Global merger and acquisition activity has slumped since the start of the latest war in the Middle East and senior bankers said a number of deals have been paused. But they are optimistic that dealmaking will bounce back as corporates have become more accustomed to geopolitical bumps. Bankers said corporate bosses are also assessing changing deal structures to reduce risks.
Nomura is investing to expand in macro trading as the Japanese bank bets that the volatility that has rocked financial markets in early 2026 is set to continue.
Data centre owner Nebius raised US$4bn from convertible bonds on Tuesday to back the massive capex programme required to deliver on AI infrastructure agreements, including a new US$27bn deal signed with Meta Platforms the previous day.
Hong Kong's bourse operator has proposed new measures to bolster initial public offerings, a move that is expected to further strain banks, law firms and auditors already under scrutiny from regulators about the quality of listing applications.
Australia and New Zealand Banking Group's DCM and syndicate desks will have breathed a collective sigh of relief after securing a place on a semi-government ticket for the first time in almost two years, having been shut out since the regulator launched a probe into its bonds and trading businesses.
Bank of Ireland prices green senior despite market downturn
Bank of Ireland Group priced a €750m eight-year non-call seven green holdco senior transaction on Thursday, showing that deals can still be done even on the more risk-off days in the turbulent market environment issuers find themselves in as the war in the Middle East rages on.
The UK's Transition Finance Council has published an exposure draft of its Transition Finance Guidelines, which are designed to assess the credibility of companies and groups' transition plans and scale up financing globally.
DigitalOcean sells shares for first time since IPO
DigitalOcean leveraged its stock's stellar rise this month to raise US$800m from an upsized follow-on offering late Tuesday as the cloud computing platform seeks to grow and strengthen its balance sheet.
I played rugby as a schoolboy. I wasn’t too bad, playing for East Yorkshire a few times at under-16 level. My position was scrum-half, which meant I had a lot of the ball. And being in the thick of things, one soon learns to be nimble and quick-thinking to avoid being crushed by rampaging forwards.
Jefferies overcomes messy quarter with record investment banking revenue
Jefferies Financial Group reported record first quarter results in its investment banking business driven by outstanding performance in equity underwriting, where revenue more than doubled.
Wall Street bonuses jump to record average of US$246,900
The average Wall Street bonus for 2025 rose 6% from a year earlier to a record US$246,900, the New York Comptroller of the Currency estimated, following another strong year for investment banks in deal making and trading. It was the second consecutive year of record bonuses.
Moves – Citigroup's Metzger joins StanChart as global head of coverage banking
Citigroup's co-head of Asia investment banking Jan Metzger is leaving the US bank after a decade to join Standard Chartered as global head of coverage banking.
Private credit software lenders up against the clock
Private credit lenders have a software problem that could flash “fatal error” within three years as some 47% of loans are set to mature, according to Houlihan Lokey.
War derails M&A action, but pipeline keeps bankers optimistic
Global merger and acquisition activity has slumped since the start of the latest war in the Middle East and senior bankers said a number of deals have been paused. But they are optimistic that dealmaking will bounce back as corporates have become more accustomed to geopolitical bumps. Bankers said corporate bosses are also assessing changing deal structures to reduce risks.
Bank of Ireland prices green senior despite market downturn
Bank of Ireland Group priced a €750m eight-year non-call seven green holdco senior transaction on Thursday, showing that deals can still be done even on the more risk-off days in the turbulent market environment issuers find themselves in as the war in the Middle East rages on.
Sealed Air hopes to secure buyout as volatility pops
The bond portion backing the buyout of US packaging company Sealed Air was announced on Thursday, though with pricing not due until potentially Tuesday, the deal is exposed to geopolitical risks.
South Korean electric battery maker LG Energy Solution on Wednesday raised US$1.6bn from a four-part US dollar deal that gained an extra jolt from a successful deal by compatriot Korea National Oil Corporation the previous day.
RedZed pulled its planned 16th RMBS offering on Friday, the indicative A$800m (US$570m) non-conforming RedZed Trust Series 2026-1, a casualty of elevated market stress in reaction to the Iran war.
UK fintech Abound, formerly known as Fintern, managed to get its public ABS done in a volatile market, with its pricing reflecting the fact that the small and relatively young consumer lender was making its maiden transaction.
Nationwide Building Society priced and retained a £1.75bn, three-tranche RMBS called Silverstone 2026-1 on Wednesday, in a continuation of its stock and drop strategy that it last executed nine months ago.
