Secondaries Hit Record $240B as GP-Led Deals Take Over
Global secondaries volume hit $240B in 2025, a 48% jump driven by GP-led continuation funds. Jefferies sees a $300B run rate within 24 months.
capital markets
Treasury Yields Jump as Warsh’s Dot Plot Pencils a 2026 Hike
The Fed held rates 12-0 but its new dot plot now sees fed funds at 3.8% by year-end, above the current 3.5-3.75% band – a hawkish first move under Chair Warsh.
Private Credit Lending Drops 40% as BDCs Gate Redemptions
Private credit loan issuance fell to $45B in the three months through May 2026 — a 40% drop from Q1 — as BDC redemption queues forced gates.
Treasury’s Coupon Storm Hits Right After Warsh’s First FOMC
Treasury sells $24B in 5-year notes hours after the Fed decides June 17, then a 2y/5y/7y trio Jun 23-25 — ~$200B of supply in seven days.
Convertible Bond Pricings Jump 43% in 2026 as Coupons Hit Zero
US convertible bond pricings ran 43% above 2025’s H1 pace through mid-June, with Ciena, Akamai, and ON Semi tapping the market at zero coupons.
NVIDIA Sells $25B in Bonds, Largest Ever, First Since 2021
NVIDIA priced a $25B seven-tranche bond on June 15, upsizing from $20B — its first debt sale since 2021 and the largest in its history.
Net Interest Margin Explained: How Banks Make Money
Net interest margin is the spread banks earn between asset yields and funding costs. Q1 2026 industry NIM hit 3.31%. Here’s how it works.
FOMC June Preview: Warsh’s First Dot Plot, Cuts in Play
The June 16-17 FOMC is Kevin Warsh’s first meeting with a fresh Summary of Economic Projections. Here’s what bond and credit markets are pricing.
Fed Stress Test 2026: What June 24 Will Tell Investors
The Fed releases 2026 stress test results on June 24. With buffers frozen through 2027, the numbers matter — but not the way they used to.
First Brands Liquidation Cleared: A $2.3B Private Credit Hit
A Houston judge cleared First Brands’ liquidation on June 12, 2026, after $2.3 billion vanished. Here is what the failure exposes about private credit.