Fed Proposes Bank-Style ID Rules for Stablecoin Issuers
Fed, FinCEN, OCC, FDIC and NCUA propose a bank-style customer ID rule for stablecoin issuers under the GENIUS Act — directly affecting T-bill demand.
capital markets
EQT to Take Intertek Private in £9.4B UK Buyout
EQT’s recommended £58-a-share cash offer for Intertek values the FTSE 100 testing group at about £9.4B in equity, one of the UK’s biggest 2026 take-privates.
AI Capex Drives US Corporate Bonds Past Record Pace in 2026
US corporate bond issuance hit $1.23T through May 2026 as hyperscalers tap the market to fund AI capex on a historic scale.
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.
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.