Moves – JP Morgan gives Hillery and Wiltz wider banking remits
JP Morgan has expanded the roles of Conor Hillery and Matthieu Wiltz, its co-heads of EMEA, to co-heads of global banking in EMEA, with Wiltz also shifting more towards investment banking from trading where he has spent most of his career.
Oracle raises US$25bn in bond offering as AI funding spree continues
Oracle stepped back into the US high-grade market on Monday to raise US$25bn as part of a larger US$50bn debt and equity financing as the enterprise software company seeks to hold on to its investment-grade rating amid massive fundraising efforts to build out its AI business.
Prasad Gollakota
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.
JP Morgan Cazenove has maintained its position as the top house broker for UK blue-chip companies throughout the last 20 years, although its lead has narrowed as Morgan Stanley has surged up the rankings.
JP Morgan has expanded the roles of Conor Hillery and Matthieu Wiltz, its co-heads of EMEA, to co-heads of global banking in EMEA, with Wiltz also shifting more towards investment banking from trading where he has spent most of his career.
Canada has publicly backed the Defence, Security and Resilience Bank, becoming the first sovereign to offer verbal support in a major milestone for the proposed multilateral development bank.
A group of investors in Ethiopia's only outstanding bond are taking legal action to enforce payment after a proposed debt restructuring deal they struck with the government in January was batted back by the African sovereign's official creditors, who said it did not meet comparability requirements under the G20's Common Framework.
Hong Kong's securities regulator said on Friday it had identified "serious deficiencies" in the preparation of some listing documents amid a surge in initial public offerings in 2025, flagging potential misconduct by sponsors and a mismanagement of resources.
Big order books and tight pricing were back in the euro market on Tuesday as issuers printed deals inside their curves.
Liberty Global and its subsidiaries are making waves in the high-yield market. Its fully owned subsidiary Belgium-based telecoms operator, Telenet ServCo, is marketing a new issue to refinance debt.
ING Groep capitalised on strong momentum and appetite for risk to secure both a large size and a tight pricing outcome with a US$1.5bn Reg S Additional Tier 1 bond on Tuesday.
Sao Paulo water utility Sabesp has delivered a landmark for Latin American sustainable finance, issuing by far the largest blue bond yet while showcasing what bankers say is a fast-emerging way to bring bond investors into multilateral A/B lending structures that have been traditionally dominated by banks.
US auto ABS from Ford Motor and General Motors could be partially displaced by cheaper deposit funding once the automakers' planned banks are up and running.
Vertical Bridge is returning to the ABS primary market with a US$1.66bn securitisation backed by a portfolio of wireless cell towers it oversees and that has increased significantly following a lease-backed deal with Verizon.
High Ridge has lined up its first aircraft securitisation, aiming to take advantage of improved funding conditions and robust demand from airlines that are trying to accommodate increasing ridership around the world.
CAF – Development Bank of Latin America and the Caribbean has become the first multilateral development bank to apply the United Nations Children’s Fund’s Child-Lens Investing Framework to its bond issues.
Sao Paulo water utility Sabesp has delivered a landmark for Latin American sustainable finance, issuing by far the largest blue bond yet while showcasing what bankers say is a fast-emerging way to bring bond investors into multilateral A/B lending structures that have been traditionally dominated by banks.
The bond market is gearing up to test the transition label with the next generation of deals set to be supported by new guidance and principles that will introduce the concept of "carbon lock-in" to the wider capital markets.
One of the UK’s largest pension schemes is set to put as much as £1bn into an innovative transition credit fund from Axa Investment Managers, highlighting continuing appetite among asset owners for ESG investing despite the unsupportive political environment.
Amid an unprecedented AI-focused borrowing binge, Oracle became the first of the hyperscalers to blink on the public equity side, raising US$5bn from the sale of a mandatory convertible preferred, while filing to sell another US$20bn of stock on the open market through an ATM program.
Oracle has started marketing a US$5bn mandatory convertible preferred that is part of a US$50bn debt and equity financing package aimed preserving the Texas-based hyperscaler's investment-grade credit rating amid massive AI spending.
Shenzhen-listed Muyuan Foods is planning to price its Hong Kong listing at the maximum offer price to raise HK$10.7bn (US$1.37bn), said people with knowledge of the matter.
Kuwaiti convenience store operator Trolley has launched its around US$175m IPO that will allow it to list ahead of Eid al-Fitr in March.
Sponsors of the world’s largest leveraged buyout – the US$55bn acquisition of US video game giant Electronic Arts – are seeking commitments from lenders in Asia Pacific for a portion of the massive financing backing the deal.
Concerns about artificial intelligence exposure and a broader selloff in software credits are weighing on leveraged loans backing Conga Corp’s planned acquisition of the business-to-business division of Pros Holdings, slowing momentum for a deal that had been expected to be placed more swiftly among investors.
A sudden souring in the software sector caused Belgium-headquartered technology company Team.blue and Italian healthcare software company Dedalus to hit the stop button last week on exercises to reprice term loan Bs.
Borrowers have swarmed over the European leveraged loan market but the extreme bias towards repricings and refinancings over new money means the tussle between supply and demand has only swung further in issuers’ favour.
Out of fuel
For all the excitement generated by a relatively decent start in the European IPO market – not to mention the prospect of jumbo IPOs from the likes of SpaceX, OpenAI and Anthropic in the US – a look at the wider picture when it comes to European ECM would still be enough to depress even the most excitable syndicate banker.
Continue Reading
Read the latest stories from the magazine IFR 2618 - 31 Jan 2026 - 6 Feb 2026
31 Jan 2026 - 6 Feb 2026