Brazil returned to the euro market on Wednesday for the first time in more than a decade, raising €5bn from a three‑tranche transaction that matched the size of Mexico’s deal in September – the largest euro deal from a Latin American issuer.
The finance industry is breathing a sigh of relief over revisions to incoming US bank capital rules that lobbyists had warned in their earlier iteration could increase systemic risk in the US$846trn derivatives market.
Pershing Square USA kicked off marketing for its closed-end fund on Monday, targeting US$5bn–$10bn to be invested in 12–15 large-cap publicly traded companies.
Contemporary Amperex Technology, the world's largest maker of electric batteries, is considering a share offering of around US$5bn in Hong Kong after a strong run-up in its share price.
Financial regulators need to be alert to the risk in government bond markets from a small number of major investors using high leverage and similar strategies, which could result in "a disorderly unwinding of positions", the head of the Financial Stability Board has warned.
US IPO revival gathers pace as investors show capacity for scale
The US IPO market is in the early stages of a sustained recovery as investors look past geopolitical uncertainty to seize on opportunities aligned with a domestic-first economic agenda.
Lenders cast wary eye over Trump-driven Japan-US financings
Japanese export credit agencies are in talks with Japanese and US commercial banks over jumbo financings to support large-scale infrastructure projects under Japan’s planned US$550bn investment programme into the US.
Biggest deal, largest book, most investors: UK’s £15bn bond breaks records
Any questions over the depth of demand for UK government bonds were put to bed last week following a record-breaking 10-year syndicated sale on Tuesday.
SoftBank Group overcame some disquiet over its credit outlook and funding needs to issue just over US$3.5bn-equivalent of bonds in US dollars and euros on Wednesday, giving bondholders exposure to its AI-related investments.
Seeds and crop protection powerhouse Syngenta Group is looking to file confidentially as early as June for a giant Hong Kong IPO, said people with knowledge of the matter.
Brazil returned to the euro market on Wednesday for the first time in more than a decade, raising €5bn from a three‑tranche transaction that matched the size of Mexico’s deal in September – the largest euro deal from a Latin American issuer.
Flowback risk is a relatively new regulatory term . It aims to capture the risk that a bank may be unable to roll a synthetic risk transfer transaction, resulting in previously protected risk-weighted assets once again attracting full capital treatment.
Records continued to fall in the first quarter as banks ably managed a rolling wave of volatility: Goldman Sachs delivered an all-time high on Wall Street for equities trading, JP Morgan produced the second-best fixed income quarter ever, and advisory and underwriting fees were the highest in years.
Moves – HSBC's banking heads for Europe and Middle East leave
HSBC's head of banking for Europe and the Americas, Gerry Keefe, has resigned to take up a role outside banking, and Karim Tannir, its head of banking for the Middle East, North African and Turkey region, is also leaving, according to people familiar with the matter.
Revised bank capital rules alleviate clearing concerns in US$846trn derivatives market
The finance industry is breathing a sigh of relief over revisions to incoming US bank capital rules that lobbyists had warned in their earlier iteration could increase systemic risk in the US$846trn derivatives market.
Banks outperform in investment banking despite volatility
Investment banking fees at the big five US banks jumped 30% last quarter, despite the breakout of war in Iran casting a pall over capital markets in March after booming activity in the first two months of the year.
Tideway, the operator of the Thames Tideway Tunnel known as London's "super sewer", is planning to turn its entire green debt stack blue as it completes final testing before handing over the asset to Thames Water.
SoftBank Group overcame some disquiet over its credit outlook and funding needs to issue just over US$3.5bn-equivalent of bonds in US dollars and euros on Wednesday, giving bondholders exposure to its AI-related investments.
Biggest deal, largest book, most investors: UK’s £15bn bond breaks records
Any questions over the depth of demand for UK government bonds were put to bed last week following a record-breaking 10-year syndicated sale on Tuesday.
Brazil returned to the euro market on Wednesday for the first time in more than a decade, raising €5bn from a three‑tranche transaction that matched the size of Mexico’s deal in September – the largest euro deal from a Latin American issuer.
Sotheby's paints improving picture in first bond sale in five years
Sotheby’s sold its first junk bond in nearly five years on Wednesday as the auction house owned by billionaire Patrick Drahi boasted improving credit metrics amid a buoyant backdrop for the asset class.
Herbalife turns to busy high-yield market to refinance debt
Herbalife turned to an upbeat junk bond market on April 15 after abandoning a leveraged loan sale in March as the multilevel marketing company sought to refinance upcoming debt maturities and cut interest costs.
European CLO primary remains stuck on pause, with just a handful of deals making their way through the market as managers struggle with increasingly uneconomic arbitrage dynamics and bankers toil to engage with investors made skittish by the volatility brought on by the Middle East war.
