Goldman Sachs has taken a hit on a US$1.1bn leveraged loan backing resins maker Arclin’s purchase of DuPont’s Aramids business, after the deal ran into a volatile market backdrop that weakened investor demand.
The €3.8bn listing of Czechoslovak Group in January and Anduril Industries’ plan to raise US$4bn or more in private markets are spearheading a surge in equity capital markets and private fundraising across the defence and aerospace sector, which bankers said looks set to accelerate – especially for defence technology firms.
Business assurance and inspection services provider LRQA was the only European leveraged finance borrower to brave a week when geopolitics once more threatened to upend markets.
German tank part supplier Vincorion launched an expected €300m–€350m Frankfurt IPO on Friday in the wake of submarine components business Gabler Group's €115.5m float in which high demand meant more than half the orders were not allocated shares.
British International Investment, the UK’s national development finance institution, and emerging markets private credit investor ILX have inaugurated a US$500m impact financing partnership with their long-awaited first joint deal.
Baker Hughes and Eaton lead euro and US dollar IG markets back to business
Two energy-related names, Baker Hughes and Eaton Corporation, helped fling open the doors of the high-grade bond markets on both sides of the Atlantic in a late-week financing rush as borrowers emerged in force after a brief lull sparked by the outbreak of hostilities in the Middle East.
JP Morgan tests appetite for EA debt as volatility rattles software names
As anxious investors confront another bout of volatility in leveraged finance, JP Morgan is lining up support for the debt backing the US$55bn takeover of Electronic Arts, the largest ever buyout financing.
Banks underwriting roughly US$57.5bn of debt backing Paramount Skydance’s US$110bn acquisition of Warner Bros Discovery are expected to tap global credit markets to place one of the largest takeover financings ever arranged.
Rock-solid Germany and Austria overcome any geopolitical concerns
New benchmarks from Germany and Austria proved too good for investors to resist on Tuesday, even with the outbreak of war in the Middle East and a renewed threat of inflation leading to a selloff in government bonds.
Middle East ECM in wait-and-see mode following strikes on Iran
The US and Israel's war with Iran began as equity capital markets in the Middle East were already quiet due to companies avoiding being in the market around Eid al-Fitr holidays later this month.
Prospect of prolonged Iran conflict ignites inflation concerns
The US and Israeli military strikes against Iran have reverberated through financial markets in recent days, reigniting concerns over inflation and causing investors to dump popular bond wagers.
A dramatic but little appreciated rise in the volume of equity total return swaps is being accompanied by an erosion in the margins charged by bank prime finance desks to clients such as hedge funds.
The €3.8bn listing of Czechoslovak Group in January and Anduril Industries’ plan to raise US$4bn or more in private markets are spearheading a surge in equity capital markets and private fundraising across the defence and aerospace sector, which bankers said looks set to accelerate – especially for defence technology firms.
Prospect of prolonged Iran conflict ignites inflation concerns
The US and Israeli military strikes against Iran have reverberated through financial markets in recent days, reigniting concerns over inflation and causing investors to dump popular bond wagers.
Mega-mergers mask 'shallow' M&A market as deal count falls
Investment banks are optimistic that M&A activity is building on the boom of 2025, but while mega-mergers are coming to the market, the total number of transactions has cratered.
Boutique advisory firm Evercore has vaulted to eighth for global investment banking fees at the start of 2026 thanks to the completion of several big acquisitions, and its work on several other blockbusters could see it holding high throughout the year.
Restructuring shops expect more work with private credit firms
Private credit shops are beginning to look for outside help with their distressed portfolio companies, according to restructuring pros who say new mandates are quietly being offered.
Baker Hughes and Eaton lead euro and US dollar IG markets back to business
Two energy-related names, Baker Hughes and Eaton Corporation, helped fling open the doors of the high-grade bond markets on both sides of the Atlantic in a late-week financing rush as borrowers emerged in force after a brief lull sparked by the outbreak of hostilities in the Middle East.
Rock-solid Germany and Austria overcome any geopolitical concerns
New benchmarks from Germany and Austria proved too good for investors to resist on Tuesday, even with the outbreak of war in the Middle East and a renewed threat of inflation leading to a selloff in government bonds.
Mongolia made a daring outing in the US dollar bond market on Monday while other borrowers held back after the start of hostilities between the US/Israel and Iran.
Reverse Yankee acquisition funding was the name of the game in the euro corporate market last week as three US issuers reopened the euro sector on Thursday after a pause as issuers avoided the volatile backdrop resulting from the war in the Middle East.
New issues from CEEMEA could resume soon after a week of no activity due to the war in the Middle East, which has caused repercussions for markets across the world.
The collapse of Market Financial Solutions follows a familiar and concerning pattern. According to documents submitted to London’s High Court at the commencement of its administration process, MFS may have double-pledged assets, potentially leaving a collateral shortfall of £930m. Loans to MFS totalled £1.16bn, and there was only £230m of “true value” available in the collateral accounts.
