
Rupak Ghose
Is the reemergence of Japanese financial markets and risk appetite a secular shift or just a mirage in a wide desert? That is what international banks have been wondering for a while but recent moves will give full confidence that they need to invest in Japan or risk being too late to the party.

Raiffeisen Schweiz is setting up a credit research team to cover issuers in Switzerland, stepping into a gap left by the takeover of Credit Suisse by rival UBS two years ago.

HSBC plans to buy out the 37% of Hang Seng Bank it does not own for HK$106bn, or US$13.6bn, to take the Hong Kong bank private and double down on its areas of strength and grow in Asia.
BondAuction and The Housing Finance Corporation have announced a partnership to use the tech startup's novel new issue process that aims to move beyond traditional syndication practices for non-government issuers by allowing investors to register their interest in deals directly on the platform with a precise bid.
Thames Water’s most senior creditors have yet to approve the recapitalisation proposal from the troubled utility’s Class A creditor group, which could prove a stumbling block to the plan's backers attempts to take it over.
Caisse des depots et consignations on Thursday sold a more than thrice subscribed €1bn five-year sustainable bond, becoming the first French SSA issuer to test the waters in a week that began in volatile fashion after the resignation of yet another French prime minister.
Public Property Invest brought the fifth real estate deal of the week to the European investment-grade market, with the bonds offering what some investors viewed as modest yet reasonable premium.

Power generation company Talen Energy Supply is readying a US$3.89bn debt sale in a deal that investors say is a play on the boom in AI data centers and the enormous amount of energy they will require.
German insurer Viridium Group has introduced itself to credit investors with an €850m long 10-year Tier 2 issued to refinance a bridge facility linked to its recently completed acquisition.

Cajun Global is cooking up a US$325m whole business securitization that will refinance an ABS offering that backed its purchase of the Church's Texas Chicken franchiser in 2021.

Uniti Group is preparing its second securitization as the US fiber services provider works to restructure its debt to cut interest costs and raises funds to upgrade its networks.

Ashland Place Finance on Tuesday issued its second aviation loan securitisation further taking this year's supply from the sector past the total for the whole of 2024.

The US Securities and Exchange Commission is seeking public comments on whether it is time to relax disclosure requirements to encourage more public-registered offerings of non-agency mortgage bonds.

The Asian Development Bank has brought the Canadian dollar green bond market for foreign supranational and agency borrowers back to life after a hiatus of nearly two years.
Long-end buyers have welcomed the Flemish Community's new 25-year in a market low on public non-sovereign (or quasi-sovereign) duration deals.

The Czech Republic has ended its long absence from ESG bond markets with a rare sovereign social bond issue.
The UN Environment Programme has launched a tool to help banks engage with clients on nature, underscoring the growing focus on nature-related disclosure in the financial services industry.

The International Finance Corp’s recent collateralised loan obligation is set to ramp up the fledgling multilateral development bank securitisation market, ushering in regular issuance, new names and even potential commingled deals with multiple loan originators.
Prague-based pharmaceuticals manufacturer Zentiva’s freshly issued buyout loan dropped in the secondary market on its first trading day, with investors citing heavy allocations and caution around the tight final pricing.
Thames Water’s most senior creditors have yet to approve the recapitalisation proposal from the troubled utility’s Class A creditor group, which could prove a stumbling block to the plan's backers attempts to take it over.

JP Morgan is spearheading a US$20bn debt package to back the US$55bn buyout of video game maker Electronic Arts – the largest leveraged buyout in history and the biggest committed LBO financing on record.
The Reserve Bank of India has proposed to relax external commercial borrowing rules for Indian companies to make it easier for them to access the offshore markets, according to a draft framework released on October 3.

Read the latest stories from the magazine IFR 2603 - 4 Oct 2025 - 10 Oct 2025
4 Oct 2025 - 10 Oct 2025
Game on
The world’s biggest LBOs have – to put it mildly – something of a chequered history. Texas utility TXU Energy, the company involved in the 2007 deal that is currently the largest LBO in history, quite quickly went bankrupt in large part because of the US$45bn of debt the deal foisted on it. The £11.1bn 2007 take-private LBO of Alliance Boots is another symbol of pre-financial crisis excess, while the granddaddy of all jumbo LBOs – RJR Nabisco’s US$25bn buyout in 1989 – hardly fared much better.
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