Today's Investment Banking Pulse
Autodesk to acquire MaintainX for $3.6B, expanding into operations software
Autodesk announced an all‑cash $3.6 billion purchase of MaintainX, a mobile‑first maintenance and operations platform. The transaction is funded with cash on hand, new debt and includes a $150 million restricted‑stock grant to retain staff. CEO Andrew Anagnost said the deal unlocks a $40 billion addressable market and extends Autodesk’s portfolio beyond design into building operations.
Also developing:
By the numbers: Credit Agricole raises $670M via Samurai bond issuance
RBI's Benchmark Issuance Strategy to Boost Transparency, Liquidity in SDL Market: Experts
The Reserve Bank of India will pilot a Benchmark Issuance Strategy (BIS) for select states starting FY27. Under the scheme, states will issue State Development Loans in fixed tenor buckets—5, 10 and 15 years—according to a pre‑announced borrowing calendar, creating larger benchmark bonds. Experts say the approach should enhance price discovery, liquidity and transparency while aligning state debt with the central government securities framework. However, spreads remain elevated at 0.65‑0.75% over comparable government‑security rates, and sustained compression will depend on stronger demand and secondary‑market depth.
ADB Issuing Its First Parametric Catastrophe Bonds, for Kyrgyz Republic & Tajikistan
Asian Development Bank is issuing its inaugural catastrophe bonds, offering two separate $75 million notes to the Kyrgyz Republic and Tajikistan. Each bond provides multi‑year parametric coverage for earthquake and extreme precipitation events, with $65 million earmarked for earthquakes and $10 million for...
Secured Debt at Distressed Spreads with Billions in Liquidity Behind It
A holding company with billions of dollars in cash and asset value has issued a secured bond that is trading at distressed spreads, more than 600 basis points over Treasuries. Despite the wide spread, every bond maturing since 2023 has...
SpaceX‑linked Lawsuit over $843 M Stake Could Shape Profit Split for Upcoming IPO
Trellis Software is suing ClearList Holdings over a disputed $843 million stake in SpaceX shares, arguing the investor is trying to squeeze it out before the rocket maker's anticipated IPO. The case could set a legal benchmark for how minority owners...
NDB Pushes Yuan‑denominated Financing, Sells $3.6 Bn in Panda Bonds to Boost Global South Projects
The New Development Bank (NDB) announced a push for yuan‑denominated funding, having sold 25 billion yuan ($3.6 bn) in panda bonds last year – its biggest issuance since 2016. The move aims to give Global South projects cheaper, locally‑hedged capital and to...
Trust Is the Only Question Clients Really Ask
19 written questions. That's what a client brought to our meeting. But they were all asking the same thing: Can I trust you? Here's what that revealed about financial advisory.
Geely-Backed eVTOL Maker Aerofugia Begins Pre-IPO Tutoring for China's A-Share Listing
Aerofugia Technology, the Geely‑backed eVTOL developer, has signed a tutoring agreement with CSC Financial to prepare for a Shanghai STAR Market IPO. The move follows a February funding round that raised nearly 1 billion yuan (≈ $146 million). The company recently rolled out the...
Private-Equity Fundraising Falls to Slowest Pace in a Decade
Private‑equity fundraising in Q1 2026 totaled $86 billion, marking the slowest pace in a decade. The figure trails the already weak $423.4 billion raised across 2025, suggesting a continued contraction. Market turbulence in private‑credit and software sectors, coupled with heightened geopolitical risk...
Unilever’s $45bn Deal, Berkeley & Tech: Companies and Markets Show:
The episode dissects Unilever’s £45 billion (≈ $55 billion) spin‑off of most of its food portfolio to McCormick, highlighting the complex deal structure that leaves Unilever with a 55% stake in the enlarged McCormick and a 10% share it must sell down, creating...
OpenAI, SpaceX Deals Echo Localized ZIRP Phenomenon
OpenAI buying a podcast for a few hundred million and SpaceX IPOing for a $2 trillion feels like a wierdly localized form of ZIRP. https://www.wired.com/story/openai-acquires-tbpn-buys-positive-news-coverage/
Q1 2026 Dim Sum Issuance Rises 14% to 400bn Yuan
Caixin: "For the first quarter of 2026, dim sum issuance totaled nearly 400 billion yuan, up 14% from a year earlier." https://t.co/yksX2koWPr
Malaysian Billionaire Jeffrey Cheah Urges IJM’s Shareholders to Assess Sunway’s $2.7B Takeover Bid Objectively
Sunway Group, led by billionaire Jeffrey Cheah, has lodged a RM11 billion (≈US$2.7 billion) cash‑and‑share offer to acquire builder IJM. The proposal values each IJM share at RM3.15 (≈US$0.68), with 10% paid in cash and the remainder in newly issued Sunway shares. So...
