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 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 to market, some pricing at multiple times their original size. Notable transactions include a $168 million Zeta Charter Schools bond that was 10‑times oversubscribed and a $634 million RiverSpring Health senior‑living deal that tested market depth. Despite the enthusiasm, buyers remain vigilant, keeping credit standards tighter than in recent years.
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...
Media M&A value surged to nearly $250 billion in 2025, more than double the prior year, even as deal count fell 10.1 %. The jump was anchored by two mega‑transactions: Netflix’s $82.7 billion acquisition of Warner Bros. Discovery and a $55 billion take‑private of Electronic Arts....
Novartis announced the sale of its majority stake in its Indian generics and prescription business to a private‑equity‑led consortium for $159 million. The transaction transfers control of a portfolio that includes both off‑patent generics and branded medicines to the buyers. The...
South Africa’s commodity surge—gold up 65% and platinum 125%—is fueling a boom on the Johannesburg Stock Exchange, with mining firms delivering double‑digit returns. The JSE’s recent rule changes, cutting shareholder approval thresholds from 75% to 50% and aligning disclosure standards,...
Australian superannuation giant Aware Super has created a new private markets division, appointing Jenny Newmarch as its head. Newmarch, previously the fund’s global head of private equity, will now oversee private equity, infrastructure and other alternative assets. She will report...
Plutus Partners, a Singapore‑based single‑family office, announced it will pursue opportunistic private‑equity investments worldwide. The firm plans to allocate capital across sectors where it can add strategic value and generate outsized returns. By operating without the constraints of a traditional...
Salesforce announced the acquisition of Momentum, a San Francisco‑based conversational‑insights platform, with the purchase price undisclosed. The transaction is slated to close in the first quarter of Salesforce’s fiscal year 2027, pending standard conditions. Momentum’s technology captures and structures data from Zoom,...
The episode examines Blackstone’s $3.05 billion CMBS refinancing of The Cosmopolitan in Las Vegas, highlighting the surge in high‑quality hospitality securitizations and the city’s enduring appeal to institutional investors. Guests Randy Plavajka and Shihao Feng explain how post‑pandemic destination resilience and a growing...
iFOREX listed on the London Stock Exchange at a £43.3 million valuation, equating to roughly 1.1× 2025 revenue and 19.4× earnings. The broker reported $55.1 million revenue and $3.0 million profit for the twelve months to June 2025, down sharply from its 2022 peak....
EY’s latest Private Equity Pulse shows sponsors are increasingly confident about 2026 exits after a resurgence in 2025. Trade sales rebounded sharply, driven by pent‑up strategic demand and stronger board‑level conviction. In total, U.S. firms recorded $481 billion of sales to...
The episode examines whether hiring M&A advisors adds value for mid‑market business owners, citing a Harvard‑referenced study that finds sellers who use professional advisors achieve roughly a 25% higher valuation premium. It outlines how advisors boost deal outcomes by leveling...
Host Hotels & Resorts (HST) announced the sale of its Four Seasons Resort Orlando and Four Seasons Jackson Hole for a combined $1.1 billion, translating to roughly $1.9 million per room key. The deal provides a fresh multiple benchmark for luxury hotel...
Macro: HSBC trims ~10% of US DCM in broader $1.8bn cost overhaul and pivot to Asia/Middle East. Key factors: management cuts, M&A/ECM pullback. Risk: execution/credit cycles. Trade: favor Asian bank equities. — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
US GDP: A gauge of underlying domestic demand—real final sales to private domestic purchasers (GDP less inventory change, net exports, and government spending)—grew at a 2.4% annualized rate in Q4 https://t.co/XefZvVp18v
CapitaLand Investment reported a S$142 million H2 2025 loss, largely due to a drag from its China portfolio, while teasing a possible merger with Mapletree Investments. The combined entity could command roughly S$200 billion in assets, creating a headline‑grabbing real‑estate behemoth. However, the...
M&T Bank’s Wilmington Trust subsidiary is defending a New York lawsuit alleging it failed to fulfill custodial duties for several Tricolor‑related trusts. Plaintiffs claim the bank breached contracts and fiduciary obligations, seeking unspecified damages, interest and fees. M&T reports that...
