Today's Investment Banking Pulse
AbbVie nears $11 billion cash deal for Apogee Therapeutics
AbbVie is close to finalizing an all‑cash acquisition of biotech firm Apogee Therapeutics valued at roughly $11 billion, a 60% premium to Apogee’s last closing price. The transaction, expected to be announced early next week, will broaden AbbVie’s anti‑inflammatory drug portfolio, especially its IL‑17 antibody pipeline.
Also developing:
By the numbers: NSE files $3.6B IPO prospectus
DE Supreme: Accountant May Resolve Earnout Claim Involving No Calculation
The Delaware Supreme Court in Fortis Advisors v. Stillfront held that an earn‑out dispute clause referencing the “calculation of the earn‑out amount” triggers arbitration, not merely expert determination. The court affirmed that the accounting firm acting as arbitrator could resolve all earn‑out issues, including bad‑faith claims and covenant breaches, even when no numerical calculation was involved. This ruling upholds the Chancery Court’s arbitration award in the buyer’s favor. The decision highlights the importance of precise ADR language in merger agreements to avoid unintended arbitration scope.
KKR’s FSK Fund Sees Spike in Troubled Loans
KKR’s publicly traded credit vehicle, FS KKR Capital Corp, dropped 15% after reporting a surge in troubled loans and a cut to its dividend. The $13 billion portfolio, dominated by private‑equity‑backed mid‑market loans, is seeing rising defaults and mark‑to‑market losses, especially...
The Uranium Deal 10 Years in the Making (Brandon Munro)
In this episode, host Jonas interviews uranium expert Brandon Munro about Bannerman Resources' landmark deal with China National Nuclear Corporation (CNNC), which sees CNNC acquire a 43% stake in the Etango uranium project in Namibia. Munro explains the decade‑long journey,...
Bank of Baroda to Raise up to ₹10,000 Cr via Green Infra Bonds on March 4
State‑owned Bank of Baroda announced a green infrastructure bond issue of up to ₹10,000 crore, with a base size of ₹5,000 crore and a green‑shoe option for an additional ₹5,000 crore. The seven‑year bonds will mature on March 5 2033 and are rated AAA with...
Apollo’s Japan Institutional Client Head Departs
Apollo Global Management’s Japan institutional client head, Takeshi Tsubota, has exited the firm. Tsubota, who joined in 2023, was responsible for driving the firm’s fundraising efforts among Japanese institutional investors. His departure comes as Apollo seeks to expand its $908 billion...
Biotech IPOs Surge with $400M Offering
New: Generate caps a strong month for #biotech IPOs with $400M offering https://t.co/HzslZOPcwM by @gwendolynawu $GENB $AZN $AMGN #IPO
Renaissance at Market Speed: UK Wholesale Finance in 2026
At the Goldman Sachs EMEA Head of Trading conference, FCA chief executive Nikhil Rathi outlined a sweeping reform agenda aimed at cementing the UK’s position as a global wholesale‑finance hub. He highlighted recent regulatory wins – from tighter market‑abuse enforcement...
Job-Swaps-Weekly:-Fitch-Promotions-and-ABF-Moves-Lead-Busy-Week-for-Securitisation
Fitch Ratings announced a series of senior promotions, elevating three analysts to its structured‑finance rating committee, while ABF appointed a former Saluda Grade executive to head its asset‑backed securities division. The moves come amid a surge in securitisation activity, with...
Talonvest Structures Permanent Loans for Self-Storage Trio
Talonvest Capital arranged $42.6 million of permanent financing for three Class A self‑storage properties owned by The William Warren Group. The largest loan, $25 million, funds a 1,261‑unit facility in Hawthorne, California, with a five‑year interest‑only structure. Two additional loans of $9 million and...
Pat McGrath Labs Still Looking for Buyers
Pat McGrath Labs has entered Chapter 11 bankruptcy and is being marketed to potential buyers by investment bank Gordian Group. The sale follows private‑equity firm GDA Luma’s recent acquisition of a controlling stake in the brand. Any transaction must settle over $60 million in debtor‑in‑possession...