Bithumb Postpones IPO Plans as Crypto Exchanges Hit Pause Amid Geopolitical Uncertainty
Bithumb has postponed its IPO until after 2028, extending previous timelines that aimed for a 2025‑2026 debut. The delay follows a $43 billion Bitcoin transfer error that triggered regulatory fines and a temporary suspension of operations. Executives are now focusing on...
Two Solid ‘Yes’ Votes for Echo Global’s Acquisition: Moody’s and S&P
Echo Global Logistics’ acquisition of ITS Logistics has earned solid endorsements from Moody’s and S&P Global Ratings. Both agencies kept Echo’s B‑/B3 rating unchanged but upgraded the outlook to positive, signaling potential future rating improvements. The combined entity is projected...
Gallo Finalizes Acquisition of Four Roses Bourbon From Kirin Holdings
E&J Gallo Winery announced the completion of its acquisition of Four Roses Bourbon from Kirin Holdings, finalizing a deal valued at up to $775 million. The transaction marks the first time in 83 years that Four Roses will be U.S.-owned, adding...
Entertainment and California Regulators Push Back Against Warner-Paramount Merger
Warner Bros. Discovery shareholders will vote on a $110 billion acquisition by David Ellison’s Paramount Skydance, a deal that would unite two historic Hollywood studios. California Attorney General Rob Bonta has launched an antitrust review, questioning the fairness of a federal investigation...
The Fight Is On For A Stake In TAP Air Portugal
Portugal's state-owned holding company Parpublica received non‑binding offers from Air France‑KLM and Lufthansa Group for a 44.9% minority stake in TAP Air Portugal, plus a 5% employee tranche. The government set an April 2 deadline and expects a preferred bidder to...
Sample Due Diligence Report: Structure and Best Practices
Due diligence reports compile financial, legal, operational, and commercial data to help executives evaluate merger, acquisition, or investment deals. Using a pre‑designed template accelerates data gathering and ensures critical sections—executive summary, company overview, deal details, and risk assessment—are not omitted....
#58710
ZIM Integrated Shipping Services Ltd. will hold a shareholder vote on April 30, 2026 to approve a merger with Norazia (Israel) Ltd., a subsidiary of Hapag‑Lloyd AG. If the deal closes, each ZIM ordinary share converts into a $35.00 net cash payment,...
All Roads Lead to Sysco.
Sysco Corp. completed a $29 billion acquisition of Restaurant Depot, merging the nation’s largest on‑site delivery distributor with the leading cash‑and‑carry wholesaler. The combined entity now serves roughly 750,000 foodservice establishments, effectively controlling the majority of both delivery and in‑store purchasing...
Inside The New Rules Of Home-Based Care Dealmaking
Home‑based care M&A is moving away from the old playbook of rapid, scale‑driven deals toward a more disciplined, data‑rich approach. Buyers now scrutinize billable hours, caregiver KPIs, payer mix and AI technology stacks, while cultural compatibility has become a decisive...
HELOCS Trust: Presale Report
On April 2, 2026, DBRS Limited (Morningstar DBRS) issued provisional credit ratings for the Real Estate Secured Line of Credit‑Backed Notes, Series 2026‑1AP, to be issued by HELOCS Trust. The securities are structured as residential mortgage‑backed securities (RMBS) backed by real‑estate secured lines of...
Big Tech And AI Power Record $10B+ M&A Deal Surge To Start 2026
Despite geopolitical turbulence, global M&A activity surged in Q1 2026, topping $1.2 trillion in value. Deal count fell 17% year‑over‑year, but average size rose, with 22 transactions exceeding $10 billion—a quarterly record. AI‑related equity stakes drove four of the six largest deals,...
