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Reverse Yankees poised to reopen euro market

Investment-grade corporate bond supply could restart in Europe as soon as Thursday if the more stable credit backdrop holds and if deals working their way through the US dollar market go well, say bankers.

BON

European ABS reopens after war jitters

The European ABS market is edging back to life after an almost two-day pause following the outbreak of war in Iran, with participants expecting spreads to move wider as primary activity resumes.

SEC

Metro says MREL bond buyback doesn't stack up

UK lender Metro Bank has lauded the benefits of being freed from higher MREL needs by the Bank of England but has talked down the prospects of carrying out a liability management exercise on its £525m 12% MREL senior debt any time soon due to the bonds' high cash price. 

BON

Land NRW clears euros on limited bid

North Rhine-Westphalia showed smaller SSAs can price through the uncertainty induced by the Iran war, though demand for its dual-tranche deal was a league below that for the previous day's sovereign syndications.

BON

Blowout book for Gabler IPO provides momentum for Vincorion

The IPO of German submarine parts business Gabler Group is heavily oversubscribed with demand in excess of €1bn as investors look past the war in the Middle East and resulting market volatility.

EQY
Prasad Gollakota

It is unbecoming to say “I told you so”, but when it comes to Meta Platforms’ US$27.3bn project bond to fund its Hyperion data centre via private credit shop Blue Owl Capital (and SPV Beignet Investor) the temptation is strong. I wrote in late 2025 that Meta’s decision not to consolidate the debt on its balance sheet sits uneasily with the economic risk that investors have assumed they are taking when they bought the deal in October. And now Meta’s auditor, EY, clearly feels this same tension.

OPINION
Moves – Scotiabank hires Eisele to head LatAm fixed income origination

Scotiabank has hired Dennis Eisele as managing director and head of LatAm fixed income origination.  

BON P&M
DBS gets China bond underwriting licence

DBS Group Holdings on Wednesday said it has secured a principal underwriting licence for non-financial corporate bonds from China’s National Association of Financial Market Institutional Investors.

P&M BON
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Banks seize on precious metals trading boom

Banks are reaping the benefits of a trading boom in precious metals, as heightened volatility and surging client volumes deliver a bumper payday for commodities traders.

P&M
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Moves – Davy hires four as it rebuilds bond desk

Irish investment bank and wealth manager Davy has hired four bankers for its debt capital markets team to gear up for an expected rise in Ireland's debt market activity, five years after the firm shut its bond desk.

P&M
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Magellan Financial Group to buy Barrenjoey; shares jump

Magellan Financial Group plans to take full ownership of Barrenjoey Capital Partners through a merger that values the Australian investment banking boutique at A$1.62bn (US$1.1bn).

P&M EQY
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Reverse Yankees poised to reopen euro market

Investment-grade corporate bond supply could restart in Europe as soon as Thursday if the more stable credit backdrop holds and if deals working their way through the US dollar market go well, say bankers.

BON
Bankers expect choreographed restart of European high-yield

Bankers and lawyers covering Europe's high-yield market say a backlog of deals could return in a carefully choreographed fashion once conditions stabilise following the onset of war in the Middle East.    

BON
Metro says MREL bond buyback doesn't stack up

UK lender Metro Bank has lauded the benefits of being freed from higher MREL needs by the Bank of England but has talked down the prospects of carrying out a liability management exercise on its £525m 12% MREL senior debt any time soon due to the bonds' high cash price. 

BON
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Land NRW clears euros on limited bid

North Rhine-Westphalia showed smaller SSAs can price through the uncertainty induced by the Iran war, though demand for its dual-tranche deal was a league below that for the previous day's sovereign syndications.

BON
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Applied Digital cuts funding costs in latest data centre bond

Applied Digital returned to the junk bond market on Tuesday, dramatically cutting its cost of funding in a US$2.15bn deal that will be used to finance the buildout of an AI data centre leased to Oracle. 

BON
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Redwood lands debut non-QM RMBS deal

Redwood Trust has sold its first ever securitized deal backed by non-qualified mortgages as the specialty finance company continues to make a push into the market for homebuyers and renters who do not necessarily meet traditional lending requirements.

SEC
Subprime lender Vanquis may be gearing up for ABS return

London-listed UK subprime lender Vanquis Banking Group, formerly known as Provident Financial, may be preparing a return to the securitisation market five years after its debut transaction of a pool of credit cards, according to public filings.

SEC
War and MFS headlines cast pall over European securitisation market

The sudden collapse of UK-based mortgage lender Market Financial Solutions and the war in Iran have cast a pall on sentiment around deals, with a handful of European structured finance transactions pulled early Monday, according to bankers. 

SEC
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Snow and fire: Dealmakers party on in Vegas conference

Neither a snowstorm nor a fire cast a pall on the annual structured finance conference in Las Vegas where more than 11,000 industry participants flocked this past week.

SEC
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Lloyds RMBS highlights strong demand for Dutch collateral

The reception of Lloyds Bank’s latest Dutch RBMS underscored that there is sustained investor appetite for Dutch collateral and the broader positive tone surrounding European securitisations. 

