ADG 3/30: Stop and Shop
The JPMorgan‑led syndicate is trying to sell a $7.2 billion speculative‑grade bond package that finances Clayton, Dubilier & Rice’s leveraged buyout of Sealed Air. Investor demand has stalled at about $5 billion, forcing banks to raise coupons to 8.25‑8.5 % and price the notes at a 97.5‑cent original‑issue discount. The weak order book reflects a broader pullback in high‑yield financing, with primary loan launches falling to $35 billion in March, the slowest since the 2023 regional‑bank stress. Meanwhile, the Labor Department’s rule to allow private‑equity and crypto in 401(k) plans could eventually channel new capital to alternative‑asset managers.
ADG 3/18: Lost Horizon
Crypto exchange Kraken has put its planned IPO on hold, citing weak market conditions, after dismissing its CFO earlier this year. Meanwhile, a consortium of banks led by JPMorgan launched an $18 billion debt package to finance Electronic Arts’ $55 billion leveraged...
ADG 3/10: Baby in a Corner
Exxon Mobil announced plans to redomicile from New Jersey to Texas, citing protection from shareholder lawsuits. Nvidia revealed an open‑source AI‑agent platform, inviting partners like Salesforce and Cisco without mandating its chips. Goldman Sachs is marketing total‑return swaps and bespoke...