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The advent of autonomous treasury has ignited a competitive push, complete with aggressive industry targets. Not all companies will want to proceed at the same speed.
The shift to an autonomous treasury is reshaping the world of corporate finance, driven by new strategies and technologies—from self-healing cash forecasts to AI-driven liquidity engines—that are replacing legacy systems and maximizing yield.
To fully realize the potential, corporate finance leaders are strategically investing in the key areas that will accelerate the transition. The next phase of autonomous treasury will be defined by three investment-focus areas, says Sayantan Chakraborty, head of Digital Payments at Fiserv. “Treasurers don’t lack visibility anymore; they lack widgets that can act on that visibility in real time,” he says. “The gap isn’t analytics. It’s execution.”
Although agentic AI can forecast cash positions and draft funding instructions, Chakraborty notes, current corporate infrastructure often runs in batch mode. The first essential missing link is comprehensive, real-time cash positioning, second, it’s combined with rule-based, just-in-time money movement across multiple payment rails—including instant and traditional—and third, integration of new features like tokenized deposits and programmable payments.
The technological journey still requires human expertise, however. And Chakraborty advises building around legacy ERP systems rather than waiting for a complete modernization.
“Think of it as an AI-powered autopilot added to an older cockpit,” he says. “Policies are enforced, actions are executed, and audit trails are preserved without forcing a full-core replacement on day one, under the watchful eyes of a trained cockpit and cabin crew.”
The era of multi-year, big-bang upgrades is over, Chakraborty argues. Instead, the best course is to implement a lightweight, 24/7 automation layer to handle real-time balances, rules, and payments.
As instant payment rails and real-time reporting become more widespread, Chakraborty predicts the current practice of pre-funding accounts before cut-offs will become obsolete. Instead, “agentic AI will push treasury from once-a-day instructions to continuous, just-in-time funding: as soon as execution matches intent across all rails.”
This shift will impact float, causing idle-balance float to decrease and driving banks to focus their earnings on 24/7 clearing services, intraday credit, and real-time liquidity.
Siemens, a leader in autonomous treasury, adopted J.P. Morgan’s programmable payment feature (formerly Onyx, now Kinexys) in late 2023. Siemens shifted to advanced programmable payments using the blockchain-based ledger, JPM Coin. This allows their bank accounts to autonomously manage cash and execute transactions based on pre-defined rules. Addressing the inefficiency of idle pre-funded balances, Siemens implemented a just-in-time mechanism. Funds are only moved into a specific account the moment a payment is due. If a balance drops below a set threshold, the system autonomously sweeps funds from a central cash pool, enabling Siemens to operate with near-zero balances in local accounts.
“In my experience, the biggest challenge is not technology, but the mindset shift in finance and treasury,” states Heiko Nix, global head of Cash Management and Payments, Siemens. “For almost every technical problem, there is a solution. But simplifying entrenched processes and changing how people think about treasury and its role takes significantly more time and effort. In practice, you do not need to convince everyone at once, what matters is building sufficient momentum across the organization to enable real transformation.”
AI creates a strategic opportunity, argues John Stevens, senior vice president, global head of Capital Markets, Financial Institutions & Working Capital at Kyriba.
“AI can transform working capital management from a retrospective reporting function into a forward-looking control tower,” he says. “Instead of focusing on past events, you can optimize for the future in real time. This is because tasks that previously required manual, analog effort, or demanded analysts to spend long hours consolidating reports, can now occur instantaneously. This real-time capability allows for significantly more sensible and timely decision-making.”
Companies still need to work closely with vendors to build AI safely, he cautions: “We don’t see a single out-of-the-box ‘autonomous’ product replacing the diversity of treasury needs.” The future will be “composable,” he predicts, although it is important to be precise about what this means.
While Kyriba App Studio serves as an extensibility layer for building bespoke integrations and workflows on the Kyriba platform, Stevens stresses that it is not an agent-building toolkit. The agentic AI layer is TAI, which provides Kyriba-developed agents with “a clear human in the loop posture.”
Using a third-party model doesn’t automatically make an AI tool less intelligent and using only in house-models doesn’t automatically make it more intelligent, he argues.
“In treasury, the deciding factor is whether the AI can be used safely and consistently in a regulated environment,” Stevens says. TAI isn’t positioned to avoid external LLMs. “We use a leading external model [Anthropic’s Claude] within a controlled, governed deployment. The difference is the wrapper around the model: strict limits on what data it can access, clear rules on what it’s allowed to do, and a full audit trail of activity.”
Practically, that means the AI can help generate insights—summaries, explanations, flag anomalies, scenario narratives—while anything that could affect payments, liquidity, or risk stays under platform controls, approvals, and policy-driven workflows.
“So it’s not a binary choice between open and sovereign,” he notes. “Some organizations will require sovereign options for policy or jurisdiction reasons, but most regulated treasuries are looking for governed AI: strong models, used in a way that is secure, auditable, and designed for real operational control.”
The potential benefits to treasury have ignited a competitive push for autonomy, complete with aggressive industry targets and a race for “fully autonomous” platforms.
HighRadius recently updated its agentic AI platform with the goal of achieving over 90% automation for the Office of the CFO by 2027. The initiative involves deploying AI agents across six product suites and 20 products within accounts receivable, payables, treasury, close, and consolidation. The release of 186 agentic AI agents, announced last February, moves HighRadius closer to the “fully autonomous platform vision” it first announced in 2019, with cash application and cash forecasting already demonstrating 90% touchless automation.
