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AI financing boom begins to show cracks as investors balk at debt binge

The AI financing boom may only just be getting started but cracks are already beginning to appear as investors struggle to digest US$120bn of bonds sold by technology firms over the last eight weeks, raising questions about their willingness to fund the enormous sums that are still needed.

BON P&M

Taiwan banks weigh data centre risks

The data centre industry might be quite the rage in Asia Pacific and elsewhere, but it is proving to be a tough pill to swallow for Taiwanese banks.

LOA
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US high-grade market slated for record bond sales in 2026

The US investment-grade bond market is bracing for the busiest year ever in 2026, buoyed by a robust M&A pipeline and intense capital needs in the artificial intelligence arms race.

BON

UK adds nuclear to green financing framework

The UK government has updated its green financing framework, which covers green Gilts and retail green savings bonds, in a major overhaul that adds nuclear energy as a use of proceeds for the first time.

P&M BON ESG RATE LOA

Aussie securitisation remains in rude health

The structured finance market has paused for breath as attention turned to the Australian Securitisation Conference on November 25–26, with another stunning year for the asset class drawing to a close.

SEC BON
Rupak Ghose

Japanese bond yields have surged in recent days to levels not seen in decades. At much the same time, Treasury yields have eased in anticipation of the US Federal Reserve cutting overnight interest rates.

P&M
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AI financing boom begins to show cracks as investors balk at debt binge

The AI financing boom may only just be getting started but cracks are already beginning to appear as investors struggle to digest US$120bn of bonds sold by technology firms over the last eight weeks, raising questions about their willingness to fund the enormous sums that are still needed.

BON P&M
Peace plan lifts Ukraine bonds

Investors in Ukraine’s securities pushed aside fears the country might have to submit to a humiliating peace deal that would see it give up unconquered territory to Russia, with bonds and GDP-linked warrants almost touching year-highs on hope a ceasefire might see their recovery prospects improve.

P&M BON
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Rooftop view of the Thames: JP Morgan to build new London office

JP Morgan plans to build a new UK headquarters in London's Canary Wharf financial district that will take six years to construct and house 12,000 staff, in a major boost to the city's position as Europe's leading finance hub. 

P&M
Announced M&A up 41% on record US$10bn+ deals

Almost US$4trn of mergers and acquisitions have been announced this year, up 41% from a year ago as the number of “megadeals” worth US$10bn or more hit an all-time high.

P&M
Deutsche Bank's capital buffer surcharge cut in G-SIBs list

Bank of America has been told by global regulators to increase its capital buffer but Deutsche Bank has seen its capital buffer requirement reduced in the latest annual review of global systemically important banks, or G-SIBs.

P&M
US high-grade market slated for record bond sales in 2026

The US investment-grade bond market is bracing for the busiest year ever in 2026, buoyed by a robust M&A pipeline and intense capital needs in the artificial intelligence arms race.

BON
It ain't over 'til it's over: FIG issuers keep up the pace

Financial institutions kept the euro market busy in the last week of November as the desire to prefund parts of 2026 funding plans outweighed uncertainties around market conditions and the need for higher premiums – although the extent of prefunding is not expected to take a significant dent out of January issuance volumes. 

BON
Clock ticking on Ineos Quattro’s 2027 debt

Pressure is building on how petrochemicals company Ineos Quattro will tackle nearly €1bn of bonds and loans due in January 2027 that will become current liabilities from the beginning of 2026, with capital markets access potentially too expensive.

BON
China Vanke bonds slump

China Vanke's bonds slumped after the property developer said it was seeking an extension to repay its Rmb2bn (US$282.1m) bond maturing on December 15, the first time it has asked for a payment delay on an onshore bond. 

BON
Huge bid for mBank's capped SNP

mBank became the third Polish lender in the past fortnight to access the euro market, with a deal that was more than eight times subscribed.

BON
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Aussie securitisation remains in rude health

The structured finance market has paused for breath as attention turned to the Australian Securitisation Conference on November 25–26, with another stunning year for the asset class drawing to a close.

SEC BON
Arini sets the pace in record-breaking CLO wave

Arini has rapidly established itself as the most active newcomer in European CLOs, in a market bursting with debut managers, record issuance and optimism of more growth to come.

