Uber Eyes Full Delivery Hero Bid After 25% Stealth Stake
Bloomberg: Uber holds 19.5% of Delivery Hero plus 5.6% in options. A full bid on the EUR10B Frankfurt-listed delivery giant would reshape global food delivery.
capital markets
Convertible Bonds Explained: When Debt Turns Into Stock
How convertible bonds work: conversion ratio, conversion premium, the bond floor, convertible arbitrage, and the four main types of converts.
FedEx-Advent $9.3B InPost Tender Opens May 26
InPost’s €7.8B/$9.3B take-private tender from FedEx, Advent, PPF and founder Rafal Brzoska opens May 26 at EUR15.60/share – a 50% premium over Jan 2 levels.
SpaceX Files S-1: $75B Raise Would Be Largest IPO Ever
SpaceX disclosed $18.7B in 2025 revenue, a $4.3B Q1 net loss and 85% Musk voting control as it targets a June 12 Nasdaq debut under SPCX.
Fed’s Bank CFO Surveys: Reserves Still ‘Ample’ at $3.10T
Fed released two Senior Financial Officer Surveys May 14: bank CFOs weighed in on reserves and discount window operating days as $3.10T sits at the Fed.
Fed Floats ‘Payment Accounts’ to Let Fintechs Onto Its Rails
Fed proposes a new ‘payment account’ for fintechs: direct payment rails, no intraday credit, no IORB, hard balance caps. 60-day comment period.
Fed Minutes: ‘Many’ Wanted Easing Bias Out as PCE Hit 3.5%
April FOMC minutes show a hawkish tilt: Miran dissented for a cut, while many wanted the easing-bias language gone as March PCE hit 3.5%.
2-Year Treasury Tests 4.10% as Markets Erase 2026 Fed Cuts
The US 2-year Treasury yield is near a 52-week high at 4.07% as traders price out Fed rate cuts for the rest of 2026.
Senate Banking Clears Bipartisan Crypto Clarity Act
The Senate Banking Committee favorably reported H.R. 3633, the Digital Asset Market Clarity Act, on May 14 in a bipartisan markup.
Investment Grade vs High Yield: Ratings, Spreads, Defaults
Investment grade vs high-yield bonds explained: the BBB-/Baa3 cutoff, credit spreads, default rates, and recovery — what actually separates the two.