HighRadius prioritizes “measurable value creation,” which it validates with clients through mutually agreed success criteria (MASC). This value is delivered via automated agents, aiming for 90%-plus automation, and assisted agents, designed to triple user effectiveness.
CEO Sashi Narahari views agentic AI as an interim step toward HighRadius’s goal of ensuring that all its products are “fully autonomous”—defined as 90%-plus touchless end-to-end process—by 2027. Narahari stresses the critical nature of this goal, to the point that failing to achieve it would lead to the company’s demise.
What about mid-tier banks that may not want to jump to a comprehensive transformation? For them, Chakraborty advises that a single, reliable orchestration endpoint is better than many disparate APIs.
“Essential to this is a real time balance plus payment execution API,” he says “exposing positions, limits, and instant movement through a single, resilient interface. That’s what lets AI driven treasury systems act as agents, not just analysts.” Integrating such a process with tokenized deposit movement is also beneficial where possible, he adds.
That said, the journey toward the autonomous treasury, spearheaded by pioneering companies like Siemens and driven by the rapid evolution of agentic AI, is fundamentally redefining corporate finance.
The shift is not merely about incremental efficiency gains but is coming to be seen as a strategic imperative for maximizing yield, securing real-time liquidity, and moving beyond the constraints of legacy systems. Corporate treasurers who are embracing the transition are attracted by a promised tactical roadmap to a future-proofed role. For the financial institutions that serve them, autonomous treasury is an urgent call to align their offerings with a new era of continuous, intelligent, and just-in-time financial control.
CrowdStrike (NASDAQ: CRWD) dropped 5.55% to $440.78 in Thursday afternoon trading, breaking a six-day rally.
The stock had gained more than 17.11% over that stretch, outpacing the S&P 500’s 2.45% increase. Despite that run, shares are down 4.52% year to date versus the index’s 4.27% rise.
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French liberal MEP Christophe Grudler told Euronews the Commission’s proposed European preference, once adopted, covering public procurement in strategic sectors such as clean tech, cars and energy-intensive industries (aluminium and steel) should be limited to a core group of non-EU countries.
The “Made in Europe” provisions of the so-called “Industrial Accelerator Act” have triggered a fierce political battle between supporters, led by Germany and Nordic countries, of a broad definition including “like-minded” partners, and those, led by France, pushing for a narrower approach.
In its proposal unveiled on 4 March, the Commission leaned towards the broader interpretation.
“The Commission’s option is very poor. It reflects a completely outdated view of trade policy,” Grudler said, adding, “When the Americans introduced the Buy American Act, they didn’t worry about whether it would strain ties with Europe. At some point, we need to stop being naive.”
The MEP is set to be one of the lead negotiators on the proposed new rulesin the European Parliament as talks begin shortly.
The European preference aims to counter foreign competition, notably from the US and China. The Commission proposes excluding non-EU countries depending on how open they are to the EU taking part in their procurement markets as well as existing trade agreements.
But Grudler argues geography should be the guiding principle, limiting “Made in Europe” to countries closest to the EU — first and foremost the European Economic Area: Iceland, Liechtenstein and Norway.
Switzerland could also be “a good candidate”, he said.
“Switzerland has had a public procurement agreement since 1989. It is a bilateral agreement stating that all European companies have access to the Swiss public procurement market, and that all Swiss companies have access to the European public procurement market. It is therefore a rather good candidate.”
The UK could also be considered to some extent, but “conditions will need to be examined” following Brexit, he added. “There is also a point where Europe has to make sure it comes out financially ahead.”
He wants the law to send “a strong signal” to investors backing key EU industries, “particularly energy-intensive sectors and clean technologies.”
“It is another step in Europe’s resilience against unfair competition from other continents.”
However China has voiced strong opposition to the Commission proposal, seen in Beijing as restricting its access to EU procurement and investment.
“This legislation is Europe standing firm for its strategic industries,” Grudler said.
“China has overcapacities in cars or in steel. They are relying on the naivety of Europeans to do business, to generate double-digit growth again, and then to invest in research and development and get ahead on everything, all the while cheating through direct subsidies to destroy our industries.”
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Météo-France has initiated an inquiry to determine whether the meteorological infrastructure managed by them was targeted by individuals seeking to influence prediction markets.
This development follows reports of highly unusual temperature spikes that triggered significant financial payouts on the blockchain-based site Polymarket, where users place wagers on real-world events.
Investigators are examining if the integrity of the national weather network was breached through physical or digital interference, as the precision of the winning bets suggests the actors involved may have had direct control over the reported data.
Online rumors, which remain unverified for the time being, claim the temperature reading was manipulated by someone using a hair dryer to generate a higher temperature.
Polymarket reportedly settles Paris temperature bets on a single Météo-France sensor sitting near the Charles de Gaulle airport perimeter.
On 6 April, the reading from the sensor abruptly rose 4°C in twelve minutes, crossing the 22°C threshold despite data from other sources showing different figures.
A user on Polymarket aggressively bet on readings above 21°C on that specific day, even though the consensus was lower at 18°C, and profited almost €30,000.
A second similar anomaly occurred on 19 April leading to suspicions that the sensor was tampered with.
Météo-France announced that it has filed a complaint with the Roissy air transport gendarmerie brigade “for [the] alteration of the operation of an automated data processing system,” after an analysis of sensor data.
Polymarket suspended its reliance on the compromised weather data source for Paris, shifting its resolution metric from the sensor in Charles de Gaulle airport to the one in Paris-Le Bourget airport.
