Private credit
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DCM Insider Weekly – 28th September 2026
M&A and AI driving DCM primary. $50 billion+ from Paramount Skydance. $10 billion+ deals from Sysco and SoftBank. High-yield starting to widen – risk this could…
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Data center and GPU financing – who will borrow, structures, and fee pools
Data center capex globally over 2027 and 2028 is likely to be over $2 trillion. At least $1 trillion of this likely to be funded with…
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Life at 5% – which borrowers refinance, which need a new structure, and who to call now
Rates have increased from 1% to 5% over the last 6 years. This will lead to defaults as some companies need to refinance, reduced activity in…
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DCM Insider Weekly – 21st September 2026
Multiple $10 billion+ deals. Issuers taking advantage of calm following FOMC decision – to get deals locked in. M&A and banks driving supply.
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The $100 billion+ per year Asia data center financing opportunity – as ByteDance raises $29.6 billion, TCS in $7.4 billion Indian data center campus deal
Asian data center financing is likely to grow rapidly. There is a large-scale opportunity for investors, bankers, lawyers and other debt capital markets participants.
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DCM Insider Weekly – 14th September 2026
Big market moves. 5% 10Y. $106 oil. Busy primary markets – issuers taking advantage of strong demand.
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Norway’s SWF $80 billion US Treasury reduction – a force for lower global credit spreads
Norges Bank Investment Management, the state manager of Norway’s sovereign wealth fund (the Government Pension Fund Global), sent a letter to Norway’s Ministry of Finance suggesting…
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Tight spreads meet rate risk as markets brace for September supply
Debt markets remain highly receptive to issuance as spreads tighten, but rising-rate risk, heavy September supply and covenant concerns leave disruption risks in focus.
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Tight spreads and rate risk set up a heavy September issuance window
Credit spreads are around 25-year lows as capital flows into debt markets, while rate, default and covenant risks leave issuers focused on the September window.
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A higher interest rate world – value creation from AI investment, tariffs, demographics, government spending