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.
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.
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.
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.
Abbott Laboratories is leading a pack of 10 borrowers in a busy start to the week for the US high-grade bond market as the drug and healthcare company looks to fund its purchase of cancer specialist Exact Sciences – a transaction valued at US$21bn.
Itron rolls upcoming zero into new US$600m six-year CB
Itron is seeking to raise US$600m from the sale of a six-year convertible bond to prefund the maturity of an existing CB that comes due next month, while locking in a similarly low funding cost on longer-term debt.
Generate targets US$425m IPO for AI-designed asthma drug
Generate Biomedicines is seeking to raise up to US$425m from a Nasdaq IPO to fully fund two Phase III trials targeting a severe form of asthma, as well as earlier-stage trials on other drugs.
Analysis by Goldman Sachs suggests European banks could increase their returns on equity by an average 240bp by adopting AI, with much of the gain coming from reducing costs rather than increasing revenues.
LBBW gets back on the field with new issue and tender offer
After nine months on the sidelines, Landesbank Baden-Wuerttemberg returned to the euro covered bond market on Monday with a €500m eight-year public sector Pfandbrief that was more than twice subscribed.
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.
Analysis by Goldman Sachs suggests European banks could increase their returns on equity by an average 240bp by adopting AI, with much of the gain coming from reducing costs rather than increasing revenues.
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.
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.
Abbott Laboratories is leading a pack of 10 borrowers in a busy start to the week for the US high-grade bond market as the drug and healthcare company looks to fund its purchase of cancer specialist Exact Sciences – a transaction valued at US$21bn.
LBBW gets back on the field with new issue and tender offer
After nine months on the sidelines, Landesbank Baden-Wuerttemberg returned to the euro covered bond market on Monday with a €500m eight-year public sector Pfandbrief that was more than twice subscribed.
Eutelsat seeks refinancing as sector's sentiment shifts
French satellite company Eutelsat has launched a refinancing-related dual-tranche bond transaction, at a time when views of European operators in the sector have become more favourable due to factors including more government support.
Bpifrance lands EuGB debut ahead of competing supply
Bpifrance successfully sold its first bond that complies with the European Green Bond Standard on Monday, ahead of benchmark offerings from larger SSA peers.
Supply in the corporate investment-grade euro market is expected to pick up this week, after a relatively quiet few weeks with many issuers in earning blackouts.
Columbus Capital was the only RMBS issuer in town as it raised a record-busting A$2.7bn (US$1.91bn) from the prime Columbus Capital Triton Bond Trust 2026-1 on February 20.
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.
Debt-for-development heavyweights in US$1bn tie-up
The largest investor in sovereign debt-for-development swaps, Legal & General , is committing US$1bn to a new partnership with the instrument’s pioneering banker, Ramzi Issa , and sees “a healthy pipeline across innovative [emerging markets] debt financing”.
Bank of the Philippine Islands is committed to expanding its labelled ESG bond issuance in the local market, while considering a public US dollar bond later in the year to address upcoming maturities, executives said in an interview.
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.
Itron rolls upcoming zero into new US$600m six-year CB
Itron is seeking to raise US$600m from the sale of a six-year convertible bond to prefund the maturity of an existing CB that comes due next month, while locking in a similarly low funding cost on longer-term debt.
Generate targets US$425m IPO for AI-designed asthma drug
Generate Biomedicines is seeking to raise up to US$425m from a Nasdaq IPO to fully fund two Phase III trials targeting a severe form of asthma, as well as earlier-stage trials on other drugs.
Minor International plans SGX REIT, restaurant listing in HK
Bangkok-listed Minor International is working with Citigroup and DBS on a Singapore Exchange real estate investment trust IPO of up to S$700m (US$553m) in the second half of this year, people with knowledge of the transaction said.
Sunway Healthcare to launch US$800m float this week
Hospital operator Sunway Healthcare Holdings plans to open books for an up to US$800m Bursa Malaysia IPO later this week, people with knowledge of the transaction said.
Elevator and escalator service provider TK Elevator is seeking a €1.5bn-equivalent (US$1.77bn) dollar and euro term loan B to partially refinance its existing dollar and euro notes due in 2027.
European leveraged debt sees steady growth in 2025 - AFME
European leveraged debt markets posted a modest increase in issuance in 2025, with total proceeds across leveraged loans, direct lending and high-yield bonds reaching €445.8bn, up 2% from €438.5bn in the previous year, according to AFME’s fourth quarter report.
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.
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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