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.

Gerry Keefe, HSBC's head of banking for Europe and Americas, has resigned to take up a role outside banking, adding to several senior departures since Europe's biggest bank started scaling back and restructuring its investment bank 18 months ago.

The Bank of England has clarified how bail-in instruments could effectively be used in the resolution of an international bank, with US regulator the Securities and Exchange Commission saying it would not take any action if such bail-in powers had to be used in an emergency resolution of such an institution.

Goldman Sachs reported a record quarter in equities trading in the first quarter, driven by its best quarter in equities financing ever. It also reported a 48% jump in investment banking revenue in the quarter, but warned the dealmaking boom may be cracking as its fees backlog dipped and geopolitics became more complex.

It was the busiest day in the euro corporate market in nearly a month with seven issuers taking advantage of a growing optimism that the US and Iran will reach a peace agreement soon, with all the deals multiple times subscribed.

Nordic issuers took advantage of the Tuesday’s risk-on sentiment to tap the euro covered bond market for tightly priced trades.

The UK Debt Management Office sold a record £15bn bond from the nearly £150bn of demand if got for its new 4.875% July 2036 Gilt on Tuesday.

Euro Additional Tier 1 issuance resumed on Tuesday for the first time since late March, as Rabobank made a rare appearance in the format with a €750m perpetual non-call December 2033 trade that was more than four times subscribed and which set a record for the tightest reset spread in the market. 

European securitisation markets are showing early signs of a post-Easter revival, with a debut transaction from Advanzia Bank reopening primary markets, market participants said. =

KKR hit the commercial mortgage-backed security market last week to refinance an office tower in San Francisco that was once the headquarters for Dropbox, which has vacated the premises and been replaced by a roster of other corporate tenants.

The European Banking Authority said in a Q&A posted on its website that a credit rating can only be used to calculate regulatory risk weights if it is publicly disclosed, clarifying an issue debated by market practitioners. 

ClearLight on Monday landed its first solar securitisation in what has been a slow start to the year in this corner of the ABS market. 

South Africa’s FirstRand Group has leapfrogged multilateral development and commercial banks by becoming the first market player to replicate the World Bank’s outcome bond structure .

Sustainable finance will play a central role in raising hundreds of billions of pounds of private capital over the next decade to fund the UK government's ambitious growth and infrastructure plans and help meet its net-zero targets. 

Global tech hyperscalers are exploring voluntary nature and biodiversity credits in the UK and Europe to offset the environmental impact of data centres, as well as mandatory credits to meet the UK's Biodiversity Net Gain regulation. 

The World Bank has stepped up its revived programme of Italian retail investor-targeted borrowing with its debut transaction through UniCredit. The Triple A rated development lender, which sourced lightly structured deals as large as US$668m and US$397m in the country during the 2010s, passing US$1bn in 2016 alone, issued €21.386m of fixed-rate callable notes through the Italian/German bank.

Norwegian state-owned oil and gas company Equinor has cut its stake in Oslo-listed renewables business Scatec via a NKr1.61bn (US$171.4m) accelerated bookbuild on Monday. 

Revolution Medicines is seeking to raise US$1bn from a two-part sale of stock and convertible debt, launching the deal on Monday evening after it unveiled blockbuster Phase III data and giving investors an extra day to digest the results.

Pershing Square USA kicked off marketing for its closed-end fund early Monday, targeting US$5bn–$10bn to be invested in 12–15 large-cap publicly traded companies.

Suzhou TFC Optical Communication has filed for a Hong Kong listing which sources with knowledge of the matter said could raise at least US$2bn.

The prospect of a windfall in leveraged loan issuance tied to leveraged buyouts has failed to materialise as the US war with Iran drags on, injecting fresh volatility into credit markets and dampening risk appetite for new deals.

Direct lenders are preparing to gather for an annual private credit conference at a critical moment for the industry, as retail investors seek to pull large sums of capital from the asset class and some fund managers cap share redemptions.

Paramount Skydance signed US$10bn of loans to back its US$110bn acquisition of Warner Bros Discovery. The move establishes more permanent loan support than the US$57.5bn of debt the company secured in December, and has resulted in the bridge loan’s size being cut to US$49bn from its original US$54bn. 

US investment-grade loan issuance surged to a record start to the year, but bankers are bracing for a slowdown in large-scale M&A as macro uncertainty clouds corporate confidence. 

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.

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.

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.

The easiest way to hide a credit loss is not to deny it. It is to say it has not yet arrived. That was one of the quiet accounting failures exposed by the global financial crisis: losses were often recognised too late, only after the damage was obvious. IFRS 9 was supposed to fix that by forcing lenders to book expected credit losses earlier, using forward-looking judgment rather than waiting for the wreckage.