LOA BON SEC
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Thailand returns to CMBS

Thailand's state-owned Dhanarak Asset Development Company has made its long-awaited return to the market this month to refinance its Bt10.7bn (US$329.7m) commercial mortgage-backed securities maturing this year, ending a nearly two-decade hiatus since its last CMBS issue in 2007.

BON SEC
Advanzia working on debut public credit card ABS

Luxembourg-based digital bank Advanzia is working on a potential debut public credit card securitisation next year, a spokesperson told IFR.

SEC
RMBS rules US holiday-shortened week

Residential mortgage-backed issuers took centre stage during the holiday-shortened week in the US structured finance market. A trio of non-QM issuers were able to price deals before market participants settled into their time off for Thanksgiving on Thursday. 

SEC BON
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UK adds nuclear to green financing framework

The UK government has updated its green financing framework, which covers green Gilts and retail green savings bonds, in a major overhaul that adds nuclear energy as a use of proceeds for the first time.

P&M BON ESG RATE LOA
Blue bond flow rises as A2A makes a splash

The corporate sector in water-related ESG debt is slowly gaining momentum after institutions including APG and Fidelity funded the inaugural blue bond from Italy. But blue benchmark issues are likely to remain a rarity in the sector, according to issuers, investors and bankers, with green bonds the main route to financing companies’ blue uses of proceeds instead.

ESG BON
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BII blends US$250m climate fund for insurers

British International Investment and impact investment manager BlueOrchard are launching an innovative US$250m-plus blended finance fund to bring insurance capital into climate projects in emerging markets.

ESG P&M
Denizbank signs sustainable loan

Turkey’s Denizbank has signed a US$649m-equivalent sustainable syndicated loan, refinancing part of a US$1bn sustainable loan from November 2024.

LOA ESG
GHB prints ESG bond

Government Housing Bank issued a Bt10bn (US$309m) multi-tranche sustainability bond.

BON ESG
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Bharti Airtel sees flurry of selldowns

India's Bharti Airtel has seen the most secondary share selldowns of any corporate in Asia this year at a combined Rs501bn (US$5.6bn) following a surge in its share price. 

EQY
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Bain cashes in on Kioxia surge

Bain Capital sold a chunky ¥324bn (US$2.07bn) of shares in chipmaker Kioxia Holdings on Tuesday, in Japan's largest block trade this year.

EQY
UK seeks to boost IPOs with stamp duty holiday

Amid the raft of measures announced in the UK's Autumn Budget was a stamp duty holiday for trading shares in companies for three years after an IPO in the UK, in another attempt by the chancellor of the exchequer to boost the appeal of London as a listing venue.

P&M EQY
PIF switches banks for Masar ABB

Investors were given a chance to buy into one of Saudi Arabia’s best performing IPOs of the year on Tuesday courtesy of a SR950.4m (US$253.4m) share sale in Umm Al Qura for Development and Construction by the Public Investment Fund.

EQY
Ackman revives plan for closed-end fund IPO

Consummate dealmaker and ECM pro Bill Ackman has revived hopes of floating a closed-end fund, reportedly to be sold with an incentive to participate in the IPO of his core hedge fund Pershing Square Asset Management.

EQY
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Taiwan banks weigh data centre risks

The data centre industry might be quite the rage in Asia Pacific and elsewhere, but it is proving to be a tough pill to swallow for Taiwanese banks.

LOA
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Insignia scores with Aussie TLB investors

The biggest leveraged buyout loan in Australia this year has priced at the tight end of guidance, despite coming from a largely unknown sponsor, underscoring strong investor demand for new money deals.

LOA
Asda sparks cash-leak concerns

Asda has jolted its investors with a major sale-and-leaseback deal, sparking fears of cash leakage from the business as reports suggest that proceeds could be funnelled towards paying down Walmart’s preference shares rather than cutting debt. 

LOA BON
Secondaries market hits private credit mainstream

As private credit has boomed over the past several years, the secondaries market for the asset class has morphed from an answer to liquidity needs into a savvy play for fund managers seeking to extend the life of desired assets.

LOA
Kretinsky's Casino plan puts term loan lenders on back foot

Casino's bank lenders and term loan lenders are at loggerheads over billionaire owner Daniel Kretinsky’s fresh plans to inject €300m of equity into the French retailer and write down 43% of the outstanding debt.

LOA BON