Today's Investment Banking Pulse
DOJ clears $111B Paramount‑Skydance and Warner Bros. Discovery merger
The U.S. Justice Department approved the $111 billion merger of Paramount Skydance with Warner Bros Discovery, unlocking $6 billion in projected synergies. The deal still faces a UK Competition and Markets Authority probe with a deadline of Aug 7. State attorneys general are monitoring the transaction for further challenges.
Converts: PIPE and Pre-IPO Considerations
A recent Cleary memo highlights a surge in convertible‑note issuances driven by the AI boom, with private‑placement (PIPE) and pre‑IPO converts adopting highly customized terms. Features now include governance and consent rights, guarantees, financial covenants, prepayment provisions, anti‑dilution ratchets, equity sweeteners, PIK interest, IRR‑based return calculations, extended lock‑ups, registration rights, and even preferred‑stock structures. These bespoke clauses diverge sharply from traditional convertible debt, reflecting evolving financing needs of high‑growth, AI‑focused companies. The memo underscores that such converts are becoming integral to the pre‑IPO ecosystem.
Debt Restructuring Is Senegal’s Best Bet
Senegal’s public debt has surged to roughly 132% of GDP, placing the country in a severe fiscal bind. With limited access to cheap financing, the government faces a stark choice between costly debt service and a structured debt‑restructuring process. Analysts...
Capital Markets Expected to Drive Big 6 Banks as Earnings Season Kicks Off
Canada’s Big Six banks are kicking off first‑quarter earnings with analysts forecasting solid capital‑markets and wealth‑management revenue, positive operating leverage and contained credit losses. Return‑on‑equity expansion is highlighted as the key upside catalyst, with many institutions already raising FY2025 targets....
Introducing The Exited Founder Podcast
The debut episode of the Exited Founder Podcast introduces the show's mission to share the stories of founders who have successfully exited their companies and now serve as M&A advisors. Hosted by ExitWise, the series will feature these entrepreneurs discussing...
January-February Issue of Deal Lawyers Newsletter
The Deal Lawyers newsletter’s January‑February 2026 issue has just gone to print and is available online for subscribers. Targeted at M&A attorneys, private equity professionals, and corporate counsel, the publication curates rapid‑fire developments that shape dealmaking across jurisdictions. Its reputation...
LIS.V Merger Arb Cuts Spread From 19% to 3%
$LIS.V merger arb worked out just as expected. Despite vocal retail opposition, shareholder approval passed easily. The spread narrowed from 19% to 3% in exactly two months following the post on SSI. https://t.co/UWBmq2fWGx
InsideArbitrage Event Driven Monitor – February 23, 2026
The InsideArbitrage Event Driven Monitor reports several key regulatory and corporate developments on February 23, 2026. Paramount Pictures cleared the 10‑day HSR waiting period and secured German approval for its bid to acquire Warner Bros. Discovery, while the FTC terminated...
Goldman Sachs’ Petershill Targets $5bn for Fifth Flagship Fund
Goldman Sachs’ alternative investment arm Petershill is launching its fifth flagship fund, aiming to raise about $5 billion, equal to the size of its 2020 fund. The fund will continue the firm’s strategy of taking minority stakes in private‑market managers in...
Unpacking African Markets in the Era of Global Volatility
The Africa Markets Conference 2026 (AMC26) opened in Cape Town, hosted by Standard Bank, to examine how heightened global volatility—particularly U.S. Trump‑era tariffs—affects the continent. Organisers aim to channel private and sovereign capital into African infrastructure and growth sectors amid...
Hobbycraft Owner Explores Potential Sale of the Business
Modella Capital, which bought Hobbycraft from Bridgepoint in 2024, is reportedly preparing to explore a sale after receiving interest from an undisclosed buyer. The retailer posted a 6.3% revenue increase in the six weeks to 28 December, helped by a partnership...
How I Acquired 4 Businesses Without Wiring My Own Capital
In this episode, M&A expert Sebastian H. Amieva explains how he acquired four businesses without using his own cash by leveraging seller financing, senior debt, and equity partners. He emphasizes the importance of early preparation—defining clear acquisition criteria, cultivating lender...
