A series of high-profile leveraged finance deals from the US combined with an upturn in homegrown deals is providing some much-needed action for the European leveraged finance market. At least €16.5bn of M&A-related issuance is on the way and should help satisfy demand from CLO platforms coming off a record 12 months and set for another year of plenty.
Thames Water has still not published the 2022/23 and 2023/24 impact reports it promised its green bond investors and is also yet to explain how it used the proceeds of its €1.65bn dual-tranche green offering issued in January 2023.
The European Bank for Reconstruction and Development and the African Development Bank are set to deepen the nascent market for multilateral development bank securitisation with landmark deals in the new year.
Embattled property developer China Vanke’s failed attempt to extend the maturity of an onshore bond has further dented market sentiment, as investors worry about signs of weakened government support for the sector.
SBI Funds Management has hired Axis Capital, Bank of America, HSBC, ICICI Securities, Jefferies, JM Financial, Kotak, Motilal Oswal and SBI Capital Markets to work on an up to US$1.5bn IPO planned for the first half of this year, people with knowledge of the transaction said.
Singapore-headquartered infrastructure credit financier Clifford Capital returned to the US dollar bond market on Tuesday through a US$1bn government-guaranteed dual-tranche bond offering that priced at tight levels.
Aktis Oncology upsized its Nasdaq IPO early Wednesday by 50% to US$317.7m after securing a powerful endorsement – a US$100m anchor order from collaborative partner Eli Lilly.
xAI shakes off Grok controversy to raise US$20bn for AI buildout
xAI has raised US$20bn in one of the largest private company funding rounds of all time, as the Elon Musk-backed AI company races to secure financing to rapidly scale up its computing capacity in a bid to make its controversial Grok model into one of the leading AI engines.
Tanger pivots from bank debt refi to opportunistic CB
Having just reworked its bank facilities, Tanger is seeking to raise US$200m in the convertible bond market to provide it with additional financial flexibility.
Prior to the 2008 financial crisis, the US government insisted that mortgage giants Fannie Mae and Freddie Mac were not part of the federal balance sheet. Their debt did not count towards official public debt metrics, and their bonds and mortgage-backed securities carried explicit language saying they were not obligations of the US government.
Morgan Stanley promotes APAC bankers to MD as bonus pool grows
Morgan Stanley has announced promotions to managing director including at least four people from Asia Pacific capital markets teams, people familiar with the matter said.
Saudi Arabia broadens Tadawul access for foreign investors
The Saudi Capital Market Authority has announced new rules broadening access to Tadawul to foreign investors in a bid to boost investment in the country’s equity markets following a year of weak trading.
Caisse d'Amortissement de la Dette Sociale has provided a fresh data point for French agencies looking for sterling funding after France lost its Double A rating in the second half of last year.
Singapore-headquartered infrastructure credit financier Clifford Capital returned to the US dollar bond market on Tuesday through a US$1bn government-guaranteed dual-tranche bond offering that priced at tight levels.
Three sizeable 10-year deals from a trio of major SSAs did not touch the sides of the early-year demand on Wednesday, further confirming that the SSA market is open for business after a particularly quiet end to 2025.
Oncourse Home Solutions is reopening the whole business securitization space in 2026 with a jumbo deal to take advantage of favorable funding conditions in this part of the ABS primary.
The auto sector is leading the first wave of asset-backed supply in 2026, a year when issuance from this sector is expected to hit a record on the back of strong consumer-borrowing trends.
Booming European CLO market attracts new investors
Europe’s CLO market is continuing to build momentum, attracting a broader range of investors and setting the stage for another strong year of issuance in 2026, according to market participants.
The European Bank for Reconstruction and Development and the African Development Bank are set to deepen the nascent market for multilateral development bank securitisation with landmark deals in the new year.
Blackstone has priced its sixth CMBS issue of the year, a £443m transaction backed by logistics assets. Investor sentiment toward the sector remains constructive, as seen when DBMS 2025-1 DAC landed with a weighted-average margin of 172bp over Sonia, matching the tightest spreads seen on a UK CMBS this year.
UBP sees value in biodiversity equities amid volatility
Swiss private bank and wealth management firm Union Bancaire Privee's Biodiversity Restoration strategy impact fund has been taking advantage of recent market volatility to top up on value and growth companies and add new exposure, including US names.
ENBD's blue and green heralds upturn for MENA labelled bonds
Emirates NBD has priced a US$700m five-year green bond and a US$300m three-year blue bond, which it says is the first public benchmark blue bond in the Middle East.
Steve Waygood is leaving the UK’s Aviva Investors, where he spent nearly 20 years, largely as chief responsible investment officer and most recently as chief sustainable finance adviser, to lead a new independent think tank.
SBI Funds Management has hired Axis Capital, Bank of America, HSBC, ICICI Securities, Jefferies, JM Financial, Kotak, Motilal Oswal and SBI Capital Markets to work on an up to US$1.5bn IPO planned for the first half of this year, people with knowledge of the transaction said.
Aktis Oncology upsized its Nasdaq IPO early Wednesday by 50% to US$317.7m after securing a powerful endorsement – a US$100m anchor order from collaborative partner Eli Lilly.
Snam targets €500m from green exchangeable into Italgas
Gas infrastructure company Snam has launched an issue of €500m green exchangeable bonds into distribution business Italgas due January 2031 following pre-sounding on Monday that completed with coverage on indications.
Saudi Arabia broadens Tadawul access for foreign investors
The Saudi Capital Market Authority has announced new rules broadening access to Tadawul to foreign investors in a bid to boost investment in the country’s equity markets following a year of weak trading.
Kicking off what bankers hope will be a busier year for acquisition financings, US$7bn in dollar and euro term loans backing the buyout of diagnostic and medical imaging company Hologic launched early Tuesday, giving the leveraged loan market its first major test of 2026 and putting a long-awaited M&A calendar back into motion.
Refinancing dominates EMEA loan market in bumper year
Syndicated lending in Europe, the Middle East and Africa totalled US$1.51trn in 2025, a 35.5% increase on the US$1.11trn raised in 2024 and the highest volume since 2007, according to LPC data.
Finastra TCM has unveiled price talk for its dual-currency term loan B that will be used to back Apax Partners' acquisition of the treasury and capital markets unit from UK software company Finastra Group.
Payment cards manufacturer CompoSecure has released price talk for a US$1.05bn term loan B slated to refinance existing debt in connection with the company’s combination with Husky Technologies, according to a source.
Five banks to provide financing for Janus Henderson buy
JP Morgan, Citigroup, Bank of America, Jefferies and MUFG have committed to provide debt financing to back the acquisition of asset manager Janus Henderson Group by Nelson Peltz's Trian and VC firm General Catalyst.
IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes.
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