Nat Rothschild, the UK financier who is part of the Rothschild banking family, dubbed Lazard, his family’s longstanding investment banking rival, a “bucket shop” in an effort to dissuade Peter Mandelson from joining that firm in early 2011 after he left the UK government the previous year.
In early January Alex McWhorter had an almost impossible annual assignment for a country chief of a major bank: he had to decide which 50% of his male staff he could protect from being called up for military service, and which he would have to make available to potentially go off to fight in a war.
Nykredit Realkredit broke a longstanding record for the tightest reset spread in the euro Additional Tier 1 market with a €500m perpetual non-call 5.5-year bond on Tuesday, a deal that revealed a range of views on the valuations of European banks' riskiest debt instrument.
This year’s sharp rotation in global stock markets is encouraging more investors to pile into dispersion trades, a complex breed of derivatives that profit from share prices heading in different directions.
Ivory Coast and Kenya took advantage of demand for higher-yielding credit last week as the pace of public issuance from African sovereigns begins to pick up after a relatively slow start to the year.
Two international issuers were making their debut in the euro market on Tuesday, both as part of efforts to boost the diversification of their funding sources.
Danske Bank restarted euro bank Tier 2 supply with a €750m 12-year non-call seven green note on Tuesday, looking to take advantage of pricing levels that some market participants say might not last.
Spain supplied two of the SSA market's most sought-after exposures in its new single-tranche benchmark: Southern European credit and duration. That combination delivered the market darling a €119bn-plus order book for its €7bn October 2056 bond.
MarketAxess to integrate with primary bond info off DirectBooks
MarketAxess will offer its clients access to primary bond issuance information from DirectBooks starting in the second quarter, the electronic bond trading platform said.
Japan's Nippon Steel is raising ¥550bn (US$3.5bn) from a dual-tranche convertible bond to repay part of the bridge loans incurred to finance its US Steel acquisition last year.
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.
MarketAxess to integrate with primary bond info off DirectBooks
MarketAxess will offer its clients access to primary bond issuance information from DirectBooks starting in the second quarter, the electronic bond trading platform said.
Analysis by Goldman Sachs suggests European banks could increase their returns on equity by an average 240bp by adopting AI, with much of the gain coming from reducing costs rather than increasing revenues.
Rothschild scion scorns Lazard in Mandelson correspondence
Nat Rothschild, the UK financier who is part of the Rothschild banking family, dubbed Lazard, his family’s longstanding investment banking rival, a “bucket shop” in an effort to dissuade Peter Mandelson from joining that firm in early 2011 after he left the UK government the previous year.
This year’s sharp rotation in global stock markets is encouraging more investors to pile into dispersion trades, a complex breed of derivatives that profit from share prices heading in different directions.
AbbVie joins IG rush to market with US$8bn bond raise
Drugmaker AbbVie is headlining active day for the US high-grade market, joining 11 other borrowers raising funding on Tuesday as stock markets recover from a rout induced by fears about the negative impact that artificial intelligence might have on the economy.
Azelis is set to print its new issuance at a relatively tight level, with the company's focus on speciality chemicals helping to differentiate it from more challenging names in the broader sector, such as Ineos Quattro.
Two international issuers were making their debut in the euro market on Tuesday, both as part of efforts to boost the diversification of their funding sources.
Danske Bank restarted euro bank Tier 2 supply with a €750m 12-year non-call seven green note on Tuesday, looking to take advantage of pricing levels that some market participants say might not last.
Spain supplied two of the SSA market's most sought-after exposures in its new single-tranche benchmark: Southern European credit and duration. That combination delivered the market darling a €119bn-plus order book for its €7bn October 2056 bond.
European new issue CLOs return with new players in the fray
Refinancings and resets that dominated the European CLO primary market at the start of the year are finally giving way to new issue CLOs. The dynamic has flipped, as CLO spreads push wider in the face of AI-fuelled jitters in the software industry, making resets and refis less economically appealing for managers.
Columbus Capital was the only RMBS issuer in town as it raised a record-busting A$2.7bn (US$1.91bn) from the prime Columbus Capital Triton Bond Trust 2026-1 on February 20.
The US structured finance market welcomed a flurry of ABS deals during this past holiday-shortened week, including securitisations of leases and loans backed by auto, equipment, data centre and crypto assets priced.
Lloyds Bank began marketing Candide Financing 2026-1 on Friday morning, the second Dutch prime RMBS this year, in the wake of strong demand for ING’s deal earlier this month.
Hyundai’s fourth German auto ABS achieved good support which reinforced positive momentum in the primary market and set a constructive tone for further European auto-backed issuance expected over the coming weeks.
Debt-for-development heavyweights in US$1bn tie-up
The largest investor in sovereign debt-for-development swaps, Legal & General , is committing US$1bn to a new partnership with the instrument’s pioneering banker, Ramzi Issa , and sees “a healthy pipeline across innovative [emerging markets] debt financing”.
Bank of the Philippine Islands is committed to expanding its labelled ESG bond issuance in the local market, while considering a public US dollar bond later in the year to address upcoming maturities, executives said in an interview.
Ecuador's housing finance framework breaks new ground
Weeks after its highly successful return to conventional bond markets , Ecuador has inaugurated a groundbreaking new sovereign housing finance framework with a US$500m loan.
Jefferies says sustainability's 'glory days' are here
US investment bank Jefferies is doubling down on its thesis that the "glory days of sustainability" are here with new data points to support the argument that the US investment bank first advanced in October.
Medtronic’s MiniMed targets US$784m from Nasdaq IPO
Medtronic moved ahead with plans to carve out its MiniMed Group diabetes unit by launching a Nasdaq IPO early Tuesday that would value the fast-growing subsidiary at up to US$7.86bn.
Whirlpool eyes US$800m equity combo to accelerate deleveraging
Whirlpool is looking to raise US$800m from the sale of common stock and a mandatory convertible in an effort to accelerate debt repayment after the three major credit rating agencies downgraded the home appliance maker to junk last year.
European private equity firm Altor sold 7% of asset manager Mandatum on Monday, raising €238m in what is likely to be its penultimate sale of the former Sampo unit.
CenterPoint taps CB market for refi as shares hit record high
CenterPoint Energy returned to the convertible bond market late Monday, raising an upsized US$600m from the sale of a three-year CB to repay commercial paper borrowings and taking advantage of a near all-time high share price to lower its borrowing costs.
Elevator and escalator service provider TK Elevator is seeking a €1.5bn-equivalent (US$1.77bn) dollar and euro term loan B to partially refinance its existing dollar and euro notes due in 2027.
European leveraged debt sees steady growth in 2025 - AFME
European leveraged debt markets posted a modest increase in issuance in 2025, with total proceeds across leveraged loans, direct lending and high-yield bonds reaching €445.8bn, up 2% from €438.5bn in the previous year, according to AFME’s fourth quarter report.
Investment-grade term loan issuance in January surged with corporates demonstrating their appetite for dealmaking as the second administration under president Donald Trump enters its sophomore year.
European banks: holding on in trading and financing but lagging in dealmaking
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.
Skipping a beat: FSB points to hidden fragilities in repo market
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.
‘Software-mageddon’ underlines the K-shaped environment for tech bankers
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?
Stablecoins: meet the new boss, same as the old boss
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.
A quick glance at investment bank share prices over the past year tells a story: business is booming and the outlook is rosy. The question now, in the middle of reporting and bonus season, is how much of the profits will bank bosses have to give away to their staff.
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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