In this episode the hosts walk through a discounted cash flow (DCF) valuation of Tesla, Inc., outlining their assumptions—a 10% discount rate, 3% terminal growth, and projected free cash flows rising from $6.5 B in 2025 to $10.5 B in 2029. The...
TIP Solar, backed by GoodLeap’s residential solar leases and PPAs, has issued $179.7 million in asset‑backed securities. The ABS are collateralized by 7,812 leases held by Jaguar Solar Owner 2026‑1 and structured into A‑ and B‑tranches with anticipated repayments through March 2033 and...
The guide breaks down how recent graduates can land a coveted M&A analyst role, outlining core responsibilities such as valuations, research, and memorandum preparation. It details the educational background most banks prefer, from finance and economics to engineering, and recommends...
Global Payments reported fourth‑quarter net revenue of $2.3 billion, a 6 % year‑over‑year increase, while net income fell to $217.5 million, missing consensus forecasts. The results sparked a 13 % surge in the stock as the company completed its Worldpay acquisition and announced a...
The latest "New Faces of Finance" roster spotlights emerging finance professionals who credit hands‑on experience as the catalyst for their rapid advancement. Each profile details a blend of early‑stage operational roles, mentorship, and digital fluency that propelled them into senior...
NewHold Investment Corp. IV (NHIVU) has filed a Form S‑1 to raise $175 million through an initial public offering, positioning itself as the latest special purpose acquisition company targeting a merger within the technology sector. The filing, submitted on Feb 19 2026, lists...
YETI Holdings announced that Scott Bomar, a two‑decade Home Depot finance veteran, will assume the CFO role on Feb. 23, also serving as treasurer and principal accounting officer. Bomar’s compensation package includes a $725,000 base salary, a $500,000 sign‑on bonus and significant...
BioVentrix, a Massachusetts medtech firm developing the Revivent heart‑failure system, filed an IPO prospectus on Feb. 12, targeting a Nasdaq listing under BVXX. The company estimates a $10 billion valuation in the U.S. and $16 billion globally. Revivent, a minimally invasive LV reconstruction...
Grøntvedt AS has released its draft 2024 annual financial statements and simultaneously announced a restructuring initiative aimed at recapitalising the group. The proposal, presented to bondholders of the NO0013107474 issue, was crafted with an ad‑hoc committee representing over half of...
Finance chiefs report mounting board pressure to adopt AI, mirroring similar urgency in the securitization sector. ABS leaders, like Vervent’s David Johnson, argue AI adoption must deliver speed, transparency, and control, enabling faster tape‑to‑trade cycles, cleaner data, and scalable compliance....
He made $4B for his old firm and $900M for himself. Then sued to break a noncompete—and launched a hedge fund that gained 20% in year one.
🚨NEWS: Moelis has been retained to sell Wasserman, source tells Sportico. Moelis has been active in the space. Presided over, among others, Goldman buy of Excel Sports and Athlete’s First sale to General Catalyst.
Mergers and acquisitions in 2026 are being reshaped by several converging forces. Artificial intelligence is streamlining due‑diligence, while ESG considerations are increasingly factored into valuations and integration plans. Cross‑border activity is surging, especially in Asia‑Pacific, and private‑equity firms are expanding...
Multi‑currency collateral agreements create optionality that requires discounting with a cheapest‑to‑deliver (CTD) curve. While Monte‑Carlo simulation can price this exactly, it is computationally heavy. Researchers propose an analytic approximation that combines the Clark algorithm and Gauss‑Hermite quadrature, delivering near‑Monte‑Carlo accuracy...
The article curates five must‑read M&A titles, ranging from the classic leveraged‑buyout saga *Barbarians at the Gate* to the modern, process‑driven *Agile M&A*. It highlights each book’s unique angle—deal psychology, agile execution, deep valuation, strategic analysis, and comprehensive integration guidance....
Mergers and acquisitions are fundamentally change initiatives, yet many firms neglect dedicated change management. Appointing a specialized change manager transforms integration from ad‑hoc tasks into a value‑creation engine, especially after the deal closes. A proven methodology—interviews, surveys, reporting, action plans,...
Janus Henderson has launched a new CLO exchange‑traded fund that targets AA to A‑rated CLO tranches, offering a modestly higher expected return than its existing AAA‑focused CLO ETF. The product is designed specifically for institutional investors seeking greater yield without...