However, it did not cancel the contracts or refund the bets, leaving the resolved contracts final, even though on previous occasions it has suspended the resolution of certain bets until further clarification on the rules and circumstances.
This incident has reignited the debate over the reliability of the “oracles” that feed data to prediction markets in order to settle bets.
In decentralised finance, an oracle is the mechanism that feeds external, real-world information into a smart contract to determine a financial outcome.
Polymarket relies on these feeds to settle its contracts, often pulling data directly from official government websites. If the primary source of that data is corrupted, the betting market lacks any internal mechanism to verify the truth.
Additionally, the decentralised nature of these platforms makes it difficult to freeze assets even if an investigation identifies the individuals behind suspicious trades.
This is the latest case that highlights a new frontier of white-collar crime, where the manipulation of the physical world is used to exploit the vulnerabilities of automated prediction markets in order to win bets on real-world events.
London Stock Exchange reports Q1 results
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Tesla framed 2026 as an investment-heavy year, with CEO Elon Musk saying, “We’re going to be substantially increasing our investments in the future so you should expect to see significant — a very significant increase
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Kevin Warsh, the man nominated to lead the Federal Reserve, the world’s most important financial institution, told the US Senate Banking Committee on Tuesday that he had made no secret agreements with the White House over interest rate policy, defending his professional integrity.
He said he would act independently if confirmed to succeed Jerome Powell, despite continued public pressure from US President Donald Trump for lower borrowing costs.
The question of that independence was put sharply to him during the hearing, when Republican Senator John Kennedy asked whether he would be Trump’s “human sock puppet”. Warsh replied: “Absolutely not.”
His comments came amid broader concerns on Capitol Hill about the future direction of the central bank, with lawmakers divided over his past record and approach to monetary policy.
Warsh insisted that the President had never asked him to commit to any specific interest rate path and said he would not have agreed to such a request.
The hearing highlighted the significant pressure facing the Federal Reserve as it maintains its independence while addressing inflation, which remains at 3.3%.
Just hours before the session began, US President Donald Trump stated in a CNBC interview that he would be disappointed if Warsh did not immediately implement rate cuts.
This current friction suggests that the White House may struggle to secure the necessary votes to confirm Warsh before Powell’s term as Fed Chair expires on 15 May.
Democratic senators were particularly vocal in their scepticism, accusing Warsh of shifting his economic stance to suit the political climate.
US Senator Elizabeth Warren labelled the nominee a “sock puppet”, suggesting his installation would facilitate an “illegal takeover” of the institution.
Critics also pointed to his historical record, alleging that he favoured higher rates during Democratic administrations but has become more dovish under Republican leadership.
US Senator Ruben Gallego cited reporting from the Wall Street Journal (WSJ), which claimed the President had previously urged Warsh to reduce borrowing costs. Warsh responded by stating that such reports were based on inaccurate sources and reiterated that the independence of the Fed is “essential” for economic stability.
Despite Trump’s backing, the nomination also faces a critical roadblock within the Republican Party.
US Senator Thom Tillis, a Republican from North Carolina, reiterated his refusal to support Warsh as long as a Department of Justice investigation into Jerome Powell continues.
The probe, led by Assistant US Attorney Jeannine Pirro, is examining whether Powell committed perjury during testimony last year regarding the budget of a Federal Reserve building renovation project.
Tillis and other Republican colleagues have expressed their support for Powell, arguing that the investigation is meritless. According to Tillis, he will not vote for a successor until the “investigation is dropped,” a stance that effectively freezes the nomination in a closely divided committee.
Federal prosecutors have reportedly continued their efforts to access Fed records as recently as last week, even after a judge previously found no evidence to support the charges.
The proceedings also delved into Warsh’s personal financial interests and the logistical challenges of a potential leadership transition.
US Senator Elizabeth Warren raised questions about the nominee’s investments in private entities, including SpaceX and Polymarket, noting that the specific size of these holdings had not been fully disclosed to the public.
Warsh defended his position by stating that the Office of Government Ethics has already approved his plan to divest all assets within 90 days of his confirmation.
Compounding the uncertainty is the unique situation involving Jerome Powell.
Unlike most departing Chairs, Powell has indicated he intends to remain on the Federal Reserve’s governing board until his separate term ends in 2028, or until the perjury investigation is concluded.
This could create an awkward power dynamic where the former Chair sits alongside his successor, a scenario not seen in Washington since the late 1940s.
While US President Donald Trump has threatened to remove Powell from the board entirely, legal experts suggest such a move would be difficult, particularly given recent US Supreme Court precedents relating to the protection of Fed governors from political dismissal.
Private credit faces mounting stress from liquidity mismatches, fraud concerns, and macro pressures, even as bullish sentiment persists.
Private credit has avoided a “Lehman moment,” but pressure is building across liquidity, leverage, and transparency—raising doubts about how long the asset class can withstand its visible cracks.
Some investors have had enough. Consider the surge in redemption requests at firms like Morgan Stanley, Apollo Global Management, BlackRock and Blue Owl Capital. Each firm capped withdrawals at 5% per fund, and saw their stock prices plummet. At a glance, this exodus of money signals that an endgame could be near.
Larry Fink, the billionaire CEO of BlackRock, attempted to quell fears on an earnings call last week, insisting that institutional demand is accelerating. Meanwhile, financial regulators are raising red flags. Financial Stability Board Chair Andrew Bailey warned in an April letter to the G20 that geopolitical tensions, such as the ongoing conflict in the Middle East, could reduce asset quality and further strain private credit funds.