European CLO deals dry up as war adds to AI software fears
It was supposed to be the year of the CLO. But first software names that populated many of the underlying assets were hit by AI disruption fears, and then the Middle East war kicked off – mostly freezing activity in the sector.
Bank of Ireland prices green senior despite market downturn
Bank of Ireland Group priced a €750m eight-year non-call seven green holdco senior transaction on Thursday, showing that deals can still be done even on the more risk-off days in the turbulent market environment issuers find themselves in as the war in the Middle East rages on.
The UK's Transition Finance Council has published an exposure draft of its Transition Finance Guidelines, which are designed to assess the credibility of companies and groups' transition plans and scale up financing globally.
Making the most of the first opportune window for euro FIG supply in a week, Nordea Mortgage Bank took to the stage on Wednesday with the first EuGB in covered format, a €1bn three-year mortgage-backed deal. This was also the issuer's first EuGB print and the first out of the Nordic region.
DigitalOcean sells shares for first time since IPO
DigitalOcean leveraged its stock's stellar rise this month to raise US$800m from an upsized follow-on offering late Tuesday as the cloud computing platform seeks to grow and strengthen its balance sheet.
Merlin Properties named 27 banks on Wednesday on its €768m capital raise to fund data centre development, although just Goldman Sachs, JP Morgan, Morgan Stanley and Santander were active on the accelerated bookbuild.
Miner Silver Bow seeks US$55.6m in NYSE American IPO
Silver Bow Mining is seeking US$55.6m from its NYSE American IPO as it taps the high demand among US investors for exposure to critical minerals and precious metals.
Czech defence business Colt CZ Group has mandated Berenberg and Citigroup as joint global coordinators for a capital increase to be carried out following its Amsterdam dual listing.
French software company Cegid has hit a stumbling block in securing €1.2bn of debt to back its acquisition of European fintech Shine, as AI-driven volatility strains investor appetite for the sector.
Banks wrap up jumbo debt sale for EA's record-breaking LBO
The bank group led by JP Morgan has priced approximately US$15bn in syndicated loans and bonds, across dollars and euros, backing the record-breaking buyout of video game maker Electronic Arts.
Spanish pharmaceuticals and chemicals manufacturer Grifols has launched a €2bn-equivalent senior secured term loan B which will be used, along with cash from its balance sheet, to refinance its existing euro and US dollar term loans due 2027.
Global Gruppe presses ahead with jumbo refi despite AI concerns
A group of direct lenders is underwriting a jumbo refinancing for Cologne-based insurance broker Global Gruppe, pushing ahead despite negative sentiment driven by artificial intelligence-driven disruption in the insurance broking and distribution sector.
News and entertainment company Nexstar Media Group has wrapped a US$1.75bn senior secured term loan B that, alongside other financing, supports its US$6.2bn acquisition of local news broadcast business Tegna.
Goeasy shows that it’s still too easy to hide a credit loss
The easiest way to hide a credit loss is not to deny it. It is to say it has not yet arrived. That was one of the quiet accounting failures exposed by the global financial crisis: losses were often recognised too late, only after the damage was obvious. IFRS 9 was supposed to fix that by forcing lenders to book expected credit losses earlier, using forward-looking judgment rather than waiting for the wreckage.
I played rugby as a schoolboy. I wasn’t too bad, playing for East Yorkshire a few times at under-16 level. My position was scrum-half, which meant I had a lot of the ball. And being in the thick of things, one soon learns to be nimble and quick-thinking to avoid being crushed by rampaging forwards.
A slowdown in dealmaking isn’t the only risk for banks from the Middle East conflict
Investment banks continue to expect strong first-quarter revenues. On Tuesday, Citigroup guided to mid-teens year-on-year growth in investment banking and markets revenues, and Bank of America guided to double-digit growth for both business lines. A few weeks ago, JP Morgan provided a similar upbeat message.
Macaskill on Markets: Who needs margins? Synthetic equity lending pumps up risk
A dramatic but little appreciated rise in the volume of equity total return swaps is being accompanied by an erosion in the margins charged by bank prime finance desks to clients such as hedge funds.
MFS and its discontents: when the security package triggers a run
The collapse of Market Financial Solutions follows a familiar and concerning pattern. According to documents submitted to London’s High Court at the commencement of its administration process, MFS may have double-pledged assets, potentially leaving a collateral shortfall of £930m. Loans to MFS totalled £1.16bn, and there was only £230m of “true value” available in the collateral accounts.
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