NRG absorbs LS Power stake with US$2.65bn selldown and buyback
NRG Energy moved quickly to clear the majority of the equity it issued to LS Power on closing their US$12bn transaction, facilitating a US$2.35bn secondary share sale overnight Monday and repurchasing another US$300m via a concurrent private placement.
Paramount slips into junk territory as leverage concerns grow
Paramount Skydance may have won its lengthy battle to buy Warner Bros Discovery, but it is now firmly in junk territory after Fitch downgraded it by a notch on Monday to BB+, citing higher leverage from the acquisition.
Medline drops 5% as PE backers rush to sell post-IPO
Medline is under pressure Tuesday with the launch of a first-time follow-on that will allow its private equity backers to cash out part of their holdings, a deal that is coming less than three months after the company’s IPO and well within the 180-day lock-up.
AGT slumps on TSX debut after deeply discounted C$649.5m IPO
AGT Food and Ingredients fell on its Toronto Stock Exchange debut after raising C$649.5m (US$474m) from its IPO and concurrent private placement, a far larger haul than expected that was achieved only after bringing in majority shareholder Fairfax Financial and accepting a sharply lower valuation.
Prasad Gollakota
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.
Irish investment bank and wealth manager Davy has hired four bankers for its debt capital markets team to gear up for an expected rise in Ireland's debt market activity, five years after the firm shut its bond desk.
Magellan Financial Group plans to take full ownership of Barrenjoey Capital Partners through a merger that values the Australian investment banking boutique at A$1.62bn (US$1.1bn).
Banks are reaping the benefits of a trading boom in precious metals, as heightened volatility and surging client volumes deliver a bumper payday for commodities traders.
JP Morgan expects the investment banking and trading boom to continue in the current quarter.
Paramount Skydance may have won its lengthy battle to buy Warner Bros Discovery, but it is now firmly in junk territory after Fitch downgraded it by a notch on Monday to BB+, citing higher leverage from the acquisition.
The impact of the war in the Middle East on European credit markets has raised questions over carmaker Stellantis’ plan to issue inaugural hybrids in a bid to protect its balance sheet and investment-grade rating.
New benchmarks from Germany and Austria proved too good for investors to pass up on Tuesday, even with war raging in the Middle East and a renewed threat of inflation leading to a selloff in government bonds.
The European chemicals sector has been at the forefront of falls in high-yield bonds this week as surging energy prices resulting from the war in the Middle East further complicate the companies' path to recovery.
Redwood Trust has sold its first ever securitized deal backed by non-qualified mortgages as the specialty finance company continues to make a push into the market for homebuyers and renters who do not necessarily meet traditional lending requirements.
London-listed UK subprime lender Vanquis Banking Group, formerly known as Provident Financial, may be preparing a return to the securitisation market five years after its debut transaction of a pool of credit cards, according to public filings.
The sudden collapse of UK-based mortgage lender Market Financial Solutions and the war in Iran have cast a pall on sentiment around deals, with a handful of European structured finance transactions pulled early Monday, according to bankers.
Neither a snowstorm nor a fire cast a pall on the annual structured finance conference in Las Vegas where more than 11,000 industry participants flocked this past week.
New benchmarks from Germany and Austria proved too good for investors to pass up on Tuesday, even with war raging in the Middle East and a renewed threat of inflation leading to a selloff in government bonds.
Germany's new green Bund is leading the SSA supply that will be executed this week despite the weekend's US-Israeli attack on Iran.
The International Finance Corp has signed a US$6bn insurance-backed facility that marks the World Bank Group member’s largest single mobilisation of private capital.
NRG Energy moved quickly to clear the majority of the equity it issued to LS Power on closing their US$12bn transaction, facilitating a US$2.35bn secondary share sale overnight Monday and repurchasing another US$300m via a concurrent private placement.
Medline is under pressure Tuesday with the launch of a first-time follow-on that will allow its private equity backers to cash out part of their holdings, a deal that is coming less than three months after the company’s IPO and well within the 180-day lock-up.
AIM-listed Rosebank Industries is pursuing its second acquisition since IPO, supported by a capital raise 1.4 times its market capitalisation.
AGT Food and Ingredients fell on its Toronto Stock Exchange debut after raising C$649.5m (US$474m) from its IPO and concurrent private placement, a far larger haul than expected that was achieved only after bringing in majority shareholder Fairfax Financial and accepting a sharply lower valuation.
Paramount Skydance has agreed to a US$3.5bn 364-day senior secured revolving credit facility as part of the financing package backing its US$110bn acquisition of Warner Bros Discovery.
Banks are pitching debt packages of around €1.25bn to back bidders for Swiss contract drug manufacturer Lonza's capsules and health ingredients business, with the financing to be eventually sold down through the broadly syndicated term loans and high-yield markets, according to sources.
Business assurance and inspection services provider LRQA Group has released price talk for its new loan in a sign that the European leveraged markets are ploughing on despite US and Israeli strikes on Iran.
A JP Morgan-led bank group has begun premarketing more than US$5bn of debt to back software provider Qualtrics’ acquisition of healthcare analytics company Press Ganey Forsta, testing investors' appetite for technology risk when confidence in the sector is under pressure.
Sewing’s Eleven
In a heart-warming tale, Christian Sewing and 10 other European bank CEOs have put their competitive differences aside to pen a joint opinion piece for German newspaper Die Welt calling for the European Council to include the banking sector in its “One Europe, One Market” initiative next month.
Continue Reading
Read the latest stories from the magazine IFR 2622 - 28 Feb 2026 - 6 Mar 2026
28 Feb 2026 - 6 Mar 2026
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.
The repo market is the heartbeat of bond markets. Like a real heartbeat, when all is well, there is nothing more boring. But when things go wrong … watch out.
The AI boom has been backed by investor enthusiasm – and their money – on an unprecedented scale. Investment bankers have high hopes of a huge year for deals. But just like the broader economy, will this be a K-shaped market for tech deals?
How stable is a stablecoin? That is a question that S&P attempts to answer via its Global Ratings’ Stablecoin Stability Assessment, a product designed to quantify a stablecoin’s ability to maintain its peg to a fiat currency. It produces a score from 1, very strong, to 5, weak.