Private Equity Has Entered a Hyper-Competitive Era – Bain Report
Bain & Co’s Global Private Equity Report 2026 warns that the industry has entered a hyper‑competitive era. General partners now face heightened deal competition, tighter exit windows, and stronger investor demands for cash generation. To succeed, firms must boost cash‑flow...
BJC Moves to Snap up MM Mega Market Vietnam in $720m Deal
Berli Jucker (BJC) announced a US$720 million acquisition of MM Mega Market Vietnam, buying 921.8 million shares of TCC Land International through its Singapore subsidiary C‑Distribution Asia. The deal, valued at 22.5 billion baht, targets completion in the second quarter pending shareholder and...
Singapore Chases “Growth” IPOs as Hong Kong Attracts AI Listings
Singapore announced a SGD 3.5 billion package to attract growth‑stage IPOs, including SGD 1.5 billion for pre‑IPO financing, SGD 1 billion for private‑funding schemes, and SGD 1.5 billion to develop its fund‑management sector. The Monetary Authority of Singapore also plans a dual‑listing programme with Nasdaq to give startups...
Aero-Doubles-Target-for-US$1bn-Leasing-Fund
Asset‑backed finance specialist Aero Capital Solutions announced it has doubled the fundraising target for its upcoming leasing vehicle to US$1 billion. The Aero Capital Solutions V fund, slated for launch in the second half of 2026, will concentrate on financing commercial...
Rising-Liquidity-and-PDs-Open-Door-to-Secondary-SRT-Plays
Rising market liquidity and higher probability‑of‑default (PD) levels are unlocking new opportunities in the secondary market for Significant Risk Transfer (SRT) instruments. Early stress signals in loan portfolios have prompted investors to shift capital toward buying and selling existing SRT...
The Netflix Killer Non-Acquisition Theory
Wall Street analysts are circulating a theory that Netflix’s primary goal in the Warner Bros. deal is not to acquire the studio but to block Paramount Skydance from obtaining it. The speculation hinges on Netflix’s willingness to spend billions, potentially triggering...
IPO Watch: Taurus-Backed Endurance Mining Eyes Late 2026 Float After Reviving WA Silver and Lead Mine
Endurance Mining, backed by Taurus Funds, has revived the Abra lead‑silver mine in Western Australia, delivering a record $19.5 million EBITDA and $8.8 million free cash flow in the December quarter. Production reached 253,000 oz of silver and 19,756 t of lead at a...
✈️New Chapter 11 Bankruptcy Filing - Avenger Flight Group LLC✈️
The episode breaks down Avenger Flight Group LLC’s recent Chapter 11 filing, detailing its rapid expansion into a global network of flight simulators and the massive debt that financed that growth, including a $155 million term loan and various secured leases....
💥New Chapter 11 Bankruptcy Filing - Vanderbilt Minerals, LLC💥
The episode examines Vanderbilt Minerals, LLC’s recent Chapter 11 sale filing, tracing its roots back to the 1916-founded R.T. Vanderbilt Company and its evolution from paper clay mining to industrial talc production. It highlights the long‑standing regulatory challenges with OSHA...
SPNEC ‘Re-IPO’ Eyed by 2027
SP New Energy Corp (SPNEC) plans a re‑IPO by 2027 after merging its assets with Meralco’s renewable arm MGreen. The move follows the successful energisation of the MTerra Solar project, a 3,500‑MW solar farm paired with a 4,500‑MWh battery system....
Hollywood Merger Threatens Movie Theatres Just as They Recover
Netflix is pursuing a takeover of Warner Bros Discovery, a move that could reshape theatrical release windows just as cinemas rebound from pandemic‑induced losses. Analysts warn that a shorter exclusive‑theatre period would erode box‑office revenues for operators like AMC, Cinemark...
Indonesia Faces Record Share Sales to Meet Free-Float Goal
Indonesia must orchestrate a record‑size share sale to lift the free‑float of 267 listed firms to at least 15%, up from the current 7.5% floor. The Indonesia Stock Exchange estimates the required issuance will total about 187 trillion rupiah (approximately S$14 billion),...
In the $3 Trillion Private Credit Market, the ‘Shadow Default’ Rate Is Increasing as More Money Chases Lower-Quality Deals
Lincoln International’s Private Market Index shows the $3 trillion private‑credit sector is growing in size but slipping in quality. Enterprise value rose 1.9% while EBITDA growth slowed and the “shadow default” rate more than doubled to 6.4% over the past year....