Finian O'Shea of Wells Fargo just asked this question on this morning's $OBDC conference call and mgmt confirmed nothing behind the scenes, no bonus economics or shenanigans behind the $1.4bn private credit loan sale at par value to 4 institutional...
Private equity deal value surged to $2.6 trillion in 2025, a 19% increase over 2024 and the second‑largest total on record. The total number of deals fell 9%, continuing a post‑2021 decline in transaction volume. Holding periods have stretched, with the...
The article introduces the market implied discount rate (MIDR) as a forward‑looking alternative to the traditional weighted average cost of capital (WACC). Using S&P Capital IQ data on the S&P 500, it shows that MIDR often diverges from WACC, with energy...
Remitly announced Sebastian Gunningham, a former Santander Consumer Finance chair with executive experience at Amazon, Apple and Oracle, will become its chief executive on Thursday. Co‑founder Matt Oppenheimer will transition to board chair as the company reported a strong 2025...
Anthony Escamilla, CFO of Protos Security, says the modern CFO has morphed from a budget keeper into a strategic leader who oversees finance, data analytics, technology, risk and even operational functions. He highlights the accelerating pace of decision‑making, with stakeholders...
A private‑equity roll‑up consolidates multiple small firms in fragmented industries to create a larger, more efficient platform. The strategy hinges on selecting sectors with stable cash flows, acquiring a platform company, and adding bolt‑on targets while standardizing operations. Benefits include...
Klarna posted a record fourth‑quarter revenue of just under $1 billion, a 38% year‑on‑year rise, while gross merchandise volume hit $38.7 billion, up 32%. Active customers grew to 118 million, and the firm continued its push to become a full‑service bank. Despite the...
JM Financial Asset Management has launched a ₹1,500 crore pre‑IPO Alternative Investment Fund (AIF) under SEBI’s Category II, marking its entry into the pre‑IPO investment space. The fund will invest in companies slated to go public within the next 18 months, leveraging...
Macquarie has highlighted two key risks in PhonePe’s upcoming IPO: elevated Employee Stock Ownership Plan (ESOP) expenses that compress EBITDA margins, and a heavy reliance on a few revenue streams that could be hit by regulatory shifts. The broker estimates...
Carlyle’s Taj Sidhu expressed optimism about Europe’s private‑debt market, citing strong borrower resilience and attractive financing conditions. He highlighted low‑interest‑rate environments and a growing pipeline of mid‑market deals as catalysts for continued asset growth. Meanwhile, Configure’s latest M&A snapshot described...
eBay announced a $1.2 billion cash acquisition of Depop, the mobile fashion resale platform, from Etsy. Freshfields LLP is advising eBay, while Fenwick & West represents Etsy. The deal aims to strengthen eBay’s appeal to younger, Gen‑Z shoppers and expand its...
Getty Images announced a $3.7 billion acquisition of Shutterstock, aiming to create a global leader in stock photography. The UK Competition and Markets Authority (CMA) has issued a provisional assessment that the merger could restrict the supply of editorial images in...
SEC Chair Paul Atkins used a Texas A&M law symposium to unveil a second wave of securities‑litigation and disclosure reforms. He urged Texas to consider "loser‑pays" fee‑shifting bylaws and to permit mandatory arbitration provisions for corporations incorporated under state law....
PhonePe dominates UPI transaction volume with a 51% market share, while Paytm commands only 6% but leads merchant‑payment monetisation. Paytm’s merchant device network and loan services generate higher margins—about 9 basis points versus PhonePe’s 4—resulting in ₹38.6 billion revenue and ₹2.8 billion...
Regional banks with $10‑$100 billion in assets leveraged mergers and acquisitions to outpace the broader market in 2025, boosting core deposits by more than 8% versus the industry’s 4% average. The 27 midsize lenders that completed deals saw a collective 29%...
Brookfield Asset Management announced the formation of a dedicated team to pursue 401(k) investment opportunities. The move follows a 40% increase in the firm’s private‑wealth capital‑raising last year, underscoring strong fundraising momentum. By targeting retirement‑plan assets, Brookfield aims to broaden...
