Know What's Happening in Investment Banking
Know What's Happening in Investment Banking
SpaceX eyes $5B Saudi anchor investment ahead of $75B IPO plan
SpaceX is in talks with Saudi Arabia’s Public Investment Fund for an anchor stake worth about $5 billion. The funding would support a planned IPO targeting roughly $75 billion, which would dwarf previous record offerings. The PIF, currently holding just under 1 % of SpaceX, seeks the new stake to avoid dilution.
The NEXUS conference highlighted a tightening deal pipeline at Goldman Sachs, dubbed the “Goldman handful,” as the firm scales back mid‑market transactions. Speakers warned that a wave of “zombie” companies—firms surviving on low‑interest debt—could strain private‑equity exits. Market participants noted rising capital scarcity and heightened scrutiny of leverage ratios. The event concluded that investors must pivot to resilient sectors and tighter underwriting to navigate the looming credit‑risk environment.
In just 12 months, private credit went from red hot to ice cold One year ago, the average BDC traded at a +6.2% premium to NAV Now, the average BDC trades at nearly a -20% discount to NAV, a level only exceeded...
As noted in Axios Pro Rata: OpenAI expected to add another $10 billion to the round, which would bring it to $120b at an $850b post-money valuation. Would be from sovereigns and other fin investors (including existings). https://t.co/xDMSkiZRiR
Sri Lanka’s DFCC Bank has issued its inaugural LKR 3 billion blue bond and secured a dual listing on the NSE International Exchange (NIX) at GIFT City, marking the first blue bond to trade within India’s IFSC jurisdiction. The bond, originally listed...
Today's M&A notes $NATL to be acquired by $BCO for $30.00 cash + 0.1574x shares, 22.6% premium, $6.6 billion $KORE to be acquired by Searchlight Capital / Abry Partners for $9.25 cash per share, 132.4% premium, $726 million $RNA / $NVS deal closed https://t.co/J7D2HirSUh
Dash0, an AI‑native cloud‑monitoring platform founded in 2023, is in talks with Balderton Capital to lead a new funding round that would value the company at $1 billion, elevating it to unicorn status. The New‑York‑based startup, which retains a strong operational...
Banks are confronting a financial‑crime threat that evolves faster than their compliance training cycles. The profession suffers from a thin talent pipeline, with most hires arriving mid‑career and no standardized academic path. Current training is static, annual, and siloed, while...
XED Executive Development Ltd is launching the International Financial Services Centre’s first equity IPO from GIFT City, opening on March 6 and closing on March 18. The $12 million, dollar‑denominated offering will list on NSE International Exchange and India‑INX, with a price band...
Stellar’s CEO warns banks that choosing between private and public blockchain infrastructures will create lasting path dependencies. With the tokenized real‑world‑asset market valued around $33 billion, banks are already piloting blockchain‑based settlement and fund tokenization. The article outlines three critical questions—who...
Astorg announced that Edouard Pillot, co‑head of its mid‑cap private‑equity team, will depart the firm. Lionel de Posson, Pillot’s fellow co‑head, will assume sole leadership of the mid‑cap unit. The change follows an internal restructuring aimed at streamlining decision‑making. Astorg...
Private equity firms are intensifying focus on hospice care platforms, with five notable deals reported this quarter. Kinderhook, Renovus and Revelstoke are among the investors leading the charge, targeting fragmented providers to build scalable platforms. The surge reflects broader demographic...
Apollo Global Management has taken a significant write‑down on its flagship credit fund as loan‑level stress surfaces across its portfolio. The move mirrors similar distress signals from KKR’s FSK fund and Blackstone’s private‑credit vehicle, which also marked down troubled loans....
Vietnam aims double‑digit economic growth, but banks face loan‑to‑deposit caps and high debt ratios, limiting credit expansion. Capital markets are positioned to provide long‑term funding, improve transparency, and diversify financing sources. By the end of 2025 the stock market topped...
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...
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...
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,...
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 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...
New: Generate caps a strong month for #biotech IPOs with $400M offering https://t.co/HzslZOPcwM by @gwendolynawu $GENB $AZN $AMGN #IPO
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...
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 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 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...
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 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...
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....
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, 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...
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...
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...
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...
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 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...
How is Wall Street simultaneously afraid of too much AI and not enough AI? 👇
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.
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...
Here’s what I wrote back in December, the day after the Netflix deal with WBD was announced: https://t.co/aiNBd98ACC
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
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...
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."
WBD says Paramount bid > Netflix. Mr Sarandos, the ball is now in your court.
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...
*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
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.
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...
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
$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.
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
