BoJ at 0.75% Meets the Fed at 3.625%: The Yen Trade Explained
The widest policy-rate gap between Washington and Tokyo since the 1990s is keeping the yen on the back foot. Here is what the May 2026 capital markets picture looks like.
capital markets
Private Credit vs Bank Loans vs Syndicated Loans Explained
Private credit, bank loans, and syndicated loans all finance the same companies. Here is how each channel actually works, and where the money sits.
Cerebras Pops 89% in Nasdaq Debut, Briefly Tops $100B Cap
Cerebras Systems (CBRS) opened around $350 on its Nasdaq debut — 89% above the $185 IPO price — briefly crossing a $100B market cap before settling near $324.
Quantinuum Files for Nasdaq IPO Under Ticker QNT
Honeywell-backed Quantinuum publicly filed its S-1 on May 8, 2026, targeting a Nasdaq listing under QNT with JPMorgan and Morgan Stanley leading the book.
Cerebras IPO Prices at $185, Far Above Range, for $5.55B
Cerebras priced its Nasdaq IPO at $185 a share — 19% above the upsized range — raising $5.55B as AI-chip demand erupts. Trading begins May 14 under CBRS.
Fervo Energy IPO Prices Above Range, Raises $1.89B
Geothermal pioneer Fervo Energy priced its upsized Nasdaq IPO at $27 on May 12, 2026 — above the raised range — to raise $1.89B as AI data centers chase 24/7 clean power.
EQT’s $3.8B Bid for Kakaku.com Sparks Japan PE Bidding War
Sweden’s EQT launched a $3.76B tender offer for Kakaku.com, the parent of Tabelog. Hours later, Bain Capital and LY Corp filed a competing joint bid.
JPMorgan Files to Launch Tokenized Money Market Fund on Ethereum
JPMorgan’s Kinexys unit has filed with the SEC to register JLTXX, a tokenized U.S. Treasury money market fund on Ethereum, entering a $15.8 billion market.
Blackstone Launches $1.75B Data Center REIT IPO Amid AI Boom
Blackstone’s $1.3T asset manager brings a $1.75B data center REIT public on May 14, targeting hyperscale cloud tenants as AI fuels unprecedented infrastructure demand.
Verizon Issues $4B in Dollar Hybrid Bonds for the First Time
Verizon priced $4B in its first-ever USD hybrid bonds, completing a $12B global program alongside tender offers on 31 series of legacy debt.