Private credit shops have taken lending markets by storm in a booming credit cycle with a relatively low default rate. Now they are quietly and quickly building the infrastructure to handle a rising default rate and the next restructuring cycle.

Canadian banks enjoyed a big boost to their bottom lines from investment banking and trading in their latest financial quarter. Cutting loan loss reserves didn’t hurt either.

The likely collapse of the French minority government in the coming weeks should not affect the resilience of the country’s major banks, according to analysts.

The US$9trn credit default swap market passed its latest test on Wednesday after an auction to settle CDS on Altice France determined that protection holders would receive enough compensation to cover expected losses on bonds belonging to the beleaguered telecoms giant.

Primary bond markets were back up and running across Europe last week, though there were a signs of some price sensitivity from investors.

A trio of banks from Saudi Arabia reopened the US dollar primary market for Gulf issuers this week with subordinated issuance, which was met with some investor pushback at the final pricing levels.

The hunt for yield was on full show on Wednesday as investment-grade deals offering more spread found strong demand. Front and centre was Japan Tobacco, which pulled in huge orders of more than €7.9bn (US$9.2bn) at their peak for a €500m 30-year hybrid issue with a first reset date in March 2031.

Charter Court Financial Services has successfully priced a non-standard RMBS offering as investors welcomed a UK deal amid a surge in euro-denominated paper after the summer holidays. “RMBS supply in sterling is light,” said a trader.

A sustained flow of German and French auto euro deals attracted good demand last week as investors were eager to put cash in the market after the summer break, amid optimism about activity in the coming weeks.

Bank of America forecast the size of the structured finance market that funds data centres, fibre networks and cellular towers would grow to over US$100bn in 2026.

Harley-Davidson raised over US$230m from the sale to KKR and Pimco of residual stakes in a pool of loans, in a transaction that is a component of a larger deal with the two asset managers that it announced on July 30.

A UN-sponsored coalition is working on a white paper that is aiming to create a global standard for sustainability-linked instruments with a set of simple key performance indicators that can be used by all sectors.

Proceeds of the debut US$500m green bond issued by Japan's Hokkaido Electric Power Company are expected to finance the revival of idled nuclear generating capacity in support of Japan's GX transition plan, according to a report by the Anthropocene Fixed Income Institute. 

The European Central Bank's decision to introduce a "climate factor" on non-financial corporate bonds pledged as collateral is likely to impact spreads for companies with low climate scores, according to a report by Barclays.  

Abundance Investment is poised to pass £20m raised through its innovative UK retail municipal green debt and launch both its first deal from beyond England and its first social issues.

India's Reliance Jio Platforms is targeting an IPO in the first half of 2026, Mukesh Ambani, chairman of parent Reliance Industries, told shareholders on Friday. 

More banks have joined Danish offshore wind developer Orsted’s DKr60bn (US$9.37bn) rights issue despite the company’s valuation tumbling to just DKr75.26bn on Monday (August 25) following the halting of its Revolution Wind project in the US on August 22 and the Trump administration then underlining its opposition to offshore wind power.

Special purpose acquisition companies have resurfaced as an alternative way to access the public equity markets, buoyed by changing politics under the Trump administration and expectations of lower interest rates.

New lockup rules for South Korean IPOs that took effect in July are expected to discourage some listing candidates from taking their deals forward, despite a strong stock market.

India-headquartered Tata Motors is syndicating a €3.875bn (US$4.52bn) bridge loan to finance its acquisition of Italian commercial vehicle maker Iveco Group..

Secured lenders to French healthcare business Cerba have hesitated over signing a co-op that would unify creditors, as a large amount of trading in the secondary market disrupts the picture.

State-owned Export-Import Bank of Thailand is returning to the syndicated loan market after nearly three decades with a US$350m five-year borrowing for general corporate purposes.

Embattled casino operator Star Entertainment Group is continuing to negotiate for covenant waivers on its senior loan for the upcoming testing periods of September 30 and December 31.