Bankers preparing to pitch for leading roles on the record-busting IPOs being prepared by OpenAI, Anthropic and SpaceX have brushed off recent market volatility, insisting that the three US$50bn-plus deals can still get done this year, even after a selloff in leading technology stocks.
Mexico has set a new benchmark for sovereign sustainable finance with an updated framework that accommodates an unprecedented array of ESG labels – including badges like biodiversity, nature and resilience/adaptation – while also integrating the country’s sustainable taxonomy.
Volumes in equity options that expire the same day they’re traded have hit a new record this month as more institutional investors have turned to the ultra-short-dated derivatives to shield themselves against the market fallout from the war in Iran.
Military drone maker Aevex has filed for an NYSE IPO that will raise funds to repay debt and also allow backer Madison Dearborn to begin taking profits on its investment.
Korea National Oil Corporation and LG Energy Solution sold the first public US dollar bonds out of South Korea since the outbreak of the Middle East conflict, raising US$1.2bn and US$1.6bn, respectively.
Sealed Air's US$10bn LBO financing tested by war worries and Multi-Color fallout
CD&R is back in the leveraged finance market with a US$10bn-plus financing for packaging company Sealed Air but the sponsor's previous issues with portfolio company Multi-Color and potential higher prices caused by the Iran war have prompted investors to take a cautious approach to the deal.
Electronic Arts has priced approximately US$15bn-equivalent of debt that backs the record-breaking US$55bn buyout of the video games maker after successfully navigating volatile leveraged markets, illustrating the level of investor appetite for large acquisition-related financings after attracting some US$50bn in orders.
Discussions underway for return of Middle East borrowers
Issuers from the Gulf region are preparing for their return to the international debt capital markets after a month of no supply due to the war in the Middle East.
Bankers say deal execution in European bond markets is tougher than in the US because of the likelihood of a market-changing message by US president Donald Trump on messaging platform Truth Social as soon as he wakes up, potentially disrupting the bookbuilding process.
Angola caught investors by surprise on Tuesday by becoming the first issuer from Central and Eastern Europe, Middle East and Africa to sell new bonds since the start of the Middle East war.
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.
Volatility pushes zero-day S&P 500 volumes to new record
Volumes in equity options that expire the same day they’re traded have hit a new record this month as more institutional investors have turned to the ultra-short-dated derivatives to shield themselves against the market fallout from the war in Iran.
Bank of America has set up a private capital M&A group within its global mergers and acquisitions business to provide "differentiated and tailored advice" to its private equity clients.
Wall Street bonuses jump to record average of US$246,900
The average Wall Street bonus for 2025 rose 6% from a year earlier to a record US$246,900, the New York Comptroller of the Currency estimated, following another strong year for investment banks in dealmaking and trading.
Ciao CAIO: banks appoint AI chiefs as use ramps up
HSBC has appointed its first chief AI officer, tasked with leading artificial intelligence adoption across the firm, to join a small group of banks to appoint a specific AI leader as the industry ramps up use with the twin goal of creating efficiencies and getting an edge.
Discussions underway for return of Middle East borrowers
Issuers from the Gulf region are preparing for their return to the international debt capital markets after a month of no supply due to the war in the Middle East.
Bankers say deal execution in European bond markets is tougher than in the US because of the likelihood of a market-changing message by US president Donald Trump on messaging platform Truth Social as soon as he wakes up, potentially disrupting the bookbuilding process.
Angola caught investors by surprise on Tuesday by becoming the first issuer from Central and Eastern Europe, Middle East and Africa to sell new bonds since the start of the Middle East war.
Korea National Oil Corporation and LG Energy Solution sold the first public US dollar bonds out of South Korea since the outbreak of the Middle East conflict, raising US$1.2bn and US$1.6bn, respectively.
TenneT Germany, the company resulting from a split from its Dutch sister entity, is aiming for a benchmark debut issue in the coming months, a senior official said last week.
Nonbank issuers in Australia have been navigating a challenging RMBS market with long execution times that leave them particularly vulnerable during the current heightened volatility.
