OpenAI faces financial crunch point as huge supplier bills start to come due
OpenAI is facing a US$20bn black hole in its accounts this year, as a series of buy now, pay later deals struck with suppliers including Nvidia, Oracle and CoreWeave start to come due, putting the startup under acute pressure to find new, deep-pocketed investors to secure its future.
Rupak Ghose
A quick glance at investment bank share prices over the past year tells a story: business is booming and the outlook is rosy. The question now, in the middle of reporting and bonus season, is how much of the profits will bank bosses have to give away to their staff.
OpenAI is facing a US$20bn black hole in its accounts this year, as a series of buy now, pay later deals struck with suppliers including Nvidia, Oracle and CoreWeave start to come due, putting the startup under acute pressure to find new, deep-pocketed investors to secure its future.
Banks and asset managers are seizing on the defining investment trend of the past decade – the rise of exchange-traded funds – to bring complex derivatives strategies to the masses.
The rise in geopolitical tensions has given a boost to the European Union’s attempt to revive capital markets union and the wider single market, and policymakers and bankers have called for bolder action in key areas such as securitisation.
French government bonds have rallied sharply in the wake of Paris finally passing a budget to break months of political deadlock.
Ecuador is preparing to return to international bond markets in conventional format for the first time in seven years with an offering that is slated to price in the coming week as the Latin American sovereign takes advantage of a favourable window for high-yield credits.
The first new international capital markets issuance to come out of Ukraine since Russia’s full invasion of the country almost four years ago has been hailed as a breakthrough.
The Republic of the Philippines sold a US$2.75bn three-part bond issue on Tuesday that included a 25-year tenor, despite geopolitical noise and a volatile credit market.
Investors have taken a cautious stance on US data centre securitisations at the start of 2026 following a market selloff late last year on jitters about overspending on AI.
US commercial mortgage bond supply restarted in the week of January 19 as market participants returned from the annual gathering sponsored by the CRE Finance Council that took place the week before.
Blackstone brought the first European CMBS of the year on Wednesday, pricing the logistics-backed securitisation at an attractive spread that underscores how strong investor appetite has continued from last year's rebound in issuance.
The blended finance sector’s long march towards scale and standardisation could deliver funds of up to US$5bn by the end of the decade, a senior executive said last week after Allianz Global Investors launched its latest vehicle.
Integrating carbon credits into sovereign debt could create new "debt-for-carbon" swaps that would help to ease debt pressure and mobilise climate finance for developing countries without relying on concessional capital, according to a discussion paper.
European sustainable bond issuance is expected to rebound this year, driven by green bonds due to rising energy security concerns and major infrastructure investments as the continent reduces its reliance on energy imports and strengthens domestic supply, according to a report by SEB.
Hong Kong conglomerate CK Hutchison Holdings is considering spinning off and listing its retail and global telecoms businesses in Hong Kong and London as early as this year.
Europe’s IPO market reopened with a bang on Friday with shares in ammunition and tank maker Czechoslovak Group opening up 28% in Amsterdam following its €3.3bn primary and secondary deal.
State-owned Bharat Coking Coal's stellar debut has given a boost to parent Coal India's plan to list all its subsidiaries by 2030.
Clear Street filed documents on Tuesday for a Nasdaq IPO having only completed its series C funding round in December.
Lender commitments have come in for the full US$38bn project finance package backing two Oracle data centres, according to sources, although the loans have not yet closed and banks may end up holding more than they expected.
Netflix turned to its relationship banks to increase the bridge loan backing its proposed acquisition Warner Bros Discovery’s streaming and studios business after switching to an all-cash offer in an effort to head off a rival bid from Paramount Skydance.
Dutch firm Flora Food Group is working to make its capital structure more palatable to investors, utilising a private bond to help it cut back on its term loan debt.
Sponsors are increasingly attempting to introduce anti-co-operation clauses into European direct lending documentation, although so far lenders have firmly resisted the assault.
Cricket tragics
After a disastrous Ashes series, England’s cricketers are short of fans, but they can count on at least one keen supporter cheering from the sidelines this summer. Since replacing JP Morgan as the lead sponsor of Lord's Cricket Ground a year ago, Barclays has now gone cricket mad by sponsoring the London Spirit, the Hundred franchise based at the self-styled headquarters of cricket.
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Read the latest stories from the magazine IFR 2617 - 24 Jan 2026 - 30 Jan 2026
24 Jan 2026 - 30 Jan 2026