A series of high-profile leveraged finance deals from the US combined with an upturn in homegrown deals is providing some much-needed action for the European leveraged finance market. At least €16.5bn of M&A-related issuance is on the way and should help satisfy demand from CLO platforms coming off a record 12 months and set for another year of plenty.
Thames Water has still not published the 2022/23 and 2023/24 impact reports it promised its green bond investors and is also yet to explain how it used the proceeds of its €1.65bn dual-tranche green offering issued in January 2023.
The European Bank for Reconstruction and Development and the African Development Bank are set to deepen the nascent market for multilateral development bank securitisation with landmark deals in the new year.
Embattled property developer China Vanke’s failed attempt to extend the maturity of an onshore bond has further dented market sentiment, as investors worry about signs of weakened government support for the sector.
Mexico opens LatAm market breaking its own record, again
Mexico broke its January issuance record for the third year in a row on Monday, raising US$9bn across three tranches and covering a significant portion of the country's 2026 foreign currency financing needs.
Yankee borrowers tap in another busy day for high-grade
Yankee issuers were out in force in another busy day for the US high-grade corporate bond market as 19 borrowers raised US$35bn on Tuesday in a rush to get ahead of what is expected to be a heavy issuance calendar in 2026.
The auto sector is leading the first wave of asset-backed supply in 2026, a year when issuance from this sector is expected to hit a record on the back of strong consumer-borrowing trends.
PicPay publicly filed for its Nasdaq IPO Monday afternoon with US$75m of the offering spoken for upfront by an anchor investor, a commitment that not only de-risks the front end of the financing but partially removes the overhang of secondary selling as well.
US issuers are expected to dominate supply volumes again in the euro corporate market, with an increase in AI spending paving the way for more of the country's tech companies to cross the Atlantic.
Prior to the 2008 financial crisis, the US government insisted that mortgage giants Fannie Mae and Freddie Mac were not part of the federal balance sheet. Their debt did not count towards official public debt metrics, and their bonds and mortgage-backed securities carried explicit language saying they were not obligations of the US government.
A battle is heating up over how to settle credit default swap contracts on Ireland’s Ardagh Packaging Finance following legal arguments from three investment managers over which bonds should be used to determine payouts to protection holders.
Moves – JP Morgan taps Myers to run special advisory services
JP Morgan tapped Liz Myers to run special advisory services, a new initiative designed to provide clients with access to the bank’s range of advisory capabilities.
There were a record 255 shareholder activism campaigns last year, led by activity in the US and Japan and a surge in M&A campaigns in the final quarter of the year, according to research by Barclays.
Yankee borrowers tap in another busy day for high-grade
Yankee issuers were out in force in another busy day for the US high-grade corporate bond market as 19 borrowers raised US$35bn on Tuesday in a rush to get ahead of what is expected to be a heavy issuance calendar in 2026.
US issuers are expected to dominate supply volumes again in the euro corporate market, with an increase in AI spending paving the way for more of the country's tech companies to cross the Atlantic.
Pacific Life added to a busy start to the year for issuers of funding agreement-backed notes with a short seven-year sterling offering on Tuesday, with yet more supply expected to emerge from the sector, including potential debut sterling or euro deals.
Amara NZero delays coupon payment ahead of restructuring
Spanish renewables company Amara NZero will not make a scheduled coupon payment in January on its only outstanding bond as it first seeks to complete a financial restructuring that will see a reduction in its debt and involve an injection of new equity.
The auto sector is leading the first wave of asset-backed supply in 2026, a year when issuance from this sector is expected to hit a record on the back of strong consumer-borrowing trends.
Booming European CLO market attracts new investors
Europe’s CLO market is continuing to build momentum, attracting a broader range of investors and setting the stage for another strong year of issuance in 2026, according to market participants.
The European Bank for Reconstruction and Development and the African Development Bank are set to deepen the nascent market for multilateral development bank securitisation with landmark deals in the new year.
Blackstone has priced its sixth CMBS issue of the year, a £443m transaction backed by logistics assets. Investor sentiment toward the sector remains constructive, as seen when DBMS 2025-1 DAC landed with a weighted-average margin of 172bp over Sonia, matching the tightest spreads seen on a UK CMBS this year.
Sumitomo Mitsui Banking Corporation has completed its first synthetic risk transfer in Asia Pacific, highlighting an instrument that is becoming more relevant to banks in the region.
Steve Waygood is leaving the UK’s Aviva Investors, where he spent nearly 20 years, largely as chief responsible investment officer and most recently as chief sustainable finance adviser, to lead a new independent think tank.
The Australian Office of Financial Management intends to open a second green sovereign benchmark line before the end of the 2025/26 financial year, via an initial issue of June 2036 treasury notes.
Update – Rotterdam docks landmark carbon capture bond
The Port of Rotterdam Authority has issued what a major investor said was the first corporate bond with proceeds to be used exclusively for carbon capture and storage.
Thames Water has still not published the 2022/23 and 2023/24 impact reports it promised its green bond investors and is also yet to explain how it used the proceeds of its €1.65bn dual-tranche green offering issued in January 2023.
PicPay publicly filed for its Nasdaq IPO Monday afternoon with US$75m of the offering spoken for upfront by an anchor investor, a commitment that not only de-risks the front end of the financing but partially removes the overhang of secondary selling as well.
Two Nigerian banks began the year with announcements they had reached the minimum central bank capital requirements ahead of a March deadline, with First Holdco and Fidelity Bank completing non-pre-emptive equity issues following earlier rights issues.
Medtronic to spin off diabetes business MiniMed in Nasdaq IPO
Medtronic is moving ahead with plans to spin off its diabetes-focused business by filing documents for a Nasdaq IPO over the holiday break, following through on plans announced in June last year.
Indian travel technology company Prism, owner of travel aggregator OYO, has confidentially filed for an up to US$1bn IPO, people with knowledge of the transaction said.
Diagnostic and medical imaging company Hologic has launched a US$7bn-equivalent first-lien term loan B that will partly fund the acquisition of the company by Blackstone and TPG.
Finastra TCM has unveiled price talk for its dual-currency term loan B that will be used to back Apax Partners' acquisition of the treasury and capital markets unit from UK software company Finastra Group.
Payment cards manufacturer CompoSecure has released price talk for a US$1.05bn term loan B slated to refinance existing debt in connection with the company’s combination with Husky Technologies, according to a source.
Five banks to provide financing for Janus Henderson buy
JP Morgan, Citigroup, Bank of America, Jefferies and MUFG have committed to provide debt financing to back the acquisition of asset manager Janus Henderson Group by Nelson Peltz's Trian and VC firm General Catalyst.
UK temporary energy provider Aggreko has scheduled a lender call for Monday for a US$1.15bn-equivalent add-on that will be used towards US$600m of capital expenditure and a US$550m shareholder distribution.
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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