Bonds
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Hundreds of billions of dollars of AI-infrastructure debt might need re-analysis after surprise release of open-weights (free-to-use) model Kimi K3
This top-tier model being made freely available to use changes the “stories” we use about how the future will unfold for AI providers
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Investment banks raise over $30 billion last week – as deregulation gives us bigger banks
Banks lock in over $30 billion in bond sales this week – as deregulation drives growing balance sheets.
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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 and their credit underwriting…
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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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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 to get saturated with…
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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 economy – but the…
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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 very well and inflation…
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Credit markets might be too positive – possibly good window for issuers and investors
Credit markets might be too positive with spreads close to 25-year lows. Might be a good opportunity for issuers and investors.
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NVIDIA’s $25 billion deal shows excellent markets for issuers
NVIDIA issued a $25 billion bond deal. It got $85 billion of orders for the deal. Spreads were also meaningfully tightened during the book build.