Airbnb launches US$2.5bn IG debut as issuance pace slows
High-grade investors are being given their first chance to buy exposure to Airbnb on Thursday as the vacation rental company prepares a US$2.5bn inaugural investment-grade bond to take out convertible notes.
Jon Macaskill
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.
Amundi's sustainability profile is helping to win more institutional mandates as asset owners seek to manage climate-related risks and their transition exposure.
London Stock Exchange Group's new set of ESG scores and sustainability analytics aims to make data more transparent and comparable, and easier for global financial markets to use and analyse in preparation for greater automation.
Electronic Arts has extended the tender offer for its two outstanding bonds for a further seven weeks, after holders of only 5%, by value, of the US$1.5bn notes accepted the proposal by the time the initial offer period closed on March 11.
Hong Kong's securities regulator on Thursday said it conducted a joint operation with the city's statutory anti-corruption body targeting alleged insider dealing and corruption at two securities firms and a hedge fund management firm and made eight arrests.
Overnight volatility in the oil price made some euro corporate issuers hold back from opening books on Thursday, but two companies took the plunge with multi-tranche acquisition trades.
Electronic Arts has extended the tender offer for its two outstanding bonds for a further seven weeks, after holders of only 5%, by value, of the US$1.5bn notes accepted the proposal by the time the initial offer period closed on March 11.
High-grade investors are being given their first chance to buy exposure to Airbnb on Thursday as the vacation rental company prepares a US$2.5bn inaugural investment-grade bond to take out convertible notes.
A £1.25bn five-year covered bond priced by Bank of Nova Scotia on Thursday showed how pricing levels for such bonds have remained remarkably consistent in spite of a turbulent backdrop, as the issuer matched the result achieved by one of its peers seven weeks earlier.
Switch and MetroNet have returned to the US asset-backed primary market as the digital infrastructure funding surges across credit markets.
As the broader credit market reopened, securitisation took off on Tuesday, with eight deals moving through the market: three fresh announcements of new issues and five releasing initial price thought details.
A consortium of US housing industry groups on Tuesday urged US lawmakers to drop a provision in a bill that would force developers to sell so-called "build to rent" homes in seven years, a move that analysts say would likely decrease funding in the securitization market for these types of properties.
Confidence returned reasonably quickly in the securitisation market in Europe last week after a war-induced shaky start when a few structured deals that had been lined up for Monday were pushed back.
The collapse of Market Financial Solutions is offering fresh evidence that the “cockroaches” JP Morgan CEO Jamie Dimon warned of last year are not confined to the US, as a clearer picture emerges of the lending various banks provided to the failed UK mortgage lender.
South Africa has created a pioneering credit guarantee vehicle that aims to mobilise as much as US$10bn into the country’s energy, transport and water infrastructure over the next decade.
Amundi's sustainability profile is helping to win more institutional mandates as asset owners seek to manage climate-related risks and their transition exposure.
London Stock Exchange Group's new set of ESG scores and sustainability analytics aims to make data more transparent and comparable, and easier for global financial markets to use and analyse in preparation for greater automation.
SoftBank-backed Japanese fintech PayPay raised US$880m late Wednesday from a below-range Nasdaq IPO that leaned heavily on strategic cornerstone demand and unusually strong support from investors in its home market.
Bill Ackman's Pershing Square has revived plans for a US$5bn–$10bn NYSE listing of Pershing Square USA (PSUS), an ambitious closed-end fund intended to provide the hedge fund with a new source of permanent capital.
National Stock Exchange has selected 20 banks for its IPO, a record number for an Indian float.
Shares in Saudi construction materials business Saleh Abdulaziz Al Rashed & Sons Company rose on debut on Wednesday, marking a positive data point as the first debut in the region since the start of the conflict in Iran.
The debt package backing the US$55bn leveraged buyout of Electronic Arts is expected to be marketed at wider levels than initially anticipated, as market volatility triggered by the escalating Middle East war ripples through credit markets.
European private credit managers are monitoring the impact on their loan portfolios of the US military campaign in Iran but say it is too early to reposition risk.
Direct lenders in the US and Europe are leaning into the latest bout of market volatility, arguing that wider spreads, tighter documentation and lower leverage are creating a more attractive environment for deployment.
SoftBank Group is in talks with relationship banks for a mammoth bridge financing of up to US$40bn to fund a new investment in OpenAI, in what could become its largest loan yet and one of the biggest ever from Asia Pacific.
Read the latest stories from the magazine IFR 2623 - 7 Mar 2026 - 13 Mar 2026
7 Mar 2026 - 13 Mar 2026
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.
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.
It is unbecoming to say “I told you so”, but when it comes to Meta Platforms’ US$27.3bn project bond to fund its Hyperion data centre via private credit shop Blue Owl Capital (and SPV Beignet Investor) the temptation is strong. I wrote in late 2025 that Meta’s decision not to consolidate the debt on its balance sheet sits uneasily with the economic risk that investors have assumed they are taking when they bought the deal in October. And now Meta’s auditor, EY, clearly feels this same tension.
Full-year earnings from European banks – Barclays, BNP Paribas, Deutsche Bank, Societe Generale and UBS – showed them broadly holding market share in the markets’ business, but struggling to capitalise on the upswing in investment banking.