Exclusive: Lawmakers Introduce Bipartisan FHLB Bond Bill
Senators Catherine Cortez Masto (D‑NV) and Todd Young (R‑IN) introduced the Municipal Investment and Neighborhood Transformation (MINT) Act, restoring a 2008 authority that lets Federal Home Loan Bank (FHLB) members issue tax‑exempt bonds for community‑development projects. The bill expands the...
Bloomberg Extends Financial Data to $25B Tokenized Markets via Kaiko
Bloomberg is partnering with Kaiko to embed the newswire’s licensed financial data directly onto blockchain platforms, tackling the fragmented information problem in tokenized markets. The collaboration targets tokenized U.S. Treasury and repo products on the permissioned Canton Network, offering a...
LPs Highlight Red Flags Around Retail Capital Flowing Into Traditional PE
Retail investors are pouring unprecedented amounts of private wealth into traditional private‑equity funds, accelerating a shift that once belonged to institutional limited partners. This surge, driven by fintech platforms and low‑minimum‑investment products, has prompted seasoned LPs to flag potential red‑flags....
Austin OKs $1.4 Billion of Bonds for Airport Expansion
City Council approved up to $1.4 billion in revenue bonds to fund Austin‑Bergstrom International Airport’s expansion. The bond issuance includes a $1.05 billion Series B tranche subject to the alternative minimum tax and a $350 million non‑AMT Series A tranche, targeting roughly 75% of a...
Butterfly Equity Changes Control After Partner Dispute
Butterfly Equity, a private‑equity manager with roughly $7 billion in assets under management, has undergone a control shift following an internal partner dispute. Co‑founder Adam Waglay has emerged as the sole decision‑maker, consolidating ownership previously shared among partners. The restructuring resolves...
Puerto Rico Port Concessionaire Bond Outlook Lowered by S&P
S&P Global Ratings lowered the outlook on San Juan Cruise Port LLC's senior debt to negative, keeping the BBB‑minus rating but flagging heightened risk. The downgrade affects about $160.3 million of bonds issued by AFICA, which are not guaranteed by the...
Muni Industry's Adoption of AI Prompts Regulatory, Other Questions
The University of Chicago’s Center for Municipal Finance released new data showing AI tools are rapidly entering the municipal bond market, giving well‑capitalized banks, advisors and law firms a distinct edge. Regulators, led by the MSRB, are scrutinizing whether AI...
A Slightly Different (Premium) Thesis
The author proposes a nuanced premium‑valuation thesis that deviates from conventional high‑growth narratives. While the potential upside is modest compared with prior ideas, the investment case rests on differentiated catalysts such as pricing power, niche market positioning, and incremental margin...
Balancing Rates Drives Predictable Credit Cycles
In order to have successful capital markets, you see the same things happen again and again. Since one man’s debts are another man’s assets, you have to keep interest rates not so high that they crush the debtor, without having them...
Onslow Bay Prepares to Sell $452.7 Million in ABS From HELOCs
Onslow Bay Financial is preparing a $452.7 million asset‑backed securities offering backed by a pool of 1,952 home‑equity lines of credit. The ABS will be issued in eight tranches under the OBX 2026‑HE1 Trust, benchmarked to SOFR and maturing in February 2056. The...
Wall Street Fears Both AI Overload and AI Scarcity
How is Wall Street simultaneously afraid of too much AI and not enough AI? 👇
From 54% Analyst Returns to World's Largest Hedge Fund
This top II-ranked PC sell-side analyst made +54% per year from 1995–1999 running $15B … then founded a hedge fund that briefly became the largest in the world.
Case Study: A Broken LOI, the Right Advisor, and a Successful Exit
Owners of a concierge medical practice attempted a sale, but the first Letter of Intent (LOI) collapsed, leaving them to restart the process. They turned to Axial's Advisor Finder, which quickly presented four vetted M&A advisors with healthcare expertise. After...
