Rising Japanese bond yields have encouraged global investors and companies to increase their hedging of Japanese interest rate risk for the first time in years, banks and consultants say, ahead of Japan’s snap general election this weekend in which prime minister Sanae Takaichi’s Liberal Democratic Party is projected to win a landslide victory.
SpaceX has acquired its sister company xAI for US$250bn, in a deal that will provide some much-needed financial support to the lossmaking AI and social media platform – but which could complicate the rocket maker’s plans to launch the world’s biggest ever IPO in June.
The stalled sovereign debt-for-development swap market is set for its first deals in more than a year after a notable new player created by DFD pioneer Ramzi Issa signed up a leading speciality insurer to back its transactions.
After five years of under-budget privatisation receipts, the Indian government appears to have finally decided to take advantage of the country's booming equity capital market to sell more stakes in state-owned companies.
The UK's Transition Finance Council is getting ready to publish overarching global guidelines to assess the credibility of companies and groups' transition plans as the architecture to scale up transition finance continues to move into place.
GS and JPM attract eye-popping demand with euro senior prints
Against Thursday's positive market backdrop, US banks took centre stage in the euro senior FIG space, with JP Morgan and Goldman Sachs funding a combined €10.25bn through self-led trades that drew gargantuan investor demand.
Republic of the Congo made its Eurobond debut in the public bond market on Wednesday with a concurrent tender on the private placement it sold just three months ago, crystallising a huge gain for investors in the earlier trade.
A raft of new private credit CLOs in Europe will come as a relief for a market that has lacked enough issuance of new broadly syndicated leveraged loan deals to fuel the CLO machine. There are potentially eight private credit CLOs making their way into the market, sources say, reflecting the boom in private credit loans and increasing investor comfort with a sector that could offer higher spreads versus CLOs backed by broadly syndicated loans.
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.
Barclays eyes investment banking uplift as it raises targets
Barclays is aiming to increase market share in advisory and capital markets to help hit higher returns targets for this year and 2028, after a decent last quarter for its investment bank on the back of strong growth in trading revenues.
Standard Chartered's chief financial officer Diego De Giorgi is leaving the bank with immediate effect to join Apollo as a partner and head of Europe, the Middle East and Africa. The former investment banker had been widely seen as a top candidate to take over from Bill Winters as Standard Chartered CEO.
SpaceX purchase of xAI brings relief – and headaches – ahead of record IPO
SpaceX has acquired its sister company xAI for US$250bn, in a deal that will provide some much-needed financial support to the lossmaking AI and social media platform – but which could complicate the rocket maker’s plans to launch the world’s biggest ever IPO in June.
Panama readies rare dollar bond sale as spreads tighten
Panama is preparing to fund a debt tender with its first dollar bond sale in two years, as fixed-income investors take a more favorable view of a Central American country that has been teetering just above junk territory.
GS and JPM attract eye-popping demand with euro senior prints
Against Thursday's positive market backdrop, US banks took centre stage in the euro senior FIG space, with JP Morgan and Goldman Sachs funding a combined €10.25bn through self-led trades that drew gargantuan investor demand.
Republic of the Congo made its Eurobond debut in the public bond market on Wednesday with a concurrent tender on the private placement it sold just three months ago, crystallising a huge gain for investors in the earlier trade.
A raft of new private credit CLOs in Europe will come as a relief for a market that has lacked enough issuance of new broadly syndicated leveraged loan deals to fuel the CLO machine. There are potentially eight private credit CLOs making their way into the market, sources say, reflecting the boom in private credit loans and increasing investor comfort with a sector that could offer higher spreads versus CLOs backed by broadly syndicated loans.
Securitisations backed by buy now, pay later receivables could emerge in Europe for the first time as surging e-commerce volumes expand lending to higher-risk borrowers and regulatory tightening boosts investor confidence, according to a Moody's report.
Ledn liquidates some loans ahead of first bitcoin-backed ABS deal: S&P
Ledn, which is preparing a rare bitcoin-backed structured finance offering, sold a "significant share" of the loans it planned to securitize in the deal over roughly the past week as the value of the digital currency fell, S&P said in a presale report on Monday.
Marathon and Castlelake are returning to the aviation securitization market to take advantage of tight spreads and rising lease prices for planes as a result of tight supply and robust ridership.
A Blackstone joint venture is in the securitisation market with a US$3bn offering to refinance the Cosmopolitan casino on the Las Vegas Strip that it purchased in 2022.
China is to take biodiversity financing to a new level with the first sovereign green bond to dedicate its proceeds to addressing biodiversity loss and protecting ecosystems.
Blue bond buyers Fidelity and T Rowe Price supported a US$50m private placement by Turkey's Isbank that marked the country’s first water-related offering taken up by commercial investors.
The stalled sovereign debt-for-development swap market is set for its first deals in more than a year after a notable new player created by DFD pioneer Ramzi Issa signed up a leading speciality insurer to back its transactions.
Transition Finance Council set to publish new guidelines
The UK's Transition Finance Council is getting ready to publish overarching global guidelines to assess the credibility of companies and groups' transition plans as the architecture to scale up transition finance continues to move into place.
Arko Petroleum pitches total return on US$200m IPO
Arko Petroleum raised US$200m from its Nasdaq IPO late Wednesday, but only after upsizing the deal to offset pricing at the bottom end of the marketed range.
Uranium investment company Yellow Cake returned to ECM on Wednesday to raise an upsized £80.6m to buy more of the radioactive metal under its agreement with Kazakh state-backed producer Kazatomprom.
Clear Street slashes IPO in drastic valuation reset
Clear Street dramatically slashed both the size and price of its Nasdaq IPO amid investor pushback on valuation, making it the latest company to weather scrutiny in a discerning new issue market.
Solv surges on Nasdaq debut after raising US$512.5m from IPO
Solv Energy raised US$512.5m late Tuesday from an all-primary Nasdaq IPO as investors flock to opportunities tied to US onshoring and AI-related infrastructure investments.
A trio of high-profile buyouts has enlivened the European leveraged finance market, providing much needed new money supply, although bankers remain sceptical over a meaningful resurgence in M&A as the pipeline remains frustratingly light.
Spanish waste management company Urbaser is expected to keep its existing portable debt stack intact, and will not require new loans and bonds to facilitate its US$6.6bn buyout by EQT and Blackstone, according to a person familiar with the situation.
Lenders to French retailer Casino are prepared to take over the company with a plan that aims to reduce the company's €1.4bn reinstated term loan maturing in 2027 to €500m, in a bid to make to the company more attractive to any future buyer, sources said.
A consortium comprising Canadian investment firm Brookfield and Singapore sovereign fund GIC has launched a A$2.77bn (US$2bn) dual-tranche loan to back its planned buyout of Australia’s undefined National Storage REIT.
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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