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NRG absorbs LS Power stake with US$2.65bn selldown and buyback

NRG Energy moved quickly to clear the majority of the equity it issued to LS Power on closing their US$12bn transaction, facilitating a US$2.35bn secondary share sale overnight Monday and repurchasing another US$300m via a concurrent private placement.

EQY

Paramount slips into junk territory as leverage concerns grow

Paramount Skydance may have won its lengthy battle to buy Warner Bros Discovery, but it is now firmly in junk territory after Fitch downgraded it by a notch on Monday to BB+, citing higher leverage from the acquisition. 

BON
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Medline drops 5% as PE backers rush to sell post-IPO

Medline is under pressure Tuesday with the launch of a first-time follow-on that will allow its private equity backers to cash out part of their holdings, a deal that is coming less than three months after the company’s IPO and well within the 180-day lock-up.

EQY
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AGT slumps on TSX debut after deeply discounted C$649.5m IPO

AGT Food and Ingredients fell on its Toronto Stock Exchange debut after raising C$649.5m (US$474m) from its IPO and concurrent private placement, a far larger haul than expected that was achieved only after bringing in majority shareholder Fairfax Financial and accepting a sharply lower valuation.

EQY

Stellantis hybrid plans questioned as Middle East war hits markets

The impact of the war in the Middle East on European credit markets has raised questions over carmaker Stellantis’ plan to issue inaugural hybrids in a bid to protect its balance sheet and investment-grade rating.

BON
Prasad Gollakota

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.

OPINION
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Moves – Davy hires four as it rebuilds bond desk

Irish investment bank and wealth manager Davy has hired four bankers for its debt capital markets team to gear up for an expected rise in Ireland's debt market activity, five years after the firm shut its bond desk.

P&M
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Magellan Financial Group to buy Barrenjoey; shares jump

Magellan Financial Group plans to take full ownership of Barrenjoey Capital Partners through a merger that values the Australian investment banking boutique at A$1.62bn (US$1.1bn).

P&M EQY
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Banks seize on precious metals trading boom

Banks are reaping the benefits of a trading boom in precious metals, as heightened volatility and surging client volumes deliver a bumper payday for commodities traders.

P&M
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JP Morgan heralds investment banking and trading surge in Q1

JP Morgan expects the investment banking and trading boom to continue in the current quarter. 

P&M
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Canadian banks help out defence as capital markets boom

Canadian banks started the year off right – breaking revenue records driven by investment banking and trading gains, and committing to support their country’s defence buildup in the face of a global trend towards increased security spending. 

P&M
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Paramount slips into junk territory as leverage concerns grow

Paramount Skydance may have won its lengthy battle to buy Warner Bros Discovery, but it is now firmly in junk territory after Fitch downgraded it by a notch on Monday to BB+, citing higher leverage from the acquisition. 

BON
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Stellantis hybrid plans questioned as Middle East war hits markets

The impact of the war in the Middle East on European credit markets has raised questions over carmaker Stellantis’ plan to issue inaugural hybrids in a bid to protect its balance sheet and investment-grade rating.

BON
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Gleam of sovereign supply overcomes war worries

New benchmarks from Germany and Austria proved too good for investors to pass up on Tuesday, even with war raging in the Middle East and a renewed threat of inflation leading to a selloff in government bonds.

BON ESG
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Chemicals among HY names hit by Middle East war

The European chemicals sector has been at the forefront of falls in high-yield bonds this week as surging energy prices resulting from the war in the Middle East further complicate the companies' path to recovery.

BON
Asian issuers watch market with caution amid Iran conflict

Asia's US dollar primary bond market started the week timidly, as issuers hover in "wait and see" mode, following strikes by the US and Israel on Iran over the weekend that have spilled into a wider Middle East conflict.

BON
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Redwood lands debut non-QM RMBS deal

Redwood Trust has sold its first ever securitized deal backed by non-qualified mortgages as the specialty finance company continues to make a push into the market for homebuyers and renters who do not necessarily meet traditional lending requirements.

SEC
Subprime lender Vanquis may be gearing up for ABS return

London-listed UK subprime lender Vanquis Banking Group, formerly known as Provident Financial, may be preparing a return to the securitisation market five years after its debut transaction of a pool of credit cards, according to public filings.

SEC
War and MFS headlines cast pall over European securitisation market

The sudden collapse of UK-based mortgage lender Market Financial Solutions and the war in Iran have cast a pall on sentiment around deals, with a handful of European structured finance transactions pulled early Monday, according to bankers. 