FX Week in Review: IFOREX IPO, Plus500 Execs Sell, Prop Firm Launches Broker
iFOREX debuted on the London Stock Exchange with a prospectus showing $49 million in revenue and $4 million EBITDA, marking a significant milestone for the 20‑year‑old FX broker. Senior Plus500 executives sold more than $90 million of company stock, entering a 365‑day lock‑up...
Master M&A Basics and Profit Strategies – Free PDF
Mergers & Acquisitions 101 M&A and how you can profit from it Here’s what you’ll learn: • What Is M&A? • Why M&A? • Types of M&A Deals • How M&A Works • Benefits of M&A • The Risks • Who Drives M&A? • The Hard Truth • Serial Acquirers 📚 Grab...
Slovak Government Could Have Boosted Czechoslovak Group with Defence Contracts Ahead of IPO, Anti-Graft Watchdog Says
Slovak journalists allege that the Ministry of Defence awarded Czechoslovak Group (CSG) €60.36 bn in contracts after the 2023 election, potentially to lift investor sentiment ahead of CSG’s January 2026 Amsterdam IPO. The IPO raised a record‑size defence offering, valuing CSG at...
SPAC IPO Terms Tracker: February 20, 2026
The SPAC IPO Terms Tracker for the week ending February 20, 2026 shows a modest rebound in special‑purpose acquisition company listings, with 12 new SPACs raising approximately $1.8 billion in aggregate. Median IPO size slipped to $150 million, down from $165 million the...
Almonty Raises $112.5M for Global Tungsten Expansion
Almonty seeks $112.5mn to advance Montana tungsten, Portugal Panasqueira expansion, and Korea Sangdong Mo drilling. https://www.metalnomist.com/2026/02/almonty-tungsten-funding-targets-1125mn.html
Chariot to Raise $20 Million to Fund Offshore Angola Oil Production Stake
Chariot Plc announced a $20 million equity placing to help finance the acquisition of a producing oil interest offshore Angola. The deal, in partnership with Shell Trading and Etu Energias, targets Blocks 14 and 14K, which currently produce about 8,000 barrels per day....
No Succession Plan Makes Sellers Ultra‑Motivated Negotiators
A seller with no succession plan Is the most motivated counterparty in any negotiation on earth
Vedanta Resources Mobilises $350 Million in Fresh Borrowing
Vedanta Resources secured a $350 million, 3.5‑year revolving credit facility from a consortium of six banks, including First Abu Dhabi Bank, Mashreq, Standard Chartered, Deutsche Bank and JPMorgan. The loan, priced at SOFR + 435 bps, will refinance existing maturities, fund interest payments and...
How You Can Take Advantage of Two Stock-Market Trends
The equal‑weighted S&P 500 has outperformed the cap‑weighted benchmark in 2026, breaking a decades‑long pattern of concentration in mega‑cap tech names that now comprise 19.4% of the SPDR S&P 500 ETF. Meanwhile, MSCI World ex‑USA and Emerging Markets indexes have posted double‑digit...
LinkedIn CFO Jumps to Atlassian
James Chuong, who has served nearly five years as LinkedIn’s chief financial officer, will become Atlassian’s CFO on March 30. His compensation package includes a $600,000 base salary, a 75% target bonus, a $22 million RSU grant and a $2 million signing...
Eric Avila Joins Siebert Williams Shank
Veteran public‑finance banker Eric Avila has joined Siebert Williams Shank & Co. as managing director and head of the Midwest region, bringing senior experience from Janney Montgomery Scott, Morgan Stanley, Samuel Ramirez & Co., and U.S. Bank. Siebert highlighted the hire as a catalyst to capitalize on...
Otello Corporation Share Buyback Program Status
Otello Corporation announced that its share buyback program, launched on 9 February 2026, has purchased a further 128,441 shares between 16 and 20 February at an average price of NOK 18.08, bringing the total repurchased shares to 273,954 at an average...
SmartCraft ASA (SMCRT) - Share Buy Back Result
SmartCraft ASA completed a share‑buy‑back on 20 February 2026, purchasing 4,166,666 shares at NOK 18 each, representing up to NOK 75 million of capital. The offer, run through a reverse book‑building process, reduced the free‑float and increased the company’s own holdings to 11,293,403 shares out...