The dichotomy has finance pros scratching their heads, wondering what to make of a key part of the $15 trillion private markets ecosystem. If data from U.K.-based data company Preqin is correct, private credit could exceed $30 trillion by 2030. Even with solid fundamentals, private credit’s mounting liquidity concerns, leverage risks and macroeconomic pressures are testing its resilience.
“This is not a single-firm story,” Former Nasdaq Vice Chairman David Weild told Global Finance. “It is sector-wide.”
Fink may be right; private credit offers compelling risk-adjusted returns, Weild, now an advisor at private-credit platform KoreInside, said. “However, if the claim is that you can deliver those returns inside a vehicle that promises quarterly or monthly liquidity to retail investors, one will inevitably discover that in times of market stress, the demand for liquidity will exceed the short-term supply of liquidity.”
Recent turmoil in private credit has raised questions about whether 2026 could bring a broader retrenchment. The industry faces growing scrutiny over fraud risks, regulatory pressure, and the impact of AI-driven disruption. Transparency concerns are also weighing on investor confidence, highlighted by automotive parts supplier First Brands Group, which has filed for bankruptcy protection and has allegedly concealed billions of dollars in debt from lenders, including exposure in private credit accounts held by BlackRock.
Software lending has come under particular focus, given its large share of private credit portfolios. AI-driven disruption is now raising concerns about future credit losses.
“The combination of AI-driven disruption in enterprise software valuations, tighter lending standards, and redemption pressure on the very BDC vehicles that would normally provide refinancing capacity creates a compounding problem,” Weild said. “Some private credit funds are already turning away software companies outright, given the impact of AI on that industry.”
Private credit bulls need to rethink “real structural challenges,” such as how capital is raised, how vehicles are structured, and what level of education advisors need going forward, said Prath Reddy, President of Percent Securities. A lack of accessible data, limited liquidity, and insufficient options for tailored exposure also give him pause.
“We are certainly in a stress scenario now,” said Reddy. “Leaving [these issues] unaddressed leaves a tremendous amount of capital on the table from wealth management channels.”
Private credit might be under the microscope, but some private equity players continue to cash in. Ares Management raised $9.8 billion for an opportunistic credit strategy, Adams Street Partners closed its $7.5 billion Private Credit III fund, and Carlyle Group raised $1.5 billion in initial funding for a new asset-backed finance vehicle.
“For private credit to keep working at this scale, liquidity structures, leverage levels, and repayment timelines all need to remain aligned as exits take longer and refinancing becomes more selective,” said Jun Li, EY’s Global and Americas Wealth & Asset Management Leader. Stress arises when those assumptions break down simultaneously.
“A true stress scenario would likely involve refinancing risk colliding with slower exits and shifting liquidity expectations, particularly if capital is locked up longer than anticipated and operating models are not built to absorb that pressure,” Li added.
Big banks—both competitors and partners to nonbank lenders—are trying to project calm.
JPMorgan Chase CEO Jamie Dimon, for example, downplayed concerns about the private credit sector on an April 14, 2026, earnings call. That’s in stark contrast to his take last year, when Dimon referred to the bankruptcy proceedings of First Brands and TriColor—two companies that relied on private credit—as “cockroaches.“
JPMorgan Chase is now tightening certain relationships with private credit funds to limit exposure amid volatility. Goldman Sachs and Barclays are taking a similar risk-management stance.
“On one side, fundamentals still look supportive with institutional capital stepping in as banks pull back,” Li said. On the other hand, pressures are building around liquidity, leverage, and refinancing, which naturally raises systemic questions.
As Li put it: “This doesn’t look like an endgame, but it does look like a decisive moment.”
From here, Li is predicting that private credit will separate into managers who can operate through longer cycles, tighter liquidity, and greater scrutiny, and those who cannot.
“Some strategies may struggle, but the broader market is still evolving rather than unwinding,” Li added. “The outcome will depend less on a single shock and more on how well firms adapt to a more demanding environment.”
Other observers are more bullish. Attorney Derek Ladgenski, a partner specializing in private credit at Katten Muchin Rosenman, argued that experienced market participants will ultimately work through the sector’s challenges.
“The Avengers are closer to an endgame than private credit,” said Ladgenski. “The tombstone for private credit has been written many times before.”
Ladgenski said that while cyclical pressures exist across all asset classes, the deeper challenge in private credit is liquidity mismatch—an outcome, in part, of significant investor inflows chasing its strong historical track record and forward-looking returns.
Still, any “stickiness” will ultimately strengthen the sector, he added. “And the current sound bites and headlines regarding any death knells will be forgotten soon enough.”
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The cost of living in the UK accelerated throughout March, propelled by a significant increase in petrol and diesel prices following the outbreak of the Iran war.
According to the Office for National Statistics, the annual consumer price inflation rate moved to 3.3% from 3% the previous month, a shift that matched the forecasts.
This inflationary pressure is largely attributed to an 8.7% monthly jump in motor fuel costs, which represents the sharpest rise seen since the summer of 2022, following Russia’s full-scale invasion of Ukraine.
Beyond the petrol stations, the fallout from higher energy prices has trickled down into airfares and food supplies, complicating the economic landscape for the government and the Bank of England.
UK Treasury chief Rachel Reeves noted that while the conflict is not a domestic one, it is directly pushing up bills for families and businesses across Britain.
