Treasury General Account Explained: Cash, Reserves, and Liquidity
Learn how the Treasury General Account (TGA) at the Federal Reserve works, why tax inflows drain bank reserves, and how government spending impacts liquidity.
capital markets
OpenText Prices $300M Debt Tender Amid $697M Demand
OpenText priced its $300M debt tender for 2028 notes at $981.71, applying a 43.05% proration factor after receiving $697.56M in tenders.
Treasury Yields Spike as Q3 Closes: 10-Year Hits 5.29%
The 10-year U.S. Treasury yield closed the third quarter at 5.29% as benchmark borrowing rates logged an 85-basis-point quarterly surge across debt markets.
Kimberly-Clark Launches $7B Debt Exchange for Kenvue Notes
Kimberly-Clark commenced an exchange offer for up to $7B of Kenvue notes with an early tender premium as it restructures debt for its planned acquisition.
Bond Ladders Explained: How to Build a Treasury Ladder
Learn how bond ladders work, how to build a Treasury ladder for steady cash flow, and how laddering balances interest rate risk and reinvestment risk.
Tesla Secures $30B in New Unsecured Bank Credit Facilities
Tesla entered into $30 billion of new unsecured bank credit facilities with Citi and Wells Fargo, replacing its $5 billion revolver to expand liquidity.
SoundThinking Agrees to $159M Transom Buyout With $3 CVR
SoundThinking agreed to be acquired by Transom Capital for $8 cash plus up to $3 in CVRs, implying up to a $159 million enterprise value.
Central Bank Liquidity Swaps: How Global Dollar Funding Works
Central bank liquidity swaps provide foreign central banks with dollars during market stress. Here is how swap lines, pricing, and collateral mechanics work.
Kyndryl Closes $1B Senior Notes to Refinance 2.05% Debt
Kyndryl closed a $1B dual-tranche senior notes offering to repay $700M of 2.05% debt due in 2026, navigating higher interest rates to extend maturities.
Sabre Closes $1.35B Notes and Multi-Tranche Debt Tender
Sabre closed a $1.35B senior notes offering due 2032 to refinance 2029 debt, cutting coupons by up to 125 bps and extending maturities by three years.