Private credit funds are committing more to specialist non-bank lenders such as iwoca, seeing big potential in small business credits, even if NPLs are set to climb.

Some leading FX banks have struggled to stay competitive in forwards, swaps and swaptions thanks to SA-CCR rules, but compressing portfolios helps.

While big US banks edge slowly towards exchange-like trading of loans, a group of market veterans have tested a system in Asia and will soon launch in Europe.

Appetite for corporate issuance remains robust as investors dismiss recession fears and take on credit exposure.

Initial public offerings by Chinese firms are Hong Kong’s lifeblood, yet they were rarer than hen’s teeth in 2022. For deal flow to return, China must open up. Buckle up: things could get bumpy.

As Europe’s economic mood sours, a sharp rise in interest rates is putting commercial real estate through its first big cyclical turn since 2008. The non-bank sector, which has become a vital enabler of funding at higher leverage, now faces a test of its resilience.

A new study attempts to quantify the damage of 2022 for sovereign wealth funds. Beneath the numbers are tumultuous levels of deal activity, as funds tried to take advantage and position for the long term.

With broadly syndicated markets largely shut and CLOs facing formidable challenges, leveraged finance has had a tough year. It has been a story of big hung deals and a market that is even more reliant on credit funds than before. With little clarity over when interest rates will peak, let alone start to fall, how will participants manage their way through the turmoil?

Sovereign wealth and pension funds have poured into private and illiquid asset classes over the last 10 years.

The ECB is barely half way through raising rates. Quantitative tightening will further raise the cost of debt in 2023, and is set to test bond market capacity.

The Middle East’s capital markets were awash with plus-sized IPOs in 2022, with a growing belief in its future.

Local flows to fixed income and equity redemptions limit ECM liquidity.

Noor Sweid, founder of Global Ventures – a young Dubai-based venture capital fund with $200 million of AuM – sees company founders with great businesses starved of finance.

Maharlika Investments Fund looks like it will be a development vehicle that takes Indonesia for inspiration.

China Investment Corporation’s annual reviews are always out of date, but they provide clues to what is happening now.

Societe Generale and AllianceBernstein may look like an equities odd couple. Leveraging Societe Generale’s derivatives franchise is key to the new joint venture, as is maintaining AllianceBernstein’s reputation for independence.

Sovereign wealth funds have swamped private markets over the last decade, but there are questions whether the pace of investment can continue.

A groundbreaking repo facility for African sovereign Eurobonds was completed in time for a debut trade as COP27 took place. The road to closing the deal was far from simple.