Securitisation offers a promising route to fill an over US$100bn funding gap to build data centres in the Asia Pacific, but this solution is still a while away, according to market participants
How do you get a £500m-plus deal done when the Middle East war is making investors skittish and making it more difficult to sell larger transactions? Together Financial Services went the time-worn way with its latest RMBS transaction: in essence, after building a book behind closed doors, it hiked the spread slightly.
The whole business securitisation sector took a hit when S&P downgraded deals from Jack in the Box and warned of possible rating cuts on issues from Driven Brands.
Mexico has set a new benchmark for sovereign sustainable finance with an updated framework that accommodates an unprecedented array of ESG labels – including badges like biodiversity, nature and resilience/adaptation – while also integrating the country’s sustainable taxonomy.
The UK's influential Transition Finance Council has published an exposure draft of its Transition Finance Guidelines, which are designed to assess the credibility of companies' transition plans and scale up transition financing globally.
European companies' climate adaptation plans at 'nascent' stage
More European companies have adaptation and resilience plans in place than their global peers but progress is at a very early stage and none of the plans are advanced, according to research by S&P.
Eurazeo's Planetary Boundaries fund continues fundraising
French private debt and equity firm Eurazeo's Planetary Boundaries fund has secured more than half of its €750m target, which it intends to keep in place as fundraising continues.
Insurance-linked securities start to close ESG gap
The booming insurance-linked securities market lags other asset classes over ESG but disclosure is improving, according to the chief executive of a leading ILS manager.
OpenAI, Anthropic and SpaceX IPOs won't be delayed by war, say bankers
Bankers preparing to pitch for leading roles on the record-busting IPOs being prepared by OpenAI, Anthropic and SpaceX have brushed off recent market volatility, insisting that the three US$50bn-plus deals can still get done this year, even after a selloff in leading technology stocks.
Military drone maker Aevex has filed for an NYSE IPO that will raise funds to repay debt and also allow backer Madison Dearborn to begin taking profits on its investment.
SK Hynix has filed confidentially to the Securities and Exchange Commission for a multibillion-dollar US listing that could take place in the second half of this year, the world’s second-largest memory chipmaker said on Wednesday.
A package of support measures helped Singapore’s stock market hit an all-time high last month, but can it maintain that momentum as global investor sentiment weakens?
Electronic Arts has priced approximately US$15bn-equivalent of debt that backs the record-breaking US$55bn buyout of the video games maker after successfully navigating volatile leveraged markets, illustrating the level of investor appetite for large acquisition-related financings after attracting some US$50bn in orders.
Sealed Air's US$10bn LBO financing tested by war worries and Multi-Color fallout
CD&R is back in the leveraged finance market with a US$10bn-plus financing for packaging company Sealed Air but the sponsor's previous issues with portfolio company Multi-Color and potential higher prices caused by the Iran war have prompted investors to take a cautious approach to the deal.
Investors scour market for loans after influx of cash
Investors flush with cash are scouring for deals as volatility has rocked markets following a software selloff and the ongoing war in the Middle East, pushing loan prices down to an 11-month low.
French software company Cegid has hit a stumbling block in securing €1.2bn of debt to back its acquisition of European fintech Shine, as AI-driven volatility strains investor appetite for the sector.
Spanish pharmaceuticals and chemicals manufacturer Grifols has launched a refinancing exercise which bankers say could herald a wave of best-efforts transactions in the European leveraged loan market.
Banks should go on the front foot as private credit crisis plays out
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.
Goeasy shows that it’s still too easy to hide a credit loss
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.
I played rugby as a schoolboy. I wasn’t too bad, playing for East Yorkshire a few times at under-16 level. My position was scrum-half, which meant I had a lot of the ball. And being in the thick of things, one soon learns to be nimble and quick-thinking to avoid being crushed by rampaging forwards.
A slowdown in dealmaking isn’t the only risk for banks from the Middle East conflict
Investment banks continue to expect strong first-quarter revenues. On Tuesday, Citigroup guided to mid-teens year-on-year growth in investment banking and markets revenues, and Bank of America guided to double-digit growth for both business lines. A few weeks ago, JP Morgan provided a similar upbeat message.
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.
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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