SEC
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Snow and fire: Dealmakers party on in Vegas conference

Neither a snowstorm nor a fire cast a pall on the annual structured finance conference in Las Vegas where more than 11,000 industry participants flocked this past week.

SEC
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Lloyds RMBS highlights strong demand for Dutch collateral

The reception of Lloyds Bank’s latest Dutch RBMS underscored that there is sustained investor appetite for Dutch collateral and the broader positive tone surrounding European securitisations. 

SEC
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Gleam of sovereign supply overcomes war worries

New benchmarks from Germany and Austria proved too good for investors to pass up on Tuesday, even with war raging in the Middle East and a renewed threat of inflation leading to a selloff in government bonds.

BON ESG
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Germany and Austria mandate despite war in Middle East

Germany's new green Bund is leading the SSA supply that will be executed this week despite the weekend's US-Israeli attack on Iran.

ESG BON
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IFC loan insurance leaps past US$15bn

The International Finance Corp has signed a US$6bn insurance-backed facility that marks the World Bank Group member’s largest single mobilisation of private capital. 

ESG BON
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L&G and Enosis team up to invest US$1bn in development finance

Legal & General is committing as much as US$1bn to credit-enhanced emerging markets development investing that will include both sovereign debt-for-development swaps and new structures. 

ESG BON
Green bonds see strong start to the year

Green bonds are off to a strong start in 2026 with US$84.4bn issued globally this year, showing a healthy 12% increase on the US$75.7bn issued at the same time in 2025, according to LSEG data. 

BON P&M LOA ESG
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NRG absorbs LS Power stake with US$2.65bn selldown and buyback

NRG Energy moved quickly to clear the majority of the equity it issued to LS Power on closing their US$12bn transaction, facilitating a US$2.35bn secondary share sale overnight Monday and repurchasing another US$300m via a concurrent private placement.

EQY
Top Stories By Asset Article Promo
Medline drops 5% as PE backers rush to sell post-IPO

Medline is under pressure Tuesday with the launch of a first-time follow-on that will allow its private equity backers to cash out part of their holdings, a deal that is coming less than three months after the company’s IPO and well within the 180-day lock-up.

EQY
Rosebank returns with £1.9bn acquisition fundraising

AIM-listed Rosebank Industries is pursuing its second acquisition since IPO, supported by a capital raise 1.4 times its market capitalisation.

EQY
AGT slumps on TSX debut after deeply discounted C$649.5m IPO

AGT Food and Ingredients fell on its Toronto Stock Exchange debut after raising C$649.5m (US$474m) from its IPO and concurrent private placement, a far larger haul than expected that was achieved only after bringing in majority shareholder Fairfax Financial and accepting a sharply lower valuation.

EQY
SoftBank-backed PayPay sets terms for US$1.1bn Nasdaq IPO

Japanese mobile payments platform PayPay kicked off marketing for its Nasdaq IPO after the market close, seeking US$1.1bn to invest in the business and let SoftBank’s venture capital fund cash out.

EQY
Paramount backstops RCF

Paramount Skydance has agreed to a US$3.5bn 364-day senior secured revolving credit facility as part of the financing package backing its US$110bn acquisition of Warner Bros Discovery.

LOA
Banks primed for Lonza payday

Banks are pitching debt packages of around €1.25bn to back bidders for Swiss contract drug manufacturer Lonza's capsules and health ingredients business, with the financing to be eventually sold down through the broadly syndicated term loans and high-yield markets, according to sources.

LOA BON
LRQA sticks to the plan with TLB launch

Business assurance and inspection services provider LRQA Group has released price talk for its new loan in a sign that the European leveraged markets are ploughing on despite US and Israeli strikes on Iran.

LOA
Banks premarket Qualtrics debt amid software storm

A JP Morgan-led bank group has begun premarketing more than US$5bn of debt to back software provider Qualtrics’ acquisition of healthcare analytics company Press Ganey Forsta, testing investors' appetite for technology risk when confidence in the sector is under pressure.

LOA
Activist investors move on Blue Owl BDCs

Blue Owl Capital's business development companies, already under pressure from market-wide concerns about weaknesses in private credit, are now facing a new challenge from activist investors. 

LOA P&M
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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.

OPINION
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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. 

P&M OPINION
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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.

OPINION
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‘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?

P&M OPINION
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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.

OPINION