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Capital Markets
Everything Briefed has filed against Capital Markets, most recent first.
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Lambda prices $917m loan to buy the chips Nvidia leases backLambda has priced a $917 million leveraged loan, backed by Morgan Stanley, to fund a GPU purchase that Nvidia will then partly rent back under a deal reportedly worth $1.3 to $1.5 billion over four…Goldman buys ETF issuer Neos for up to $2.25bnGoldman Sachs is paying up to $2.25 billion for Neos Investments, a specialist in options-based income ETFs managing roughly $30 billion across 19 funds as of June 30. The deal lifts Goldman's acti…SGX wants single-stock ETFs to widen its Southeast Asia betChief executive Loh Boon Chye says Singapore Exchange is looking at single-stock and leveraged ETFs on top of its existing 53 funds, which already hold more than S$21 billion in assets. The exchang…Nvidia recruits Wall Street to finance the AI boom it's selling intoApollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR have agreed to build compute-financing platforms targeting more than $500 billion in third-party capital, according to Reuters. The …India's new closing auction is scaring away the traders it needs mostSEBI's 20-minute Closing Auction Session, live since 3 August for stocks with derivatives contracts, was built to fix a $5.2 trillion market's messy old close. High-frequency traders have largely s…Alphabet's bond sale pulls in $115bn for a deal a fraction that sizeInvestors offered $115bn for Alphabet's latest jumbo bond issuance, a demand-to-issuance ratio that shows how starved fixed income buyers are for high-grade paper from companies with Alphabet's bal…Glencore's Australia move is a vote of no confidence in LondonA secondary listing sounds like a footnote until you notice who else has left. Glencore is reportedly targeting Australia within months, chasing the pension pot that Aussie super funds have built f…Citadel's AI safety buy is a hedge fund pricing existential riskKen Griffin's Citadel doesn't make sentimental acquisitions, so a 6% pop on news of a swoop for Situational Awareness suggests the market thinks this is about proprietary infrastructure, not resear…HSBC's record rally now has to survive its own earningsHSBC shares have run further than most UK bank analysts expected this year, which means Wednesday's numbers face a higher bar than a simple beat, they need to justify a valuation that's already pri…NYSE's owner just bought its way into the bond marketIntercontinental Exchange paying roughly $5.7bn for MarketAxess is a wager that electronic trading in corporate bonds, still dominated by phone calls and dealer relationships compared to equities, …BMO just moved $5 billion of corporate loan risk off its balance sheetBMO has completed significant risk transfer (SRT) deals covering $5 billion in corporate loans, a mechanism that lets banks offload credit risk to institutional investors like pension funds and ins…Market Talk roundups: tech, autos, materials and energyCross-sector desk notes today lean cautious on materials pricing and steady on energy, with auto names still digesting the UK production numbers.Prediction markets are eating exchange volume, and regulators are behindThe FIA, the trade body for derivatives exchanges, is now publicly discussing prediction markets as a disruption rather than a niche, a marker of how fast Kalshi and Polymarket have moved from nove…Korean margin traders are back at the tables just as brokers call the unwind overSouth Korean brokers are telling clients the forced margin-call unwinding that hammered the Kospi is nearly finished, and retail traders have responded by piling straight back into the leveraged be…Japanese bonds are earning the nickname that once bankrupted tradersThe widow-maker trade got its name in the 1990s and 2000s from investors who repeatedly shorted Japanese government bonds expecting yields to rise, only to be wiped out as the Bank of Japan kept bu…The rupee's rebound story just got run over by an oil price it can't hedgeIndia imports roughly 85% of its crude, so every dollar Brent adds to the barrel price is a direct hit to the current account that no amount of portfolio inflow enthusiasm can offset. Traders had b…IPO windows don't get much narrower than a sandwich chain and a denim labelJersey Mike's chasing $1.09bn and Reformation seeking $239m in the same week suggests underwriters think the US IPO market has a short runway before rates or politics shut it again. Jersey Mike's, …Chip stocks slide as oil climbs, and the two are connectedA semiconductor selloff landing on the same day as an oil spike isn't coincidence. Rising Brent raises input costs and inflation expectations, which pushes rate-cut odds down, which hits the long-d…Australian bank rally burns short sellers betting on a lending slumpThe short thesis on Australian banks was straightforward: household debt is high, property is overvalued, and a lending slowdown was overdue. It hasn't arrived, and the rally in ASX-listed banks ov…China's growth number just told everyone the stimulus isn't workingBeijing's GDP print landed at one of the weakest readings in years, missing the government's own target and confirming that property drag and soft consumer demand aren't fixing themselves. Kospi an…IBM's stock is being punished for other people's AI hypeIBM built a genuinely defensible enterprise