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.
capital markets
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.
Publicis to Buy LiveRamp for $2.5B in Ad-Tech Data Bet
Publicis Groupe is acquiring data-collaboration platform LiveRamp in an all-cash deal valued at about $2.5B equity / $2.2B enterprise value, betting on first-party data after cookies.
Bullish to Buy Equiniti for $4.2B in Tokenization Bet
Crypto exchange Bullish is acquiring transfer agent Equiniti from Siris in a $4.2B deal to build the first blockchain-native transfer agent for tokenized securities.
NextEra-Dominion Talks: $400B Utility Megadeal for AI Power
NextEra Energy is in talks to acquire Dominion in a mostly-stock deal that would create a roughly $400B utility built around the Virginia data center boom.
30-Year Treasury Hits 5.13% as Long Bonds Sell Off Worldwide
U.S. 30-year yield closed at 5.128% on May 15, 2026 — highest since May 2025. UK, German and Japanese long bonds are also at or near 52-week highs. What broke.
Warsh to Take Fed Helm: Powell Named Chair Pro Tempore
The Fed named Powell as chair pro tempore on May 15, 2026, until Kevin Warsh is sworn in as the new chair — closing one era and opening another.
CLOs Explained: How Collateralized Loan Obligations Work
What is a CLO? How collateralized loan obligations slice up leveraged corporate loans into rated tranches and where the AAAs actually stand.
Alphabet’s Record $3.6B Yen Bond Funds Its AI Capex Spree
Alphabet sold ¥576.5B ($3.6B) of yen bonds on May 15, 2026 — the biggest foreign issue ever, beating Berkshire’s 2019 record. Why Tokyo, why now.
IPO vs Direct Listing vs SPAC: How Companies Go Public
A side-by-side guide to the three paths to public markets — traditional IPO, direct listing, and SPAC merger — with real examples and trade-offs.