Clearlake’s Feliciano Tells How to Pick Winners and Losers in AI Disruption
José Feliciano, co‑founder and managing partner of Clearlake Capital, told PE Hub that AI‑driven disruption in public tech and software markets is opening compelling opportunities in the private‑equity space. He explained that as public valuations compress, investors can target companies...
Momentum Midstream Explores Sale That Could Fetch $5B
EnCap Flatrock Midstream is exploring a sale of its gas‑pipeline subsidiary Momentum Midstream for a price exceeding $5 billion. The private‑equity firm has engaged advisers and is gauging interest from rivals and other buy‑out funds. Momentum operates roughly 4,000 miles of...
Fitch's Draft Climate Screening Tool Gets a Cautious Nod From MMA
Fitch Ratings released an exposure draft for a climate‑vulnerability screening tool (climate.VS) aimed at U.S. public finance issuers. The 0‑100 score, derived from physical and transition risk analyses, flags issuers scoring 50 or above for deeper credit evaluation. Municipal Market...
Hong Kong Open to Backing Universities Issuing Bonds to Fund Megaproject Campuses
Hong Kong's finance chief Paul Chan signaled openness to allowing local universities to issue tertiary education bonds to fund the Northern Metropolis University Town project. The plan expands the campus area to 100 hectares and includes a third medical school,...
Remarks by Commissioner Peirce on Private Secondaries in Capital Markets
Commissioner Hester Peirce highlighted the rapid expansion of private secondary markets, which grew from $162 billion in 2024 to $240 billion in 2025. She warned that this liquidity surge may lessen companies’ incentives to pursue initial public offerings, potentially reshaping capital formation...
Hong Kong Banks’ Collateral Asset Valuations to Continue Declining in 2026: S&P
S&P Global Ratings warns that collateral values backing Hong Kong banks' commercial property loans will keep declining through 2026, reflecting a market that has yet to find a bottom. The Bank of East Asia disclosed a HK$723 million valuation loss in...
Oaktree Considers Sale or London IPO of UK Wealth Manager Utmost
Oaktree Capital is weighing a sale or a London IPO for its UK wealth‑management platform Utmost, signaling renewed interest in public market exits for private‑equity‑owned financial services. Meanwhile, Carlyle’s US buyout platform is on track to realise nearly $12 billion in...
Booming Markets Propel Hong Kong Exchange’s Profits to Record High
Hong Kong Exchanges and Clearing reported a second‑year profit record in 2025, with attributable earnings up 36% to US$2.3 billion and total revenue hitting US$3.7 billion. The exchange reclaimed its position as the world’s leading IPO venue, hosting 119 listings that raised...
US Stock Market | Investor Rush Sparks Historic Scramble for New Bond Issuances
Investor demand for U.S. corporate bonds has surged to historic levels, making new issuances harder to access and allocations tighter. Barclays’ analysis of TRACE data shows competition in investment‑grade debt is up 15% and high‑yield debt up 30% compared with...
Banks Snap up Bonds as Holdings Approach Regulatory Floor
Indian banks are accelerating purchases of government bonds as their sovereign‑debt holdings edge toward the RBI’s 18% regulatory minimum. In February, state‑owned lenders bought a net ₹225.8 billion ($2.5 billion), the largest monthly purchase recorded since Bloomberg began tracking in 2006. Their...
Bloomberg: Leveraged Lending Insights – 2/23/2026
US institutional leveraged loan issuance slowed sharply in February 2026, with only $22.85 billion priced to date and $9.54 billion expected by month‑end, far below January’s $164.1 billion. The month‑over‑month drop reflects heightened market uncertainty and tighter credit conditions. Analysts attribute the slowdown...
Investors Question Netflix's Push for WBD Amid Skepticism
Netflix CEO Ted Sarandos will say he looks long term, but if Netflix ups its bid for WBD, investors who clearly are skeptical about the deal — even as is — may get even more concerned: why does Netflix want...