Luxembourg-based digital bank Advanzia Bank has successfully priced its debut public ABS issue, as the first ever securitisation of German credit card receivables benefited from improved market sentiment.
European ABS was dominated by auto deals in the past week, with four issues, including a Swiss lease ABS, coming to market despite ongoing volatility from the war in Iran.
Yamaha Motor is returning to the US asset-backed market with its first floorplan offering in over a quarter century after the recreational vehicle maker experienced a dour year as a result of US tariffs and rising costs.
Tideway, the operator of the Thames Tideway Tunnel known as London's "super sewer", is planning to turn its entire green debt stack blue as it completes final testing before handing over the asset to Thames Water.
French utility Engie's use of a green hybrid to part-finance its £10.5bn acquisition of electricity distributor UK Power Networks is a rare example of green M&A financing issued under the company's sustainability financing framework.
Amundi bullish on tailwinds for responsible investing
Amundi, Europe's largest asset manager, said the negative narrative around ESG and sustainable finance and investing is at odds with the positive market dynamic it is seeing as responsible investment remains resilient despite the uncertainty.
SpareBank 1 Sor-Norge attracted colossal demand on Monday as it visited the euro market for the first time since May 2024, with a €500m six-year non-call five green senior non-preferred trade that was more than five times subscribed.
Seeds and crop protection powerhouse Syngenta Group is looking to file confidentially as early as June for a giant Hong Kong IPO, said people with knowledge of the matter.
US IPO revival gathers pace as investors show capacity for scale
The US IPO market is in the early stages of a sustained recovery as investors look past geopolitical uncertainty to seize on opportunities aligned with a domestic-first economic agenda.
Lucid recharges with US$1.05bn from PIF, Uber and public
Facing a liquidity crunch, Lucid Group obtained a US$1.05bn cash injection through a three-part equity financing announced ahead of the market open on Tuesday, including US$300m raised through a block trade.
Contemporary Amperex Technology, the world's largest maker of electric batteries, is considering a share offering of around US$5bn in Hong Kong after a strong run-up in its share price.
Arxis capitalised on surging investor demand for aerospace and defence assets, raising an upsized US$1.13bn from its Nasdaq IPO after the deal drew 20 times coverage followed by a strong aftermarket performance.
Lenders cast wary eye over Trump-driven Japan-US financings
Japanese export credit agencies are in talks with Japanese and US commercial banks over jumbo financings to support large-scale infrastructure projects under Japan’s planned US$550bn investment programme into the US.
US leveraged finance markets are beginning to come back to life, as a two-week ceasefire in the US war with Iran has created a narrow but actionable window for issuers to return with riskier debt offerings.
Building materials loans slide on weak earnings, macro concerns
Building materials credits have come under sharp pressure, as investors react to the sector’s sensitivity to the economic cycle and inflation concerns triggered by the war in Iran.
Leveraged finance bankers are confident that demand is ready and waiting to meet supply, with momentum building behind LBO deals, although there is little pressure forcing issuers to move ahead with transactions.
Ford drops sustainability adjustments on amended loans
Ford Motor, an early US adopter of the sustainability-linked loan framework, has removed the incentive from its revolving credit facilities as part of a wider exercise to amend US$21bn of its loans.
Synthetic risk transfers: a trillion-dollar tool that needs to take the next step
Flowback risk is a relatively new regulatory term . It aims to capture the risk that a bank may be unable to roll a synthetic risk transfer transaction, resulting in previously protected risk-weighted assets once again attracting full capital treatment.
Knocking on UMG’s door: Ackman's proposal is a self-help plan dressed up as M&A
There is a tremendous amount of fuss surrounding Bill Ackman’s proposal to acquire the outstanding shares in Universal Music Group: an announcement , a detailed presentation deck and a headline 78% premium comprising part cash and part scrip. Typical M&A theatre, at least on the surface. Yet when the smoke clears, what remains looks far less like a genuine bid than a self-help exercise.
Macaskill on Markets: Is it time for a new president (at Citi)?
Citigroup chief executive Jane Fraser manages a team of rivals who might aspire to her job. Competition is healthy but appointing a new president as a deputy could help Fraser deliver the next phase of her growth plan.
Strategy squared: multiple channels, same exposure
It is unusual for a listed company to buy income-bearing securities of a peer as a treasury decision. In orthodox corporate finance, surplus capital is meant to do one of three things: fund projects that clear the hurdle rate, preserve liquidity, or be returned to shareholders. It is not normally redeployed into another company exposed to much the same trade, especially at a lower yield than the investing company pays on its own stock.
Banks should go on the front foot as private credit crisis plays out
Private credit mishaps are coming at us with such speed and intensity that many of the stories are blurring into one. But rather than the private credit crisis dragging banks down, it might give them an opportunity to play offensively in this space.
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