Pavillion Mortgages 2026-1 PLC: Presale Report
DBRS Ratings Limited issued provisional credit ratings for the seven note classes of Pavillion Mortgages 2026‑1 PLC on April 2, 2026. The senior A1, A2 and B tranches received AAA ratings, while the lower C, D, E and F tranches were assigned A, BBB,...
Tower Operator SBA Communications Is Exploring a Potential Sale
SBA Communications, a leading tower operator with over 46,000 sites, is weighing strategic alternatives after receiving preliminary takeover interest from large infrastructure funds. The company’s enterprise value stands at roughly $37 billion, including debt, while its market cap is about $21.6 billion...
Related, Oracle Finalizing $16B Data Center Financing Deal
Oracle is close to finalizing a $16 billion financing package for Related Digital’s massive data‑center campus in Saline Township, Michigan, which will be leased to the tech giant under its Stargate AI partnership with OpenAI. The deal comprises a $2 billion equity...
Globalstar Stock Rises on Amazon Deal Report. Why Apple Could Scuttle the Launch.
Globalstar (GSAT) stock surged roughly 13% after reports that Amazon is negotiating to acquire the satellite‑communications operator. The deal would give Amazon a low‑Earth‑orbit broadband platform, bolstering AWS and positioning it against rivals such as SpaceX’s Starlink. Analysts caution that...
OCIC Redemption Spike Covered by Quarterly Tender Liquidity
Blue Owl's non traded BDC, OCIC, received redemption requests for 21.9% of the fund. Is it cooked? No, it'll be fine. Here's why: 1) Portfolio turnover and 5% quarterly tender - OCIC tenders for 5% of its fund each quarter (20% per annum),...
SpaceX IPO at $1.75 Trillion... Can It Be Justified?
SpaceX is reportedly preparing an initial public offering that would value the company at roughly $1.75 trillion, dwarfing any previous aerospace listing. The filing, disclosed by Reuters, suggests the rocket maker aims to raise billions to accelerate Starship development and its...
Macro Matters: The Auto ABS Landscape With BI’s Chadehumbe
In this episode, Bloomberg Intelligence ABS strategist Rod Chattagumbe discusses his newly released Auto ABS Primer, highlighting that auto ABS spreads have compressed to below their five‑year average and now appear relatively rich. He explains that strong upgrade‑to‑downgrade ratios—154 upgrades...
JP Morgan's Pool of Hybrid Mortgages Backs $349.2 Million in RMBS
JP Morgan has launched a $349.2 million residential mortgage‑backed security (RMBS) backed by a pool of 244 hybrid adjustable‑rate mortgages. The JP Morgan Mortgage Trust 2026‑HYB1 uses a modified sequential repayment waterfall, diverging from the conventional senior‑subordinate, shifting‑interest structure. The securities are...
Transaction in Own Shares
Shell plc announced on 2 April 2026 that it repurchased 858,749 shares for cancellation across four European venues as part of its on‑ and off‑market buy‑back programme. The UK‑listed portion (405,064 shares) was bought on the LSE, Chi‑X and BATS at an...
It’s All Debt to Me
Professor Kate Elengold’s paper “It’s All Debt to Me” maps the fragmented U.S. debt‑law landscape across public‑vs‑private and voluntary‑vs‑involuntary axes, revealing why four borrowers each owing $15,000 face markedly different legal outcomes. The framework visualizes how statutes, case law, and...
Loans in Focus: Cheyne Issues €288.6m in Paris; London’s Olympia Receives £925m Refinancing; CTP Secures Loan for Vietnamese Expansion
Cheyne Capital has extended a €288.6 million loan to fund a value‑add reposition of a Parisian property, while Deutsche Bank refinanced London’s Olympia tower with a £925 million (≈€1.1 billion) secured loan. SMBC led an Asian lender consortium to provide CTP, a logistics...
Emirates NBD Gets RBI Nod to Acquire up to 74% Stake in RBL Bank
Emirates NBD has secured Reserve Bank of India approval to acquire up to 74% of RBL Bank’s paid‑up share capital, with a mandatory minimum holding of 51%. The deal, valued at roughly $3 billion for a 60% controlling stake, triggers a...
Amazon in $9‑11 B Talks to Acquire Globalstar, Escalating Satellite Broadband Race
Amazon is negotiating a purchase of Globalstar valued between $9 billion and $11 billion, a move that would bolster its Leo low‑Earth‑orbit constellation and directly challenge SpaceX’s Starlink. The deal faces a hurdle: Apple’s 20% stake in Globalstar, which will require separate...
