Amid an unprecedented AI-focused borrowing binge, Oracle became the first of the hyperscalers to blink on the public equity side, raising US$5bn from the sale of a mandatory convertible preferred, while filing to sell another US$20bn of stock on the open market through an ATM program.

Oracle has started marketing a US$5bn mandatory convertible preferred that is part of a US$50bn debt and equity financing package aimed preserving the Texas-based hyperscaler's investment-grade credit rating amid massive AI spending.

Shenzhen-listed Muyuan Foods is planning to price its Hong Kong listing at the maximum offer price to raise HK$10.7bn (US$1.37bn), said people with knowledge of the matter.

Kuwaiti convenience store operator Trolley has launched its around US$175m IPO that will allow it to list ahead of Eid al-Fitr in March.