Bogota breaks hiatus with US$600m green bond
The City of Bogota priced its first international bond in nearly two decades on Tuesday, raising Ps2.3trn (US$600m) from a Colombian peso-denominated green bond, an initial step in the issuer's broader intention to diversify funding sources and scale up sustainable investment.
Air Liquide prints acquisition-related multi-tranche deal
Air Liquide brought a four-tranche deal to the euro market on Wednesday linked to its acquisition of DIG Airgas, offering investors something different to the mundane run of refinancings. However, a capped deal size of €2.15bn meant that the bonds themselves were relatively small.
EFSF returning to euros after dud deal
The European Financial Stability Facility is lining up its first syndication after a high-profile stumble in the euro benchmark market last month. It will be looking to put that performance, in which it raised well short of its initial €3.5bn size target, behind it.
Rupak Ghose
Two months ago, I wrote that despite Barclays' share price surging, it was too early for it to claim victory . There was still much work to be done and a decent performance in the markets business – essentially trading and financing – in the first half of 2025 had covered up weakness in the investment bank.
UBS flew past analysts’ expectations for third-quarter results as the investment bank’s profits more than doubled from a year earlier, led by a 44% jump in M&A advisory and underwriting fees, in further evidence that its takeover of Credit Suisse is bearing fruit.
Deutsche Bank’s core fixed income and currencies unit showed its prowess in the third quarter, outperforming the five major US banks. They had reported a 14% year-on-year rise in revenues in their equivalent trading divisions, but Deutsche said its revenues here soared 19% to €2.48bn.
Can and glass maker Ardagh has said the bulk of its creditors have approved its consent solicitation as outlined on July 28. Only its most junior creditors, holding PIK notes, have not backed the deal in sufficient quantities.
Barclays is spending US$800m to buy US personal loan platform Best Egg, which is just 12 years old and was founded and is still run by former Barclays bankers. The deal significantly steps up the UK bank's push into the US consumer market and helps make it less reliant on its investment bank.
The European Financial Stability Facility is lining up its first syndication after a high-profile stumble in the euro benchmark market last month. It will be looking to put that performance, in which it raised well short of its initial €3.5bn size target, behind it.
Air Liquide brought a four-tranche deal to the euro market on Wednesday linked to its acquisition of DIG Airgas, offering investors something different to the mundane run of refinancings. However, a capped deal size of €2.15bn meant that the bonds themselves were relatively small.
The City of Bogota priced its first international bond in nearly two decades on Tuesday, raising Ps2.3trn (US$600m) from a Colombian peso-denominated green bond, an initial step in the issuer's broader intention to diversify funding sources and scale up sustainable investment.
Landesbank Saar printed its first publicly issued senior preferred bond on Tuesday, a €300m May 2030 transaction that broadened its investor base.
Compass is back in the asset-backed primary to raise US$326m to finance ongoing construction of a massive data center facility in Texas.
Subprime auto lender Tricolor's sudden downfall cast a pall over the usually optimistic attendees at the annual ABS East structured finance conference held this month in palm tree-dotted Miami Beach.
German residential solar company Enpal has partnered with M&G once again to set up an ABS warehouse for residential solar and heat pump loans ahead of its second ABS, planned to happen by end-December, Gregor Burkart, the head of the company's refinancing division, told IFR.
Sustainability-linked loan issuance in the US investment-grade market is fast becoming a relic in 2025, with more borrowers ripping out sustainability clauses as the green future of corporate finance dies down amid a dramatic ideological shift driven by president Donald Trump’s administration.
First devised by ING in 2019, ESG derivatives were once considered a crucial innovation that would turbocharge the transition to net zero at the same time as addressing numerous other societal issues.
The International Finance Corp, the World Bank’s private-sector arm, is designing a new financing platform to help off-grid energy companies in Africa raise capital through securitisation.
Medline filed for a NYSE IPO late Tuesday, putting the medical supply giant on track to go public by Thanksgiving Day.
Nordic private equity house EQT, Abu Dhabi Investment Authority and Auba Investment secured SFr2.6bn (US$3.27bn) from their latest sale in Galderma to date, taking proceeds since listing the Swiss skincare specialist to SFr12.54bn – and they still hold shares worth another SFr7.6bn.
Digital bank Shawbrook Group guided investors to middle of the range pricing of 370p per share for its London IPO, where the deal is multiple times subscribed and having secured enough demand to cover the deal at the top of the range.
Books were covered for the NKr861m (US$86.3m) IPO of Norwegian broadcast technology business Appear within 90 minutes of opening on Tuesday.
Private credit managers are building a commanding position in financing the world of professional sport, backing teams and infrastructure for both new and established powerhouse leagues in the US and Europe.
Sustainability-linked loan issuance in the US investment-grade market is fast becoming a relic in 2025, with more borrowers ripping out sustainability clauses as the green future of corporate finance dies down amid a dramatic ideological shift driven by president Donald Trump’s administration.
CLO managers are feeling the squeeze as the gap between yields on Triple C and Single B rated leveraged loans has surged to levels not seen since the global financial crisis.
Private credit managers remain bullish about the prospects for the rapidly expanding US$3trn industry, despite increased scrutiny after high-profile defaults in the US and comments from Bank of England governor Andrew Bailey that made comparisons with the runup to the 2008 global financial crisis.
The Manhattan project
The amounts of capital needed to fund the buildout of AI data centres is eye-popping to say the least. Brookfield reckons US$7trn over the next 10 years. But Blue Owl essentially covered the cost of a Manhattan-sized AI campus in one fell swoop last week when it raised just over US$27bn from the largest single-tranche bond issue ever – placed among a handful of investors. Easy.
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Read the latest stories from the magazine IFR 2606 - 25 Oct 2025 - 31 Oct 2025
25 Oct 2025 - 31 Oct 2025