Lindsay James, an investment strategist at Quilter, observed that “this morning’s inflation data showed CPI creeping back up to 3.3%, confirming that price pressures are re-accelerating rather than fading away since the outbreak of the war in Iran.”
While international markets have shown some signs of recovery in equity prices, the physical market for oil delivery into Europe remains under immense strain.
Experts suggest that a swift reopening of the Strait of Hormuz is the only viable path to unwinding the current inflationary trend, yet the situation remains volatile and unpredictable.
The timing of this inflation surge is particularly problematic because it coincides with a period of cooling in the domestic economy.
Recent data from the labour market indicates that payrolled employment is falling and economic inactivity is on the rise, while wage growth has started to ease.
For the average British worker, the combination of rising essential costs and stagnating earnings growth creates a challenging environment for real purchasing power.
As for the Bank of England, this sudden spike in prices has disrupted the projected path of beginning to lower borrowing costs this spring.
Prior to the escalation of the Iran war, there was a growing consensus that the central bank would reduce its main interest rate from 3.75% as inflation appeared to be heading back toward the official 2% target.
However, with inflation now expected to potentially hit 4% in the coming months, the Monetary Policy Committee faces a much more difficult decision during its meeting next week.
There is a growing debate among economists regarding whether traditional interest rate hikes are the correct tool to address this specific crisis.
According to James “a rise in rates risks misdiagnosing the problem. This inflationary pulse is being driven by supply disruption, not excess demand. Higher interest rates will do nothing to increase the flow of oil or other goods from the Middle East.”
This sentiment suggests that the Bank of England may choose to maintain its current stance, keeping rates on hold while monitoring whether these price increases begin to manifest in higher wage demands across the broader economy.
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EU Trade Chief Maroš Šefčovič is visiting the US on Thursday and Friday in a bid to unlock negotiations over EU steel and aluminium exports still hit by the 50% US tariffs imposed by US President Donald Trump shortly after his return to power last year.
Scrapping those tariffs was part of the EU-US trade deal struck in July 2025, which included commitments to discuss quota arrangements for steel and aluminium to replace the 50% duties.
However implementation of the broader accord — including cuts to EU tariffs on US industrial goods — has been delayed by MEPs, effectively stalling talks on metals.
European Commission Deputy Chief Spokesperson Olof Gill said on Tuesday that the trip will be an “opportunity to take stock of the broad sweep of EU/US trade deal and investment relations”.
He added that the focus will be on where both sides “stand” on the implementation of their “respective commitments” under the deal.
Resolving issues over the trade of steel and aluminium will be top of the agenda, Euronews has learned.
The agreement was clinched in summer 2025 in Turnberry, Scotland, by Commission President Ursula von der Leyen and Trump after weeks of trade tensions, during which Šefčovič made repeated trips to Washington to defuse the dispute and avert steeper tariffs.
The Commission ultimately accepted 15% duties on European exports to the US in a deal widely seen as unbalanced in Europe. The agreement is now under discussion among EU countries and MEPs before full implementation.
Šefčovič’s visit will be his first since the Turnberry accord. The deal has since been frozen several times by EU lawmakers following fresh tariff threats by Trump over Greenland.
A ruling by the US Supreme Court also reshuffled the deck, finding that most US tariffs imposed in 2025 were illegal. In the days following, the White House shifted legal grounds to maintain tariffs as part of its nationalist ‘America First’ trade agenda. However, those measures are set to expire in July, after which they will require approval from US Congress.
In the coming days, Šefčovič aims to ensure the US sticks to the agreed 15% tariffs. His agenda includes meetings with US Trade Representative Jamieson Greer, US Commerce Secretary Howard Lutnick and US Treasury Secretary Scott Bessent. He will also head to Capitol Hill to meet members of the US Congress.
Washington has also tied the removal of steel and aluminium tariffs to EU moves to relax digital rules it sees as targeting US Big Tech firms.
While the Commission has always defended its sovereign right to legislate — insisting rules are applied without discrimination — discussions on setting up an EU-US forum on digital issues have recently surfaced.
Whether that still-vague concession will be enough to secure US movement on metals remains to be seen.
Asset-light companies reshape private credit as lenders embrace intellectual property collateral, despite valuation challenges, legal risks, and AI-driven obsolescence concerns.
Asset-light companies are changing the world of private credit.
Unlike businesses that can rely on a heaping basket of assets like inventory, equipment, and real estate as collateral for private direct lending, these companies tend to use some of the most illiquid and difficult-to-value intellectual property (IP) as collateral.
“Capital is increasingly being formed around asset-based finance [ABF] strategies, but it’s still relatively early innings of where ABF will grow to within private credit markets,” says Brian Armstrong, managing director, US Direct Lending at Benefit Street Partners. “We believe ABF has the potential to be one of the fastest-growing asset classes over the next five years.”
Private-credit assets under management are expected to exceed $2 trillion this year, according to Moody’s 2026 Global Private Credit Outlook, published in January, which predicts they will approach $4 trillion by 2030. “Corporate lending still makes up most of the private credit lending, but momentum is shifting towards ABF,” the authors wrote. “While more difficult to track, ABF has the potential to eclipse the size of more traditional corporate lending.”
Pledging IP for collateral is not new; specialty retailer J. Crew used a mix of IP and other assets as security for more than $540 million payment-in-kind notes about a decade ago. The difficulty in using IP as collateral has been obtaining a fair valuation of assets such as data sets, proprietary software platforms, and patent and trademark portfolios.