J.P. Morgan Securities Fined $140,000 by FINRA
J.P. Morgan Securities LLC agreed to pay a $140,000 fine after FINRA found the firm violated MSRB Rule G‑32 and Rule G‑27. The violations involved inaccurate or incomplete Form G‑32 filings for 718 municipal bond offerings and late submission of 26 offering documents...
SFPI GROUP: Liquidity Agreement Report S2 2025
SFPI Group released its second‑half 2025 liquidity agreement report, detailing a €500 million financing package aimed at strengthening the company's cash position. The agreement introduces stricter covenants, including a minimum net‑debt‑to‑EBITDA ratio, and extends maturity to the fourth quarter of 2026....
Vistin Pharma ASA: Mandatory Notification of Trade
Vistin Pharma ASA reported that its Chief Executive Officer, Magnus Tolleshaug, bought 30,000 shares on 20 February 2026. The purchase was made at an average price of NOK 21.10 per share, raising his total holding to 105,000 shares. The transaction...
Lone View-Backed CargoSprint Acquires Dray Dog
Atlanta‑based CargoSprint, a cargo‑industry software provider, announced the acquisition of Dray Dog, a drayage‑focused platform. The deal is backed by Lone View, the venture firm that previously funded CargoSprint. By combining Dray Dog’s real‑time drayage capabilities with CargoSprint’s broader freight...
Prime Mortgages Secure a $321.2 Million RMBS From Goldman
Goldman Sachs has launched the GS Mortgage‑Backed Securities Trust 2026‑PJ2, a $321.2 million residential mortgage‑backed security backed by a pool of 255 first‑lien, fixed‑rate prime mortgages. The structure features a senior‑subordinate, shifting‑interest hierarchy with class A AAA‑rated notes and several lower‑rated tranches,...
Democratic Senators Press Bowman on Fed Changes
Democratic senators sent two letters to Fed Vice Chair Michelle Bowman questioning recent supervisory changes, including a 30% staff cut in the Fed's supervision arm and the removal of bank examiners at banks' request. They also demanded answers on her...
How an LP and a GP Are Approaching the Slower Exit Environment
In the inaugural episode of PEI Group’s "Commitment Issues" podcast, Children’s Health’s Yangge Seaman and Hg’s Steven Batchelor examine how limited partners (LPs) and general partners (GPs) are adapting to a slower private‑equity exit market. Both guests highlight a growing...
Louisiana Commission Approves $400M GOs
Louisiana’s State Bond Commission authorized up to $400 million in general‑obligation bonds, to be sold by competitive bid on April 16. The issuance will raise about $383.7 million, with roughly 67 % earmarked for state‑government capital projects, 26 % for local governments and the remainder...
Banks Fund Old‑school Businesses, Not Modern Ventures—Pitch Right
Banks won’t lend you money for: – A nightclub – A Shopify store – A crypto token But they’ll trip over themselves to fund: – A plumbing company with 30 years history – A logistics business with 5 contracts – A clinic throwing $500K/year The capital exists. You’re just...
EU Unveils “Savings and Investment Union” Capital Market Reform
The European Commission has launched another attempt to reform capital markets, rebranded as the ‘Savings and Investment Union’. https://t.co/UQ2DvCgG3f
Software Update: AI Saas Scare Haunts Capital Markets
Recent AI upgrades, notably Anthropic’s Claude Co‑worker agent, are unsettling SaaS valuations and complicating IPO plans for many software firms. The devaluation of SaaS‑related loans is eroding the collateral base of collateralised loan obligations, with similar pressures hitting chemical‑sector loans....
High-Yield Deals Are Testing the Market and Finding Demand
The high‑yield municipal bond market is heating up early in 2024, with $2.3 billion of speculative‑grade issuance recorded YTD, representing roughly 3.4% of total municipal issuance. Strong investor appetite and a tight primary‑market supply have driven several previously shelved deals back...
United, American to Inject $200 Million Into Brazil’s Azul
United Airlines and American Airlines have each pledged $100 million to recapitalize Brazil’s Azul as it emerges from Chapter 11, while existing creditors will contribute an additional $100 million. United’s cash will flow through a public equity offering and American will use warrant...