A Swiss federal court has ruled that the decision to write off Credit Suisse’s Additional Tier 1 instruments, with a nominal value of SFr16.5bn (US$20.6bn), as part of its rescue by UBS in March 2023 was unlawful. The decision raises hopes for investors that they could recover losses and leaves market participants guessing as to the implications for UBS and Switzerland.

Roaring capital markets helped the top five US banks easily beat third-quarter earnings expectations and create an atmosphere of excitement, not only for the rest of 2025 but for 2026 as well.

Private equity firms are hopeful they may have at last turned a corner in their efforts to offload an enormous backlog of stuck assets, with many optimistic that a rebound in mergers and acquisition activity could at last offer a viable route to exit investments and return cash to increasingly impatient clients.

Two syndicate bankers have left BNP Paribas, with SSA banker Marium Zaidi leaving the French bank's London office and corporate investment grade-focused banker Margaret Szczerbicki departing in New York, according to sources.

Egypt's finance minister Ahmed Kouchouk has confirmed that the sovereign plans to return to the Panda and Samurai markets in the current fiscal year to access scale and cost-effective financing as part of a broader diversification strategy.

Day-to-day headline risk returned to the credit market last week, with some corporates seeing polar opposite responses from investors largely down to their choice of day in the rollercoaster week.

Lendlease Finance, the financing entity of property company Lendlease Group, revived the Australian perpetual hybrid market with a A$450m (US$292m) non-call three subordinated note sale that cleared well inside initial guidance.

Against a backdrop of increased market volatility, covered bond issuers continued to be active across the three major currencies throughout the week, showcasing the safe-haven status of the product. 

CNH Industrial Capital Australia attracted a wider pool of investors for its latest ABS offering, the upsized A$500m (US$325m) CNH Industrial Capital Australia 2025-1, a securitisation of agricultural and construction equipment goods mortgages, finance leases and hire purchase agreements.

Two Australian mortgage lenders issued prime RMBS offerings on Friday that underlined stalled demand for senior tranches but still strong cover for the smaller junior note offerings.  

Latitude Financial Services raised an upsized A$500m (US$325m), on Thursday from the personal loans ABS, Latitude AU PL 2025-2, (indicative A$400m), that highlights the sharp contraction in mezzanine spreads.

With geopolitical tensions rising and the US's security guarantee for allies slipping, Luxembourg has accelerated the emergence of a labelled defence bond with the first sovereign framework for the use-of-proceeds instrument. The tiny but Triple A rated European Union member state plans an inaugural deal as early as January to support increased spending on military technology.

Multilateral development banks, development finance institutions, commercial banks and institutional funds are working together to unlock billions of dollars of private financing to address the climate adaptation finance gap, especially in emerging markets, where investments yield higher environmental and social impact per unit of capital employed.

Trade bodies representing the global loan market have published a new transition loan guide that offers a framework for high-emitting companies to raise credible transition-labelled financing to fund decarbonisation.  

Water-themed issuance hit a new high across international debt capital markets on Thursday as borrowers closed as many as three new blue bonds totalling nearly US$350m-equivalent, as well as marketing significant new green and resilience issues with water-related uses of proceeds.

Hong Kong's red-hot IPO market and Beijing’s policy support have drawn an increasing number of Chinese IPO candidates to the city, leaving domestic stock exchanges feeling left out.

The differing listing outcomes of LG Electronics India and Tata Capital highlighted that Indian investors are chasing quality growth.

UAE classified advertising platform Dubizzle has launched its long-awaited Dubai IPO that is expected to reach a valuation of around US$2bn-equivalent.

Uzbek fintech Uzum is considering listing on the London Stock Exchange and other exchanges as it prepares for a 2027 IPO.

Bank of America and Morgan Stanley are among the banks to have underwritten a financing package of around €4bn to back the acquisition of a majority stake in BASF Coatings by The Carlyle Group and the Qatar Investment Authority. The debt is expected to be sold down through leveraged loans and high-yield bonds, in euros and US dollars.

Multilateral development banks, development finance institutions, commercial banks and institutional funds are working together to unlock billions of dollars of private financing to address the climate adaptation finance gap, especially in emerging markets, where investments yield higher environmental and social impact per unit of capital employed.

Trade bodies representing the global loan market have published a new transition loan guide that offers a framework for high-emitting companies to raise credible transition-labelled financing to fund decarbonisation.  

The US leveraged loan market is showing signs of fatigue as investor appetite wanes for riskier credits amid rising volatility, tariff fears and slipping secondary prices, prompting a wave of pulled deals and growing selectiveness among lenders.