Approaches to doing so include discounted cash flow analyses of the asset, benchmarking against comparable transactions, and estimating the asset’s replacement or reproduction costs. Often, businesses rely on an independent third-party valuation firm such as Alvarez & Marsal, Holihan Lokey, or Kroll.
One of the greatest concerns of ABF lenders, however, is the transfer of IP out of the basket of pledged assets.
“In many deals, covenants permit the borrowers to certify in their reasonable commercial discretion what the value of a given asset is,” says Jake Mincemoyer, partner and global co-head of Debt Finance at law firm A&O Shearman. “That’s what has gotten lenders very concerned, given a handful of transactions where borrowers have taken advantage of that and taken a crown-jewel asset out of the collateral package and levered it up elsewhere. So, it’s really been how do we make sure that if we’ve lent against it, we keep it?”
A prime example is the aftermath of J. Crew’s 2017 transfer of pledged IP to a new, unrestricted subsidiary, which was excluded from the parent company’s restrictive covenants and debt limitations and enabled it to raise further capital by pledging the same IP. What has become known as the “J. Crew Maneuver” has led to the inclusion of a “J. Crew Blocker” provision in debt covenants that prevents borrowers from transferring material assets into unrestricted subsidiaries.
That safeguard has not stopped borrowers from executing a variation on the theme, however. In February, Xerox moved IP assets pledged to existing debt to a joint venture in which it owns a 49% stake and raised an additional $450 million in funding. That minority stake prevents the joint venture from being considered a subsidiary under its debt documents, according to Ropes & Gray’s Distressed Debt Legal Insight, published in March.
“Borrowers have found more creative ways to operate within their credit documents, which has driven lenders to be more careful and thoughtful around tightening any unintended flexibility,” Benefit Street’s Armstrong says.
As in real estate, the ease of obtaining ABF while pledging IP as collateral depends on location. North America is approximately five years ahead of Europe due to EU law regarding governance of intellectual property and its use as collateral.
For example, under the European Parliament and Council’s Directive/24/EC, the original software developer, whether an employee or a consultant, owns the copyright to their code, unless their contract states otherwise. But proving the provenance of software code can be difficult, especially if it contains open-sourced content and third-party APIs.
“The market is not fully prepared yet to take on the whole financing of software, given the uncertainties around ownership,” says Steffen Schellschmidt, Munich-based partner and private credit specialist at the law firm Clifford Chance. “You have to do a comprehensive and costly due diligence on this.”
This has led most European private lenders to focus more on registered IP like patents and trademarks, whose ownership is easier to determine.
Secondly, and unlike in the US, EU law does not permit the inclusion of software IP in a floating charge, Schellschmidt notes: “So, once security is perfected under European law, assets can still be transferred, but their value is diminished as they remain subject to the existing pledge.” That creates a funding gap for businesses that fall between early-stage startups and large, successful companies in pharmaceuticals and other knowledge-based industries.
“That is why we don’t have a Silicon Valley,” Schellschmidt contends.
The EU is working to eliminate the funding gap. As part of its Strategic Plan 2030, the European Intellectual Property Office (EUIPO) and the European Commission brought together policymakers, IP offices, financial institutions, business leaders, and subject-matter experts in an IP-Backed Finance Steering Group and Technical Working Group on IP Valuation at the end of last year.
The Technical Working Group is mandated to develop an IP Finance Roadmap to “help businesses across Europe, especially startups, scaleups, and SMEs, access finance based on the value of their intellectual property.” The Steering Group will then review the roadmap and shape the EU’s strategic approach to IP valuation and financing, according to EUIPO statements.
AI is affecting ABF, especially at businesses that plan to pledge enterprise software as collateral.
“Whether an asset is tangible or intangible, it will decay over time. Nothing holds all its value forever,” says Mark McMahon, managing director and global practice leader at Alvarez & Marsal Valuation Services. “If it’s a mine, it’s called depletion. If it’s a hard asset, it depreciates. If it’s software or another form of IP, it’s obsolescence.”
Computer code-writing AI engines, such as Anthropic’s Claude Sonnet and Microsoft’s GitHub Copilot, are only shortening the window to obsolescence for existing software stacks and lowering the value of software as collateral as market competition heats up due to lowered barriers to entry.
“The risk associated with a long-term software revenue stream might not necessarily be today what you estimated it to be even half a year ago,” McMahon notes.
However, AI should not be considered the death knell for software’s value as collateral, A&O Shearman’s Mincemoyer says.
“The same way that people figured out how to come up with all kinds of very creative and useful software programs that then they could package as SaaS businesses and really be constructive in the economy, I have to think that AI tools are going to allow even greater advancements and even greater new businesses and new tools as people are using them,” he says. “Does that mean the question is, Will the three or four people running the most powerful AI tools take over everything? There’s a risk of that. Do I think that actually will happen? Probably not.”
That said, the increased speed of software development should lead to more active management of collateral. As Benefit Street’s Armstrong advises: “If your IP collateral could conceivably be directly impacted by AI, you should certainly more frequently review and revalue that collateral to ensure your loan continues to be covered by the value.”
Despite these trends, ABF lenders’ appetite to accept various types of IP as collateral is growing. “Over the last five to 10 years, I have seen a large increase in financing being done where lenders are comfortable lending on nontangible assets,” Mincemoyer says.
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Oil prices edged slightly higher, European indices traded flat, while Asian markets surged on Tuesday morning as investors monitored potential US-Iran negotiations and the final 48 hours of the current ceasefire.
