
TeraWulf offers high-yield investors AI exposure in its first junk bond
TeraWulf, a bitcoin miner turned AI infrastructure provider, is taking its first run at the US junk bond market with a US$3.2bn green deal that will provide high-yield investors with a rare opportunity to gain direct exposure to the boom in artificial intelligence.
Goldman starts post-earnings dealflow with US$10bn trade
Goldman Sachs hit the US investment-grade bond market after reporting third-quarter 2025 results on Tuesday, going out to investors with a US$10bn five-part trade, the first of several expected during the week from US banks whose latest earnings have been exceeding estimates.


Prasad Gollakota
Swiss authorities and the country’s largest bank are in a standoff. Earlier this year, Switzerland’s banking supervisor, Finma, put forward a proposal to force UBS to hold tens of billions of Swiss francs more in capital. Swiss politicians and regulators say that, in the wake of the collapse of Credit Suisse, they have no choice but to harden the system, protect taxpayers and ensure that UBS and the broader Swiss economy can weather any potential economic or banking crisis. Some reports suggest that UBS will be required to hold up to SFr21bn (US$26bn) in extra capital.

A Swiss federal court has ruled that the decision to write-off Credit Suisse’s Additional Tier 1 instruments, with a nominal value of SFr16.5bn (US$20.6bn), as part of its rescue by UBS in March 2023 was unlawful.

Goldman Sachs reported record third quarter results as revenue from advisory rose 60% to US$1.4bn, reflecting a significant increase in completed mergers and acquisitions volumes in the period.

JP Morgan reported record trading revenue in the third quarter blowing away analysts estimates.
Against a backdrop of increasing market volatility, covered bond issuers continue to be active across the three major currencies, showcasing the safe-haven status of the product.
Center Parcs UK and Gruppo San Donato's Single B rated notes, which are being marketed this week, will be a test of demand for issuance at the riskier end of the ratings spectrum, especially as investors are becoming more defensive.
The UK Debt Management Office waded through overlapping geopolitical headlines to scoop another massive order book from the primary market, underscoring the persistent bid for big, liquid issuers this year in spite of war, political uncertainty and weak public finances in Europe.
The European Stability Mechanism suffered none of the trouble its sister issuer, the European Financial Stability Facility, faced in the primary market last month, clearing its 10-year offering with plenty of demand to spare.

The US solar asset-backed securities sector has regained some lustre, proving it is still a viable funding source for renewable energy issuers after a rough summer that cast a shadow over its future.

BPCE, a regular issuer of French public prime RMBS since 2018, priced the first deal from its newly created master trust programme amid good investor interest, despite political turbulence in France.

DCS Card Centre, formerly known as Diners Club Singapore, is evaluating asset-backed securitisations in US dollars, it said in response to IFR queries after the successful completion of its most recent S$450m (US$348.8m) ABS deal – its largest yet.
Commonwealth Bank of Australia returned to the RMBS market after a two-year absence on Thursday to print the A$1.5bn (US$990m) self-led funding-only Medallion Trust Series 2025-1, which sets a new benchmark for Australian securitisations.

World Bank Group is creating a single treasury operation as part of its continuing modernisation under president Ajay Banga, though its three capital markets issuers – the International Bank for Reconstruction and Development, the International Finance Corp and the International Development Association – will retain their separate funding programmes and identities.
Global loan trade associations are getting ready to launch a dedicated transition label that could encourage more high-emitting companies to raise labelled loans to fund decarbonisation.

The Czech Republic has breathed fresh life into the stalled sovereign social bond market with a rare issue that also ended the European Union member state’s longstanding absence from ESG bond markets.

ThyssenKrupp Marine Systems will list on Frankfurt's Prime Standard on October 20 following its spin-off from its German industrial parent.
Cardinal Infrastructure filed documents Tuesday for a Nasdaq IPO that would allow it to continue to grow its business following a string of acquisitions.
LG Electronics India debuted 50% higher on Tuesday after completing a Rs116bn (US$1.31bn) IPO.
Investors made significant profits last week from Verisure's €3.155bn float, the largest IPO of the year globally, building on improved sentiment towards European ECM as IPOs trade up, difficult capital raises get done and London witnesses a mini listing revival.
MapLight Therapeutics, a biotech company developing treatments for Alzheimer's disease and schizophrenia, moved ahead with its Nasdaq IPO last week despite the ongoing US government shutdown, using a mechanism that means it can go public in October without further regulatory approval from the Securities and Exchange Commission.

Mergers and acquisitions in India will be able to draw on a far bigger pool of liquidity after the central bank said it will allow domestic banks to provide financing for such deals for the first time in years.

India’s central bank is proposing a major liberalisation of the complex rules governing offshore borrowing that could broaden the sources of foreign capital for the country's companies.
Opella has broken free of the shackles of call protection to reprice the term loan Bs tied to its buyout by Clayton Dubilier & Rice, and Apleona could potentially follow suit with a material pricing move in mind.
As private credit makes a bid to reach the masses, more asset managers are testing the viability of the asset class in exchange-traded funds, which typically hold more liquid investments.

Read the latest stories from the magazine IFR 2604 - 11 Oct 2025 - 17 Oct 2025
11 Oct 2025 - 17 Oct 2025