery, advising on the potential sale of its film studio and streaming assets alongside media boutique Allen & Co and independent investment bank Evercore.

P&M

Suzhou TFC Optical plans HK listing of at least US$1bn

Shenzhen-listed Suzhou TFC Optical Communication is planning a Hong Kong listing which people with knowledge of the matter said could raise at least US$1bn. 

EQY
JP Morgan prospers from Warner Bros bidding war

JP Morgan looks set to be the big banking winner from the emerging bidding war for Warner Bros Discovery, advising on the potential sale of its film studio and streaming assets alongside media boutique Allen & Co and independent investment bank Evercore.

P&M
Hong Kong asks banks to maintain IPO application quality

Hong Kong's stock exchange operator and securities regulator have issued a joint letter asking the sponsors of new equity listings to keep up the quality of listing applications, as the city experiences a boom in initial public offerings.

P&M EQY
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Taking a position: AI debt frenzy gives birth to new CDS markets

Until recently, the idea of Meta Platforms going bust seemed so fanciful that no real market existed for traders to exchange bets on such an outcome.

LOA P&M BON
Moves – JP Morgan nabs Berkshire stock picker Combs

Todd Combs, one of the world's major investors, is leaving Warren Buffett's investment firm Berkshire Hathaway to join JP Morgan to run its US$10bn strategic investment group, part of the firm's new security and resiliency initiative.

P&M
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Hans-Joerg Rudloff: a swashbuckling pioneer who shaped modern banking

Hans-Joerg Rudloff, widely regarded as a titan of the bond market and a man who for half a century shaped global finance and several institutions around his vision, died on December 1 aged 85.

P&M BON
Moody's downgrades Genting

Moody's has downgraded Malaysian conglomerate Genting and subsidiary Genting Overseas Holdings to Baa3 from Baa2, citing the group's higher debt and slower than anticipated earnings recovery. 

LOA BON
China Minmetals joins the sub perp trend

China Minmetals joined a few Chinese companies that have sold subordinated perpetual bonds this year, raising US$1.2bn from a dual-tranche trade on Monday. 

BON
NBC starts 2026 euro funding on solid footing

With blackout season concluding in Canada , some issuers are wasting no time in kick-starting their 2026 funding while the primary market remains open for euro trades, as was the case with National Bank of Canada, which attracted solid demand on Monday with a tightly priced €500m three-year non-call two senior bail-in-able floating-rate note. 

BON
Fitch upgrades supranational outlook on faded US rainclouds

Better prospects await supranational agencies in 2026, according to Fitch, thanks to less US policy uncertainty compared to earlier this year and the faded likelihood that the Trump administration will exit multilateral developments banks.

BON
Cogard restructuring sanctioned by HK court

A Hong Kong court has sanctioned Country Garden Holdings‘ offshore debt restructuring, which will see the property developer cut its debt by US$11bn. 

BON
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Landmark wires cell tower assets to ABS market

Landmark Dividend is returning to the ABS market with its first ever cell tower securitization, adding to a growing list of deals backed by the real-estate management company's diverse portfolio of assets.

SEC
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Student housing CMBS tests investor appetite

A US$271.5m bond backed by student housing revenues will test investor demand for the rare property type, which has been challenged by rising delinquencies.

SEC
CLO resets and refis poised for record year in 2026

About US$350bn of US CLOs may be refinanced or reset next year as investors take advantage of tightening spreads across the capital structure to improve returns to investors in the most junior portion of the funds. 

LOA SEC
Enpal prices first-of-its-kind heat pump ABS

German renewables platform Enpal priced its second solar ABS, a €303m transaction that marks a milestone for Europe’s capital markets by bringing heat pump receivables into the public securitisation arena for the first time.

ESG SEC
BC Invest grows CMBS base

Melbourne-based nonbank lender BC Invest expanded the Australian CMBS issuer base on Friday with the A$600m (US$396m) BC Invest Voyager CMBS Trust 2025-1.

SEC BON
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World Bank issues US$200m 'clean cooking' outcome bond

The World Bank has raised US$200m from a "clean cooking" outcome bond to support the use of more environmentally friendly cooking stoves in Ghana. 

ESG BON
HSBC accused of 'climate backsliding'

HSBC has been accused of "climate backsliding" as the bank continues its push to commercialise its approach to sustainability and frame it as a driver of growth. 

P&M BON ESG LOA
LondonMetric Property finds first-time buyers

LondonMetric Property landed a successful debut deal in the sterling market on Wednesday through a £500m dual-tranche green bond offering.

BON ESG
VW Bank gets big bid but pays up

Volkswagen Bank demonstrated the depth of liquidity in the euro investment-grade market even at this late stage of the year, pulling in more than €9bn of peak orders for its €2.5bn triple-tranche senior preferred green bond transaction on Wednesday.

BON ESG
PCAF updates greenhouse gas accounting standard

The Partnership for Carbon Accounting Financials has released an updated standard with new methodologies and clearer guidance that will make it easier for banks and other financial institutions to track emissions across more financial products. 

ESG P&M BON
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CoreWeave scales capex ambitions with US$2bn CB

Predictably, CoreWeave has made the move of pivoting to the convertible bond market for US$2bn to fuel the AI data center lessor’s dramatic expansion.

EQY
Medline de-risks US$5.4bn IPO with cornerstone investors

Medline publicly launched marketing of its US$5.4bn Nasdaq IPO Monday evening with about half of the deal for spoken for.

EQY
Suzhou TFC Optical plans HK listing of at least US$1bn

Shenzhen-listed Suzhou TFC Optical Communication is planning a Hong Kong listing which people with knowledge of the matter said could raise at least US$1bn. 

EQY
Hong Kong asks banks to maintain IPO application quality

Hong Kong's stock exchange operator and securities regulator have issued a joint letter asking the sponsors of new equity listings to keep up the quality of listing applications, as the city experiences a boom in initial public offerings.

P&M EQY
UK-based Teraview jumps 50% on KRX debut

Shares in Teraview Holdings opened up 50% at W12,000 on their trading debut on Tuesday, following the UK-based precision inspection equipment and technology company's W40bn (US$27.2m) KRX IPO.

EQY
Paramount raises stakes with competing WBD bid

Competing bids to acquire Warner Bros Discovery – in whole or in part – backed by mammoth bridge loan financings are setting the stage for a quick start to 2026. They further signal a positive shift in market sentiment since economic volatility earlier in the year stilled confidence. 

LOA
Bending Spoons launches TLB to finance buyout spree

Italian tech conglomerate Bending Spoons has hit the market with a US$1.3bn-equivalent dual-currency term loan B to finance the acquisitions of AOL, Vimeo and Eventbrite.

LOA
US$59bn Netflix bridge loan sets stage for blockbuster year ahead

Netflix is backing its planned US$82.7bn acquisition of Warner Bros Discovery's TV and film studios and streaming division with a US$59bn bridge loan, viewed by the banking community as a signal that more large M&A deals will make their way to debt capital markets in 2026.

BON LOA
US senators call for private credit stress tests

US senators Elizabeth Warren of Massachusetts and Jack Reed of Rhode Island have called for the private credit market to undergo a stress test, concerned that the increase in bank lending to private credit firms could amplify credit risks should those portfolios experience turmoil.

LOA P&M
Bankers scale 2028 debt mountain

European companies are hacking away at a looming wall of 2028 maturities, taking on a mammoth task to help borrowers refinance before conditions turn.

LOA BON