At the time of writing, US benchmark crude was up 8.5% from last Friday’s low to around $86.3 a barrel, while Brent crude, the international standard, was around 9.5% higher at roughly $94.5 a barrel.
As for European markets, the Euro Stoxx 50 and the broader pan-European Stoxx 600 were trading within a 0.2% range.
The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Italy’s FTSE MIB were all similarly trading within a 0.3% range.
On Wall Street, US futures were also all trading within a 0.3% range with the tech-heavy Nasdaq leading. The S&P 500 closed marginally lower by 0.2% on Monday at 7109 points.
Despite US representatives, including special envoy Steve Witkoff and senior adviser Jared Kushner, travelling to Islamabad as part of renewed efforts to secure an agreement, no concrete progress on US-Iran negotiations has been announced.
The Strait of Hormuz remains closed and the current ceasefire ends on Wednesday keeping markets in a state of uncertainty.
US President Donald Trump has asserted that the deal currently being negotiated will be better than the Joint Comprehensive Plan of Action (JCPOA), which was signed by US President Barack Obama in 2015 and from which Trump withdrew in 2018.
Following the arrival of US representatives to Islamabad there has been no developments on the negotiations with Iran.
Even though US President Donald Trump confidently declared that there is a historic deal in the works, public statements from major Iranian figures seem to indicate otherwise.
Mohammad Ghalibaf, the speaker of Iran’s parliament and the person previously heading the talks with the US, made sweeping declarations via X on Monday stating that the country will “not accept negotiations under the shadow of threats” and “has prepared to reveal new cards on the battlefield”.
Previously, other Iranian representatives have also described US demands as “excessive”.
For the time being, markets eagerly await developments and are highly sensitive to any headlines about the situation.
Although European markets are trading flat, major news in the retail consumer sector has come out of the UK.
Associated British Foods (ABF) is poised to announce the outcome this week of a strategic review into demerging its fast-fashion retail arm Primark, from its diversified food business.
The conglomerate, controlled by the billionaire Weston family, has been working with advisers from Rothschild & Co to assess whether the split would maximise long-term shareholder value.
Analysts argue the move makes sense because of the limited operational synergies between the two divisions: the food arm generates steady cash flows from brands such as Twinings, Patak’s, Jordans cereals and Allied Bakeries, while Primark has pursued aggressive international expansion in a fiercely competitive retail sector.
The decision comes as ABF faces tough trading conditions, with the group warning in January of flat annual sales and declining profits, further pressured by rising costs and the fallout from the Iran conflict, including potential increases in petrochemical prices.
In 2025, some of the world’s top investment banks demonstrated their leadership across diverse sectors, driving major deals that shaped global markets.
For 2025, some of the world’s most influential investment banks demonstrated their ability to adapt, innovate, and lead across diverse sectors. From major M&A to groundbreaking IPOs, these financial powerhouses have cemented their positions as industry leaders by executing high-profile deals that shaped global markets.
UBS
With a dedicated team of 150 specialists in the category, UBS delivered some of the year’s most closely watched finance deals. In the US, the Swiss powerhouse played a leading role in the $1.6 billion acquisition of Paramount Group by global alternative-asset manager Rithm Capital. In Europe, UBS served as financial adviser to Monte dei Paschi di Siena in connection with the voluntary public purchase and exchange offer for Mediobanca for over €16.5 billion (about $19 billion). UBS also advised financial services provider Baloise in its 17.8 billion Swiss franc (about $22 billion) merger of equals with Helvetia, one of the sector’s most important deals. UBS acted as an active bookrunner on the May IPO of Israel’s eToro retail trading platform, valued at $4.2 billion. The bank also acted as a joint bookrunner on Swedish fintech Klarna’s $1.4 billion IPO in September. —Thomas Monteiro
Rothschild & Co
With a specialized healthcare team of more than 100 advisory bankers in 20 offices globally, Rothschild secured several of the most complex and high-profile deals of 2025.
Balancing IPO and private-sale options, the London-based firm supported Sanofi’s disposal of French multinational pharmaceutical company Opella, valued at €16 billion. The bank also acted as joint lead adviser in the €10 billion sale of pharma company Stada Arzneimittel to investment firm CapVest—one of Europe’s largest leveraged buyouts of 2025. In Switzerland, Rothschild advised Swiss multinational medical-technology company Ypsomed on the carve-out and sale of its Diabetes Care division to TecMed for 420 million Swiss francs.
Beyond Europe, the bank supported healthcare deals in Asia and North America, including India’s landmark sale of a controlling stake in JB Chemicals and Pharmaceuticals to Torrent Pharmaceuticals for roughly $3 billion. —TM
Barclays
2025 saw a surge in industrials and chemicals M&A activity, with major deals in the US and Europe reshaping the market. UK-based Barclays played a key advisory role, including on Berkshire Hathaway’s $9.7 billion acquisition of OxyChem, spun off from Occidental Petroleum..
Barclays also advised the buy side on the $13.4 billion acquisition of Nova Chemicals by a consortium led by Abu Dhabi National Oil Company and OMV, the year’s largest cross-border deal in the sector, which played a key role in strengthening global polyolefins production.
In industrial technology, Barclays advised CVC Capital Partners on its £2 billion ($2.5 billion) acquisition of Smiths Detection from Smiths Group, highlighting continued private-equity interest in high-tech industrial assets. —TM
Societe Generale
As global infrastructure investment accelerated in 2025, French giant Societe Generale played a central role in some of the year’s most significant infrastructure transactions. In the UK, Societe Generale acted as mandated lead arranger and bookrunner on £5.5 billion (about $7.3 billion) of financing for the Sizewell C nuclear power station, one of Europe’s most important new energy-infrastructure projects and a cornerstone of the country’s long-term energy-security strategy.