My December Take on the Netflix‑Warner Bros. Deal
Here’s what I wrote back in December, the day after the Netflix deal with WBD was announced: https://t.co/aiNBd98ACC
Goldman Sachs BDC Inc (GSBD) Q4 2025 Earnings Call Transcript
Goldman Sachs reported a 27% rise in annual earnings per share to $51.32, driven by record $41.5 billion global banking revenue and strong performance across investment banking, FICC, equities, and asset‑wealth management. Return metrics improved, with quarterly ROE at 16% and...
Triple Win: Netflix, WBD, and Paramount All Profit
As I wrote months ago, there was only one “win win win” here … 1) Netflix gets the break fee 2) WBD gets even more money from Para 3) Para gets the bone it wants
Paramount Ups Bid, Netflix Faces Critical Decision
Axios Pro Rata on Feb. 11: "It feels like the next act already has been written. The 'Davids' get over themselves, Paramount raises its bid and then Netflix has a decision to make."
Morgan Stanley Direct Lending Fund (MSDL) Q4 2025 Earnings Call Transcript
Morgan Stanley delivered record 2025 results, posting $70.6 billion in total revenue and a historic $10.21 earnings per share. Total client assets rose to $9.3 trillion, while wealth management generated $31.8 billion in revenue and attracted $356 billion of net new assets. The firm’s...
Warner Says Paramount Offer Outpaces Netflix, Challenges Sarandos
WBD says Paramount bid > Netflix. Mr Sarandos, the ball is now in your court.
Warner Backs Paramount's Superior Offer, NLFX Should Exit
*WARNER BROS. SAYS PARAMOUNT OFFER IS 'SUPERIOR PROPOSAL' Seems like a good opportunity for $NLFX to graciously bow out of the $WBD bidding war and take the break fee paid for by $PSKY
Northern-Trust-Adds-Compliance-and-Waterfall-Tools-to-CLO-Platform
Northern Trust announced the addition of automated compliance monitoring and cash‑flow waterfall modeling tools to its collateralized loan obligation (CLO) platform. The enhancements automate guideline checks, provide real‑time waterfall analysis, and integrate with existing data sources, cutting manual processing time...
Fast 7-Year Auction Turn; Feb Extension Increases Friday
It will be a quick turn from today's 7y auction to month end tomorrow. Reminder Feb duration extension will be larger Friday as it always is in a refunding month.
Nasdaq Bends Index Rules to Lure SpaceX IPOs
Nasdaq is contorting its own index rules to court the IPOs of SpaceX et al, and @thekrazykobra brings the 🔥 https://t.co/ExpsatLZ6h https://t.co/VjWaHmMJYd
Oportun Financial Corp (OPRT) Q4 2025 Earnings Call Transcript
Oportun Financial Corp reported a fifth straight quarter of GAAP profitability, posting $25 million net income for 2025 and an 89% jump in adjusted EPS to $1.36. Credit quality improved, with the annualized net charge‑off rate at 12.3% and secured personal...
NTLA Floods Market with 6M New Shares, Cash‑burn Evident
$NTLA looks like they ran the ATM for nearly 6M new shares since last quarterly earnings? As I expected. Absolute cash furnace. Their runway guidance was always mathematically implausible without raising like this.
Revolut IPO Sparks Unprecedented Fintech VC Liquidity
We are going to see previously unheard of liquidity in fintech VC following the @Revolut IPO. "The firm is targeting a valuation of at least $150 billion through any listing." https://t.co/mos6kPJDYO
Anthropic Acquires Computer-Use AI Startup Vercept After Meta Poached One of Its Founders
Anthropic announced the acquisition of Vercept, a Seattle‑based AI startup known for its computer‑use agent Vy, and will retire the product by March 25. Vercept, which raised $50 million from investors including Eric Schmidt and Jeff Dean, joins Anthropic’s Claude Code team following a...