OpenAI is facing a US$20bn black hole in its accounts this year, as a series of buy now, pay later deals struck with suppliers including Nvidia, Oracle and CoreWeave start to come due, putting the startup under acute pressure to find new, deep-pocketed investors to secure its future.

Banks and asset managers are seizing on the defining investment trend of the past decade – the rise of exchange-traded funds – to bring complex derivatives strategies to the masses.

The rise in geopolitical tensions has given a boost to the European Union’s attempt to revive capital markets union and the wider single market, and policymakers and bankers have called for bolder action in key areas such as securitisation.

French government bonds have rallied sharply in the wake of Paris finally passing a budget to break months of political deadlock.

Italian grid operator Terna printed one of the more astonishing new issues of recent times on Monday with a hybrid that landed at a record tight spread over an issuer's senior curve, though the aggressive pricing led to a huge collapse in the order book, with close to a 75% drop from peak levels.

National Bank of Greece broke its own record for the tightest spread on a Greek senior preferred bond when it priced a €600m five-year non-call four green transaction on Monday, taking advantage of a slowdown in euro FIG supply. 

The European high-yield market saw nine mandates from issuers across a wide range of industries on Monday, as companies rushed to grab the window after the US eased its tariff threats against Europe and ahead of the looming earnings blackout period in early February.

US commercial mortgage bond supply restarted in the week of January 19 as market participants returned from the annual gathering sponsored by the CRE Finance Council that took place the week before.

Blackstone brought the first European CMBS of the year on Wednesday, pricing the logistics-backed securitisation at an attractive spread that underscores how strong investor appetite has continued from last year's rebound in issuance.

Sotheby's Financial Services is in the market with a US$600m securitisation backed by personal loans on fine art and collectibles after pioneering this type of offering with a first-of-its-kind financing in 2024.

Westpac reopened the Australian structured finance market on Wednesday with the upsized A$2bn (US$1.34bn) self-led, funding-only prime RMBS, WST 2026-1.

Italian grid operator Terna printed one of the more astonishing new issues of recent times on Monday with a hybrid that landed at a record tight spread over an issuer's senior curve, though the aggressive pricing led to a huge collapse in the order book, with close to a 75% drop from peak levels.

National Bank of Greece broke its own record for the tightest spread on a Greek senior preferred bond when it priced a €600m five-year non-call four green transaction on Monday, taking advantage of a slowdown in euro FIG supply. 

Integrating carbon credits into sovereign debt could create new "debt-for-carbon" swaps that would help to ease debt pressure and mobilise climate finance for developing countries without relying on concessional capital, according to a discussion paper.

European sustainable bond issuance is expected to rebound this year, driven by green bonds due to rising energy security concerns and major infrastructure investments as the continent reduces its reliance on energy imports and strengthens domestic supply, according to a report by SEB. 

Jingdong Property, a logistics property arm of Chinese e-commerce company JD.com, has filed for a Hong Kong IPO again, almost three years after a first attempt.

Bob’s Discount Furniture launched an up to US$370m NYSE IPO early Monday that will allow it to repay debt used to fund a pre-IPO dividend to principal backer Bain Capital and other existing investors.

Shenzhen-listed Muyuan Foods is looking to open the books as early as Thursday for a Hong Kong listing of up to US$1.5bn, said people with knowledge of the matter.

South Korean cable manufacturer LS Corp on Monday withdrew an application for a W500bn (US$347m) Korea Exchange IPO of its affiliate Essex Solutions after concerns were raised by shareholders and investors.

Dutch firm Flora Food Group is working to make its capital structure more palatable to investors, utilising a private bond to help it cut back on its term loan debt.

Sponsors are increasingly attempting to introduce anti-co-operation clauses into European direct lending documentation, although so far lenders have firmly resisted the assault.

Bank borrowers from around the world are tapping asset-hungry lenders in the Asian loan market, attracted by the tight cost of funding on offer, continuing a trend that began last year and drove lending to the banking sector to the highest level for nearly a decade.