SEC
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Update - Gleam of sovereign supply overcomes war worries

New benchmarks from Germany and Austria proved too good for investors to pass up on Tuesday, even with war raging in the Middle East and a renewed threat of inflation leading to a selloff in government bonds.

BON ESG
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Germany and Austria mandate despite war in Middle East

Germany's new green Bund is leading the SSA supply that will be executed this week despite the weekend's US-Israeli attack on Iran.

ESG BON
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IFC loan insurance leaps past US$15bn

The International Finance Corp has signed a US$6bn insurance-backed facility that marks the World Bank Group member’s largest single mobilisation of private capital. 

ESG BON
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L&G and Enosis team up to invest US$1bn in development finance

Legal & General is committing as much as US$1bn to credit-enhanced emerging markets development investing that will include both sovereign debt-for-development swaps and new structures. 

ESG BON
Green bonds see strong start to the year

Green bonds are off to a strong start in 2026 with US$84.4bn issued globally this year, showing a healthy 12% increase on the US$75.7bn issued at the same time in 2025, according to LSEG data. 

BON P&M LOA ESG
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Blowout book for Gabler IPO provides momentum for Vincorion

The IPO of German submarine parts business Gabler Group is heavily oversubscribed with demand in excess of €1bn as investors look past the war in the Middle East and resulting market volatility.

EQY
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Kenya Pipeline IPO oversubscribed by locals and Uganda

The KSh106.3bn (US$823.3m) IPO of Kenya Pipeline Company is 105.7% subscribed largely led by local and regional accounts.

EQY
Jollibee plans US$400m Vietnam coffee listing

Highlands Coffee, a unit of the Philippines' Jollibee Foods Corporation, is working with Morgan Stanley and UBS on a US$350m–$400m Vietnam IPO due by the first quarter of next year, people with knowledge of the transaction said. 

EQY
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NRG absorbs LS Power stake with US$2.65bn selldown and buyback

NRG Energy moved quickly to clear the majority of the equity it issued to LS Power on closing their US$12bn transaction, facilitating a US$2.35bn secondary share sale overnight Monday and repurchasing another US$300m via a concurrent private placement.

EQY
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Medline drops 5% as PE backers rush to sell post-IPO

Medline is under pressure Tuesday with the launch of a first-time follow-on that will allow its private equity backers to cash out part of their holdings, a deal that is coming less than three months after the company’s IPO and well within the 180-day lock-up.

EQY
Arclin downsizes TL, widens OID

Resins maker Arclin has widened OID guidance and downsized its first-lien term loan slated to partially fund its acquisition of DuPont’s Aramids business.

LOA
TKO Group seeks fungible add-on

Sports and entertainment company TKO Group Holdings is seeking a US$900m fungible incremental first-lien term loan.

LOA
Disney renews US$9.25bn of loans

The Walt Disney Company has entered into US$9.25bn of loans. 

LOA
Qube buyout loan hits syndication

A Macquarie Asset Management-led consortium has launched a A$4.95bn (US$3.5bn) loan to fund its buyout of Australia’s undefined Qube Holdings.  

LOA
Paramount backstops RCF

Paramount Skydance has agreed to a US$3.5bn 364-day senior secured revolving credit facility as part of the financing package backing its US$110bn acquisition of Warner Bros Discovery.

LOA
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Hyperion irony: designed for invisibility, now on everyone's radar

It is unbecoming to say “I told you so”, but when it comes to Meta Platforms’ US$27.3bn project bond to fund its Hyperion data centre via private credit shop Blue Owl Capital (and SPV Beignet Investor) the temptation is strong. I wrote in late 2025 that Meta’s decision not to consolidate the debt on its balance sheet sits uneasily with the economic risk that investors have assumed they are taking when they bought the deal in October. And now Meta’s auditor, EY, clearly feels this same tension.

OPINION
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European banks: holding on in trading and financing but lagging in dealmaking

Full-year earnings from European banks – Barclays, BNP Paribas, Deutsche Bank, Societe Generale and UBS – showed them broadly holding market share in the markets’ business, but struggling to capitalise on the upswing in investment banking. 

P&M OPINION
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Skipping a beat: FSB points to hidden fragilities in repo market

The repo market is the heartbeat of bond markets. Like a real heartbeat, when all is well, there is nothing more boring. But when things go wrong … watch out.

OPINION
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‘Software-mageddon’ underlines the K-shaped environment for tech bankers

The AI boom has been backed by investor enthusiasm – and their money – on an unprecedented scale. Investment bankers have high hopes of a huge year for deals. But just like the broader economy, will this be a K-shaped market for tech deals?

P&M OPINION
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Stablecoins: meet the new boss, same as the old boss

How stable is a stablecoin? That is a question that S&P attempts to answer via its Global Ratings’ Stablecoin Stability Assessment, a product designed to quantify a stablecoin’s ability to maintain its peg to a fiat currency. It produces a score from 1, very strong, to 5, weak.

OPINION