AI and hybrid cloud business, and the market is still marking it down alongside every other name caught in a broader tech selloff. That's the risk of a r…Wall Street's trading desks are having the best year of the decadeRecord trading revenue at the big banks says less about skill and more about volatility being good business, and 2026 has delivered volatility in spades between tariff shocks, oil spikes and rate u…Shein's Hong Kong IPO is walking into its own growth slowdownTiming a mega-listing right as your growth curve bends is the sort of thing bankers spend all night trying to fix and can't. Shein is pushing ahead with plans for a Hong Kong listing after London a…India's large caps look cheap because everyone already sold themA stock only rebounds on foreign flows if foreigners already left, and that's precisely the setup in Indian large caps right now. Beaten-down blue chips are being positioned for a rebound as foreig…Two prominent traders are publicly clashing over whether leveraged ETFs are safer than options or a new source of hidden portfolio risk.Two prominent traders are publicly clashing over whether leveraged ETFs are safer than options or a new source of hidden portfolio risk; both are right depending on how positions are sized.Blue Owl's $4.7bn redemption crunch is a stress test private credit has been dreadingBlue Owl has reimposed redemption caps across two of its private credit funds after fielding $4.7bn in withdrawal requests, and the sequencing matters: this is not a one-off quarter, it is a persis…Japan's convertible bond comeback is a direct consequence of the Bank of Japan's rate normalisationConvertible bonds are back in favour in Japan as rates continue to rise, and the logic is not complicated: as fixed-income yields climb, the equity-upside optionality embedded in convertibles looks…Best quarter since the pandemic, and nobody quite believes itQ2 2026 closes with the S&P 500 and European equities posting their strongest quarterly gains since 2020, which is a remarkable outcome for a period that opened with a tariff shock, a bond wobble, …Bond investors are positioning for a Warsh era at the Fed. The sweet spot is two to five year paper.Kevin Warsh as the incoming Fed chair is being read by major fixed income managers as a structurally hawkish signal, not a cyclical one. The implication is that the long end of the US yield curve s…An Apple supplier's Hong Kong debut tells you the supply chain consolidation story is still runningLingyi iTech, a Shenzhen-based precision components supplier to Apple, rose on its first day of trading in Hong Kong after raising $1.1 billion in its IPO, signalling that investor appetite for qua…Tech sell-off spreads to Asia as Oracle layoff numbers circulateYesterday's global tech sell-off, which started in US sessions on 23 June, carried through Asian markets overnight with particular pressure on semiconductor and enterprise software names. The Oracl…Morgan Stanley caps a private credit fund after 11.6 percent of investors tried to exit at onceAn 11.6 percent redemption request against a private credit fund is not a run, but it is close enough to make the gate mechanism do real work. Morgan Stanley imposing caps confirms what the FCA and…MSCI holds Korea at emerging market and defers Indonesia to NovemberMSCI keeping South Korea in emerging market status rather than upgrading it to developed is the most expensive annual non-event in Asian fund management. Korean equities trade at a structural disco…EG Group files for a US listing targeting $1 billionThe Issa brothers taking EG Group to the US rather than London is a pointed verdict on the LSE's appeal for founder-led, leveraged operators with complicated balance sheets. EG Group carries signif…Reformation is filing for an IPO this summer. Permira needs an exit and the window is open.Reformation's confidential IPO filing, expected as soon as next week with a potential listing in July, is as much a Permira story as a brand story. The London-based PE firm acquired a majority stak…Schwab is tightening margin on tax-driven long-short trades. Forced deleveraging is the risk to watch.Charles Schwab is raising house maintenance requirements on portfolio margin accounts running paired long-short positions structured around tax-loss harvesting, warning clients that margin calls ma…US exceptionalism is back in the dollar trade, and the BoE is watching today's inflation print carefullySpeculative long-dollar positioning has hit its most bullish level since February 2025, driven by a US economy that keeps refusing to slow on schedule: firm retail control-group sales, sticky core …Green economy revenues are growing at twice the rate of conventional ones, and oil is heading toward a glutThe global green economy now exceeds $5 trillion in annual value and is tracking toward $7 trillion by 2030, with green revenues growing at roughly twice the pace of conventional business lines and…Northern Trust launches climate-aware multifactor fundsNorthern Trust Asset Management has launched two UCITS funds combining traditional factor investing with climate transition considerations, reflecting institutional demand for products that address…Musk's SpaceX files for record $75bn IPO with trillionaire incentivesSpaceX is preparing what would be the largest IPO in history, targeting around $75-80 billion at a $1.75 trillion valuation. The filing includes extraordinary governance provisions that could grant…