Compass Pathways secured US$150m on Wednesday from a follow-on share sale to fund development of its psychedelic treatment for depression ahead of potential regulatory approval.
Apollo-backed arts and crafts store Michaels has tapped the junk bond and leveraged loan markets after a long hiatus, joining a growing list of weaker but improving credit stories benefiting from the buyside’s hunt for yield and a rotation away from AI-vulnerable names.
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.
India has unveiled two major sets of reforms to broaden onshore and offshore financing options for domestic corporates, and at the same time open the market to more lenders and investors.
AT1 spread record finally broken as Nykredit tests new lows
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.
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.
Missiles, mobilisation and cold: Citi Ukraine chief juggles risks after four years of war
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.
Door wide open for African sovereigns as supply gathers pace
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.
Robinhood opens door to retail with US$1bn private markets fund
Robinhood Markets is seeking to raise US$1bn from a closed-end fund to invest in private companies, giving retail investors the chance to buy into some of the hottest tech names ahead of what could be one of the biggest IPO cycles in capital markets history with record-breaking floats anticipated for SpaceX, OpenAI and more.
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.
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.
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.
Missiles, mobilisation and cold: Citi Ukraine chief juggles risks after four years of war
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.
India eases M&A funding and offshore borrowing rules
India has unveiled two major sets of reforms to broaden onshore and offshore financing options for domestic corporates, and at the same time open the market to more lenders and investors.
UK proposes audit changes to attract Chinese listings
The UK's accounting regulator is proposing changes to auditing rules for Chinese companies seeking to list in London as the government seeks to boost the city's appeal as a listing venue.
AT1 spread record finally broken as Nykredit tests new lows
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.
Door wide open for African sovereigns as supply gathers pace
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.
Arts and crafts store Michaels paints rosy picture in bond comeback
Apollo-backed arts and crafts store Michaels has tapped the junk bond and leveraged loan markets after a long hiatus, joining a growing list of weaker but improving credit stories benefiting from the buyside’s hunt for yield and a rotation away from AI-vulnerable names.
Alphabet deal hides deeper challenges for sterling corporate market
Alphabet’s recent £5.5bn record-breaking deal provided a welcome boost to a sterling corporate market that had been struggling to attract issuers, especially non-UK ones, with the famously demanding domestic investor base considered part of the problem.
Panama returned to the cross-border market on Tuesday after a two-year absence with a tightly priced US$2.98bn dual-tranche deal that drew solid demand, with the sovereign choosing to keep the size contained to secure firm pricing.
Columbus Capital was the only RMBS issuer in town in the past week as it raised a record-busting A$2.7bn (US$1.91bn) from the prime Columbus Capital Triton Bond Trust 2026-1 on Friday.
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.
Analysis by the Basel Committee on Banking Supervision has concluded that the growing synthetic risk transfer markets, which are estimated at €750bn across the euro area, UK, US and Canada, pose lower risks than credit securitisation initiatives carried out before the 2008 financial crisis.
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.
Investors focusing on transition plans, not labels
Fixed income funds investing in transition in Europe and the UK are looking at the credibility of issuers' transition plans and strategies rather than transition labels, according to research by NatWest.
Impact investing platform Symbiotics has packaged its experience running tailored mandates in local currency emerging markets private credit into a new benchmark vehicle.
Robinhood opens door to retail with US$1bn private markets fund
Robinhood Markets is seeking to raise US$1bn from a closed-end fund to invest in private companies, giving retail investors the chance to buy into some of the hottest tech names ahead of what could be one of the biggest IPO cycles in capital markets history with record-breaking floats anticipated for SpaceX, OpenAI and more.
Compass Pathways secured US$150m on Wednesday from a follow-on share sale to fund development of its psychedelic treatment for depression ahead of potential regulatory approval.
The evolution of blockchain as Figure Technology’s core infrastructure advanced meaningfully after the company facilitated a US$140m secondary selldown on Tuesday in the form of blockchain-native shares, opening a new pathway for buying and selling equity outside the traditional stock exchange framework.
Fincantieri raises €499.3m for expansion and growth
Fincantieri raised €499.3m on Wednesday evening with the Italian shipbuilder looking to increase production capacity, accelerate deleveraging and support acquisitions.
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.
Warner Bros Discovery, the media conglomerate at the heart of a bidding war between Netflix and Paramount Skydance, has extended the maturity date of a bridge loan put in place last year to support its initial spinoff plan.
Fundraising among direct lenders has surged to record levels with many firms pushing into larger mid-market deals, but Franklin Templeton is charting a different course – doubling down on the lower mid-market segment of European direct lending.
Casino and entertainment company Bally's has obtained a US$600m term loan and a US$500m delayed draw term loan from direct lenders to refinance its existing syndicated loan months after the borrower was forced to pull a transaction to amend and extend the credit.
Blue Owl BDCs sell investments to return capital to investors
Three business development companies affiliated with alternative asset manager Blue Owl Capital have agreed to sell US$1.4bn in direct lending investments to four North American public pension and insurance investors in order to provide liquidity for shareholders, as one of the BDCs plans to discontinue quarterly tender offers.
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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