All Markets
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UK announces 2027 first G7 digital sovereign bond – a benchmark towards global DLT bonds at scale
Issuance of a DLT bond by a G7 sovereign could be a major milestone towards relatively rapid digitisation of bond markets.
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The Iran war is a wildcard – issuers and investors might want to de-risk
It is difficult to predict the outcome of this complex situation. For credit issuers and investors, this outcome is outside their control…
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Aston Martin bondholders including BlackRock, Sculptor and Arini form creditor group to protect against LMEs
The bondholders are reported to have entered a cooperation agreement that binds investors to act together during restructuring negotiations.
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BBVA closes another €2 billion SRT synthetic securitisation – using this tool at scale to free up capital
This is BBVA’s fourth project finance SRT. SRT transactions are growing rapidly in Europe and becoming a highly effective tool for banks…
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Retail private credit funds gate redemptions again – adverse selection risk from selling the best assets first
There is a risk that some funds will sell their best, most liquid assets first, leaving behind a deteriorating credit quality portfolio.…
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Amazon locks in another $25 billion in the AI cash race – bringing its total bond issuance to over $100 billion since the start of last year
Amazon issued bonds totalling $25 billion yesterday. The deal showed weaker investor demand than its previous issue – with investors possibly starting…
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AI credit keeps printing – risks are demand saturation, concentration, and unknown unknowns of a new paradigm
There are questions about concentration and correlation risk. AI-related companies are clearly using the money for something that adds value to the…
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HSBC pulls back from private credit. Reduced back-leverage will change the nature of the private credit industry for LPs, GPs and issuers
Lower back-leverage means lower returns in good markets and lower performance fees. The big implications: i) private credit spreads offered to issuers…
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Weaker than expected payrolls figures slightly change the rates markets’ expectation
June non-farm payrolls were 57,000, which was lower than expectations. This slightly changes the consensus, which was that the economy was doing…
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Synthetic risk transfer trades spreading – Singapore’s largest bank DBS does first Singapore SRT at US$1 billion.
Synthetic risk transfer (SRT) trades have grown rapidly in Europe and the US. They are now expanding in other regions.