Direct lending may have benefitted from the resurgence in US private equity buy outs in the first half of the year, but there may still be a return to syndicated markets.

Bullish US companies are looking beyond historically high interest rates and tight lending standards when it comes to commercial lending.

A small three-month deal from one of the bond market’s most frequent issuers shows the potential for on-chain delivery versus payment in central bank money. But the obstacles to widespread use of blockchains remain.

New institutional investors are providing liquidity to longstanding Revolut employees and giving a valuation proof point to its stunning revenue and profit growth.

New transition bond includes step-down, as new ‘green infrastructure’ bond issued.

For years, India’s capital markets underwhelmed. Now, the country is the beating heart of IPO activity in Asia, with a raft of big-ticket stock listings expected in late 2024 and 2025. Fees are up, PE firms cannot buy assets fast enough, and global firms want to raise capital onshore.

Unable to sell companies or raise new funds, desperate private equity managers are funding distributions from debt at the portfolio level. That structurally subordinates limited partners. They don’t like it – and neither do regulators.

Huge international debt capital market issuance in September and October is forecast as investors may seek to take any US Treasury benefit through wider spreads.

A perfect storm – triggered by the Sahm Rule, AI-driven transactions and the unwinding of the yen carry trade – sent the Japanese and global stock markets on a wild ride. While the Bank of Japan gains more flexibility to raise rates after the unwinding, investors remain optimistic about the long-term prospects of Japanese equities.

India’s first international financial services centre was created by premier Narendra Modi in 2008. Today, Gift City is a flourishing hub near Ahmedabad in the country’s arid northwest. K Rajaraman, chair of the International Financial Services Centres Authority, tells Euromoney why the zone is vital to India’s financial and economic aspirations.

Buying Axa IM would be BNP Paribas chief executive Jean-Laurent Bonnafé’s biggest acquisition. It has been a long time in the making.

Six months into his job, Rafael Consing, president and CEO of MIF, explains the mandate, approach and targets of this newly launched sovereign wealth fund, as well as its potential to catalyze foreign investment and transform the country's energy and infrastructure sectors.

The Singapore state-owned fund has unveiled plans to invest $10 billion in India and to plough more capital into the US and Japan. At the same time, it is quietly retreating from China, once its largest investment market, but now beset by underperforming capital markets, weak growth and bleak consumption data.

France’s political and banking troubles obscure good momentum in Societe Generale’s corporate and investment bank. Yes, capital is constrained, but the bank says it is moving in the right direction.

The limitations of the Alternative Investment Market are forcing many companies to explore other sources of funding. Nevertheless, there is optimism that the market for small and medium-sized growth companies can be revived.

CEO Leandro Miranda tells Euromoney that the firm will use recently granted CVM license and secured deal mandates to raise equity.

Basel-endgame pushback has reduced the urgency for US banks to relieve capital, but investor appetite for significant risk transfer trades is spilling over to Europe.

Mamerto Tangonan, the deputy governor and head of the payments and currency management sector at the Bangko Sentral ng Pilipinas, tells Euromoney how southeast Asian countries are using advances in digital payments to revolutionize cross-border transactions.