Confidence returned reasonably quickly in the securitisation market in Europe last week after a war-induced shaky start when a few structured deals that had been lined up for Monday were pushed back.
MFS's double-pledges highlight lack of transparency
The collapse of Market Financial Solutions is offering fresh evidence that the “cockroaches” JP Morgan CEO Jamie Dimon warned of last year are not confined to the US, as a clearer picture emerges of the lending various banks provided to the failed UK mortgage lender.
Ledn eyes return after landing first bitcoin ABS deal
Ledn hopes to return to the structured finance market, potentially by the end of the year, after it managed to place the first cryptocurrency-backed securitisation last month against a difficult backdrop.
The Australian RMBS market is taking a breather as investors and issuers await calmer waters after the US/Israeli military attack on Iran sparked a spike in global credit spreads.
Redwood Trust sold its first-ever securitised deal backed by non-qualified mortgages as the specialty finance company continued to make a push into the market for homebuyers and renters who do not necessarily meet traditional lending requirements.
British International Investment, the UK’s national development finance institution, and emerging markets private credit investor ILX have inaugurated a US$500m impact financing partnership with their long-awaited first joint deal.
While the US-led war in Iran is reinforcing the importance of energy security and strengthening the strategic rationale for the energy transition, implementation could be delayed by governments' changing spending priorities and strategic sustainable finance deals could be postponed in the short-term.
UBP sees progress on sustainability in emerging equities
Swiss private bank and wealth management firm Union Bancaire Privee's Positive Impact Emerging Equity strategy is facing the happy problem of how to invest potential inflows as early investments in the energy transition are paying off amid a steep rally in emerging markets.
Finnish steelmaker Outokumpu positions as low-carbon sector leader
Finnish steelmaker Outokumpu is positioning itself as a sector leader in energy transition as a low-carbon "green steel" manufacturer and is using an internal carbon price to assess all decarbonisation investments.
SoftBank buffeted by headwinds as it sets out to raise US$30bn for OpenAI
With the ink barely dry on an agreement to inject US$30bn into OpenAI, SoftBank Group is already facing unexpected headwinds in its efforts to raise the cash to complete the deal, with the war in the Middle East and a debt warning from S&P conspiring to derail the company’s carefully laid plans.
Middle East ECM in wait-and-see mode following strikes on Iran
The US and Israel's war with Iran began as equity capital markets in the Middle East were already quiet due to companies avoiding being in the market around Eid al-Fitr holidays later this month.
German tank part supplier Vincorion launched an expected €300m–€350m Frankfurt IPO on Friday in the wake of submarine components business Gabler Group's €115.5m float in which high demand meant more than half the orders were not allocated shares.
Books were covered on the first day of bookbuilding for the US$1.1bn Nasdaq IPO of Japanese mobile payments provider PayPay, according to people with knowledge of the matter.
Medline’s principal financial backers secured US$3.075bn in a follow-on that priced on Wednesday, less than three months after the company’s IPO and well within the 180-day lockup.
JP Morgan tests appetite for EA debt as volatility rattles software names
As anxious investors confront another bout of volatility in leveraged finance, JP Morgan is lining up support for the debt backing the US$55bn takeover of Electronic Arts, the largest ever buyout financing.
Banks underwriting roughly US$57.5bn of debt backing Paramount Skydance’s US$110bn acquisition of Warner Bros Discovery are expected to tap global credit markets to place one of the largest takeover financings ever arranged.
Goldman Sachs has taken a hit on a US$1.1bn leveraged loan backing resins maker Arclin’s purchase of DuPont’s Aramids business, after the deal ran into a volatile market backdrop that weakened investor demand.
Business assurance and inspection services provider LRQA was the only European leveraged finance borrower to brave a week when geopolitics once more threatened to upend markets.
Chinese securities firms are tapping the offshore loan market at an accelerating pace, with record profits, resurgent equity markets and a regulatory overhaul set to expand balance-sheet capacity at the country’s leading brokerages.
Macaskill on Markets: Who needs margins? Synthetic equity lending pumps up risk
A dramatic but little appreciated rise in the volume of equity total return swaps is being accompanied by an erosion in the margins charged by bank prime finance desks to clients such as hedge funds.
MFS and its discontents: when the security package triggers a run
The collapse of Market Financial Solutions follows a familiar and concerning pattern. According to documents submitted to London’s High Court at the commencement of its administration process, MFS may have double-pledged assets, potentially leaving a collateral shortfall of £930m. Loans to MFS totalled £1.16bn, and there was only £230m of “true value” available in the collateral accounts.
Hyperion irony: designed for invisibility, now on everyone's radar
It is unbecoming to say “I told you so”, but when it comes to Meta Platforms’ US$27.3bn project bond to fund its Hyperion data centre via private credit shop Blue Owl Capital (and SPV Beignet Investor) the temptation is strong. I wrote in late 2025 that Meta’s decision not to consolidate the debt on its balance sheet sits uneasily with the economic risk that investors have assumed they are taking when they bought the deal in October. And now Meta’s auditor, EY, clearly feels this same tension.
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.
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