A contentious saga over the treatment of credit default swaps on Ireland’s Ardagh Packaging Finance has exposed longstanding flaws in these controversial derivatives contracts, legal experts say, prompting some to call for reforms to the US$11trn CDS market.
Silicon Valley Bank will be remembered for making the most obvious mistake in banking; ineffectively managing the risk created by a mismatch between the duration of its assets and liabilities. When rates rose, SVB was exposed, leading to a deposit run on the bank, followed by a federal backstop of deposits .
The Canada Pension Plan Investment Board expanded the scope of the Australian market with another blowout new year trade that delivered both the biggest Kangaroo bond on record and the largest order book for any Australian dollar offering, beyond the Commonwealth government.
Foreign exchange traders’ initial reaction to US president Donald Trump’s capture of Venezuelan president Nicolas Maduro was to buy the US dollar, briefly sending a broad-based measure of the currency to its highest level in nearly a month.
EquipmentShare.com launched marketing early Tuesday of its US$778m Nasdaq IPO, an offering that extends a business uniquely seeded by institutional investors into the public equity markets.
US government investment in L3Harris fuels missile spin-off IPO
L3Harris Technologies secured a US$1bn investment from the US government for its missile business in a move to accelerate arms production, making it the latest company to combine forces with the government on operations deemed critical to national defense.
Power producer Vistra draws crowd as investors bet on AI energy needs
Vistra stepped back into the US high-grade market on Monday with a blowout US$2.25bn secured bond offering that will help fund the company’s latest acquisition in an energy market seeking ways to meet the massive power needs at AI data centers.
Mexico stuck to a familiar playbook on Monday when the sovereign raised €4.75bn through a sustainable bond sale, just a week after its record-breaking US$9bn deal, echoing last year's strategy of tapping both dollar and euro bond markets in quick succession early in the year.
Silicon Valley Bank will be remembered for making the most obvious mistake in banking; ineffectively managing the risk created by a mismatch between the duration of its assets and liabilities. When rates rose, SVB was exposed, leading to a deposit run on the bank, followed by a federal backstop of deposits .
UBS has appointed Nigel Howells as its global head of financial institutions group, debt capital markets. Howells will retain his role as head of Europe, Middle East and Africa, FIG DCM and will report to Barry Donlon, global head of DCM.
UBS says Swiss capital proposals put it at disadvantage
UBS has said proposals by the Swiss authorities that it fully capitalise its subsidiaries outside the country, such as in the UK, US and the European Union, “are not proportionate, targeted or internationally aligned”.
Moves – Barclays hires Mazure for Europe financial institutions
Barclays has hired veteran Societe Generale banker Jean-Francois Mazure as head of financial institutions and nonbank payment service providers, as part of a build up of the bank's European business.
Power producer Vistra draws crowd as investors bet on AI energy needs
Vistra stepped back into the US high-grade market on Monday with a blowout US$2.25bn secured bond offering that will help fund the company’s latest acquisition in an energy market seeking ways to meet the massive power needs at AI data centers.
Hyundai Capital Services, the global captive financing arm for Korea's Hyundai Motor Group, made its euro debut on Tuesday with a €500m no-grow three-year note.
Euro subordinated trades shine amid competing FIG supply
Subordinated issuers succeeded in capturing investors' attention amid another avalanche of euro FIG supply, securing substantial demand in spite of the competing supply.
ContourGlobal tightens despite investor worries about capex
Power generation company ContourGlobal has tightened pricing on its €675m of 5.5NC2 notes despite investor worries about the potentially large capital expenditure needed for its transition to renewable energy.
Trump puts single-family rental issuers on defence
US single-family rental issuers were on the back foot in the wake of US president Donald Trump seeking to ban large investors from buying more homes in an effort to address housing affordability.
The European CMBS market will get off to a quick start as Sirius Logistics 2026-1 UK was unveiled by Bank of America, Standard Chartered and Wells Fargo Securities for pricing in the coming week. Calls with the sponsor, Blackstone's last-mile logistics operator, Mileway, were available on request.
The auto sector led the first wave of asset-backed supply in 2026, amid expectations that issuance from this sector will hit a record on the back of strong consumer-borrowing trends.
Oncourse Home Solutions is reopening the whole business securitisation space in 2026 with a jumbo deal to take advantage of favourable funding conditions.
Together Financial Services said on Thursday it has enhanced its Highfield Asset Backed Securitisation 1 and Brooks Asset Backed Securitisation 2 warehouses. The maturity of the £725m HABS1 warehouse has been extended to December 2029 from December 2027.
Chile, the first and largest issuer of sovereign sustainability-linked bonds, has bolstered the US$16bn market with a landmark biodiversity pure-play bond after an absence of more than two years.
Turkey considers labelled bond in 2026 amid COP31 preparations
Turkey is considering issuing a green, social or sustainable bond this year as the country prepares to host the UN-sponsored COP31 climate meeting in November.
ENBD prints first 'turquoise' deal with blue and green mix
Emirates NBD has priced a US$700m five-year green bond and a US$300m three-year blue bond, which is the first public benchmark blue bond in the Middle East.
The Port of Rotterdam Authority priced what a major investor said was the first corporate bond with proceeds to be used exclusively for carbon capture and storage.
Split-rated Benin (B+/B1/BB–) is pulling together a US$500m blended finance package for sustainable public transport that includes the Asian Infrastructure Investment Bank’s first loan in the West African country and also involve the International Development Association, the World Bank Group’s concessional lender for the poorest 80 countries.
US government investment in L3Harris fuels missile spin-off IPO
L3Harris Technologies secured a US$1bn investment from the US government for its missile business in a move to accelerate arms production, making it the latest company to combine forces with the government on operations deemed critical to national defense.
EquipmentShare.com launched marketing early Tuesday of its US$778m Nasdaq IPO, an offering that extends a business uniquely seeded by institutional investors into the public equity markets.
French maritime and navigation systems business Exail Technologies continued the steady flow of corporate issuance in the European equity-linked market with a €200m tap of its hybrid issued in September that is in the money.
Shanghai-listed Eastroc Beverage Group and Shenzhen-listed Muyuan Foods are planning to start premarketing Hong Kong listings of about US$1bn and US$1.5bn, respectively, said people with knowledge of the matter.
Indian pharmaceutical company Biocon has raised Rs41.5bn (US$460m) through the sale of 112.7m shares priced at the bottom of the Rs368.35–Rs371.80 marketing range, a 0.9% discount to the predeal close of Rs371.80.
Kicking off what leveraged finance bankers hope will be a busier year for acquisition financings, diagnostic and medical imaging company Hologic on Tuesday launched a US$7bn-equivalent first-lien term loan B that will part-fund the acquisition of the company by Blackstone and TPG in a deal valued at US$18.3bn.
The dual-currency term loan B backing Apax Partners' acquisition of the treasury and capital markets unit of UK software company Finastra Group launched on Tuesday with margin talk that looks to offset lender concerns around a thin equity cushion.
Syndicated lending in Europe, the Middle East and Africa totalled US$1.51trn in 2025, a 35.5% increase on the US$1.11trn raised in 2024 and the highest volume since 2007, according to LPC data.
US market raises record US$3.6trn of loans in 2025
US lenders completed more than US$3.6trn of retail loan issuance via the broadly syndicated loan market in 2025, a 12% increase from 2024 and a new record.
Syndicated lending in G3 currencies in Asia Pacific ex-Japan rose to a five-year high as stability returned after a tepid first half marked by the imposition of US tariffs.
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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