Black Hills Corp. And NorthWestern Energy Shareholders Approve Merger Proposals
Black Hills Corp. (NYSE: BKH) and NorthWestern Energy (NASDAQ: NWE) received shareholder approval for their all‑stock merger, creating Bright Horizon Energy Corp. The combined utility will serve roughly 2.2 million electric and gas customers across eight states. Closing is expected in...
Intel to Repurchase Apollo’s 49% Stake in Fab 34 for $14.2 Billion
Intel announced it will repurchase Apollo Global Management’s 49% stake in its Leixlip, Ireland Fab 34 for $14.2 billion, using existing cash and about $6.5 billion of new debt. The move restores full control of a key EUV‑enabled facility and lifted Intel shares...
OpenAI Secures $122 Billion Funding, Hits $2 B Monthly Revenue, Shifts Toward Enterprise AI
OpenAI closed a $122 billion funding round at an $852 billion valuation and announced $2 billion in monthly revenue, with enterprise now accounting for over 40% of sales. The raise, led by Amazon, Nvidia and SoftBank, fuels a new enterprise‑focused model dubbed “Spud,”...
Deep Discounts Drive High Redemption Tenders in Blue Owl Funds
Blue Owl Credit Income (OCIC) with 21.9% tendering for redemption and Blue Owl Technology Income (OTIC) with 40.7% tendering for redemption makes sense as both have publicly-traded "sister" funds that trade at large discounts to NAV: Blue Owl Capital $OBDC trades...
600
She dropped a 600-word equity research note in 2007. It erased $369B in market cap, ousted a CEO, and made her a Wall Street legend.
Ares Raises Combined $5.4 Billion for U.S. and Europe Value-Add Real Estate Strategies
Ares Management announced it has raised roughly $5.4 billion in aggregate capital for its U.S. and European value‑add real estate strategies, closing US Real Estate Fund XI at a $3.1 billion hard cap and European Property Enhancement Partners IV at $1.9 billion. The combined...
SpaceX's IPO Valuation Skyrockets at Astronomical Multiples
SpaceX trying to go public at 80x forward sales, 500x forward earnings, and 125x forward EV/EBITDA multiple https://t.co/rk6SKuODJy
Space Stocks Rally Ahead of Anticipated SpaceX IPO
Space sector seems to be heating up in anticipation of SpaceX IPO. Buy the rumor sell the news? https://t.co/sbYe78s3xY
SEBI Proposes Return of Open-Market Share Buybacks via Stock Exchanges
The Securities and Exchange Board of India (SEBI) has proposed reinstating open‑market share buybacks through stock exchanges, adding the method to the existing tender‑offer and book‑building routes. The proposal, open for comment until April 23, changes the tax treatment so that...
Predictive AI Nailed 731 Deals, Beating the Market
Crunchbase called it. In March, our predictive intelligence confirmed 731 predictions. We flagged Granola’s $125M round months early and RIVR as an acquisition target before Amazon made it happen. Not guesswork. Powerful predictions that give you an edge. 🔮 https://t.co/ykNPWspQ8D
Essential First Steps Before Buying a Business
LIVE - Buying a Business? What You NEED to Know First with Chris Papin https://t.co/2ry1qMoroe
Ladder Capital Provides $30M Refi for Midtown Manhattan Office Building
MJ Orbach Associates secured a $29.5 million refinancing loan from Ladder Capital for its 176,000‑square‑foot office building at 260 West 39th Street in Manhattan’s Garment District. The loan was arranged by Arrow Real Estate Advisors, whose team highlighted Ladder’s focus on the asset’s strong...
Medallia Loan Collapse Erases $5.1B Equity, Media Silent
Medallia loan value continues to decline, with latest marks at 69. With the term loan in distress, the $5.1 billion of equity has certainly been vaporized. This -100% private equity loss surpasses any private credit loss by an order of magnitude. Where's...
Cybersecurity M&A Roundup: 38 Deals Announced in March 2026
In March 2026, thirty‑eight cybersecurity‑focused M&A deals were announced, marking a rapid acceleration in the sector. The month’s headline transactions include Google’s $32 billion closure of the Wiz acquisition, Zurich’s $11 billion purchase of Beazley, and a series of AI‑security buyouts such as...