The bank was also a key arranger on nearly $1.1 billion in green financing for the Eastern Green Link 2 transmission project, a 505 km (about 314-mile) subsea electric cable connecting Scotland and England. The project will transport up to 2 GW of renewable electricity from coastal wind farms to southern demand centers, enough to power more than 2 million homes while strengthening the UK’s electricity grid. Digital infrastructure has also been an important pillar of Societe Generale’s franchise. The bank participated in €650 million financing for the development of a European hyperscale data-center platform backed by Iliad Group and InfraVia, to support the expansion of cloud computing and AI infrastructure. —TM
BMO Capital Markets
After reaching record highs in 2025, prices for base metals and critical minerals continue to be whipsawed as economic risks and uncertainty persist, with shifting tariffs and supply disruptions related to the conflict in Iran. Strong price appreciation contributed to increased capital-markets activity, with many companies opting to increase scale or sell noncore assets. BMO Capital Markets continues to help clients successfully navigate these complex markets with advisory mandates and capital-markets execution on the largest transactions.
Globally, BMO covered 21 transactions in 2025 valued at $38 billion. It is also the sector’s top bank in equity capital-markets underwriting. In one of the largest metals and mining transactions of the past 10 years, BMO advised the $50-billion merger of Teck Resources and Anglo American. With BMO’s dominant market position, it has cultivated many long-term relationships. One of these clients is Coeur Mining, which the firm advised on the acquisition of SilverCrest Metals with a total implied equity value of approximately $1.7 billion. BMO was also named adviser for Coeur Mining’s announced buy of New Gold, valued at about $7 billion. —David Sanders
BTG Pactual
The global power and energy investment outlook remained robust in 2025, driven by rising infrastructure spending amid the rearranging of supply chains due to increased geopolitical tensions and continuously accelerating renewable energy transition projects. Against this backdrop, our best bank for the sector, Brazilian heavyweight BTG Pactual, took advantage of its region’s large-scale privatizations, transmission-asset sales, and growing private investment to notch a banner year.
Among the bank’s main deals of the year in the sector, BTG served as the exclusive financial adviser to Equatorial Energia on the 9.4 billion Brazilian-real (about $1.8 billion) sale of its electricity-transmission portfolio to Canada’s CDPQ, one of the year’s largest infrastructure transactions. BTG also advised Eletrobras on the 535 million-real sale of its stake in Eletronuclear to a subsidiary of J&F Investimentos, a strategic divestment aimed at streamlining the Brazilian utility’s portfolio. The firm was equally active in energy transition investments. BTG acted as exclusive financial adviser to Orizon on the 275 million-real sale of a minority stake to eB Capital, supporting expansion in the waste-to-energy sector. —TM
DBS Bank
As one of the leading banks in the Asia-Pacific region, DBS has been recognized as a global leader in real estate finance. Southeast Asia’s largest bank notably issued 300 million Singapore dollars (about $235 million) in five-year noncallable green subordinate perpetual securities at 3.18%. This issuance is one of the largest corporate perpetual securities in Singapore dollars and has the lowest fixed rate in 2025. DBS also acted as one of the bookrunners/managers for the Hysan Development-related $750 million bond issuance.
Lastly, DBS issued multitranche 3.5 billion offshore yuan (about $508.5 million) senior unsecured green notes due in 2028, 2030, and 2035. This was the first 10-year offshore yuan public bond. —Lyndsey Zhang
Guggenheim Securities
In 2025, Guggenheim was a key player in sports finance, advising on major franchise transactions and strategic deals. The firm facilitated CEO Mark Walter’s historic $10 billion acquisition of the Los Angeles Lakers; it was the highest valuation ever for a professional sports team.. Guggenheim also advised Major League Baseball on a $9 billion debt-restructuring deal with Main Street Sports Group (formerly Diamond Sports Group), helping it emerge from Chapter 11 bankruptcy. The firm played a key role in Liberty Media’s €4.2 billion acquisition of Dorna Sports and published research suggesting the NFL’s media rights are undervalued. Additionally, Guggenheim developed structured credit solutions for sports teams, allowing them to leverage non-game day revenue streams.
UBS
In 2025, UBS played a central role in the tech dealmaking rebound, benefiting from increased capital inflows. The bank served as exclusive financial adviser to Veeco Instruments on its $4.4 billion merger with Axcelis Technologies, combining semiconductor equipment suppliers to meet growing demand in AI and data centers. UBS also led Fermi America’s $13.8 billion dual-listing IPO on the London Stock Exchange and Nasdaq, marking the first such dual listing in over a century. In Europe, UBS was a joint bookrunner for the Swiss Marketplace Group’s €901.6 million IPO, one of the continent’s largest digital platform listings.
Northfield Bancorp GAAP EPS of $0.30 misses by $0.02, revenue of $40.38M misses by $0.22M
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These standout investment banks exemplify the dynamism and growing global relevance of Africa’s financial ecosystem.
Africa’s investment banking landscape in 2026 reflects a market that is both maturing and expanding, with institutions deepening their regional reach while navigating uneven economic conditions.
From robust M&A pipelines to a resurgence in equities activity and gradual development in debt markets, leading banks are demonstrating resilience and adaptability across the continent. This year’s winners for the region — Rand Merchant Bank, Standard Chartered, Chapel Hill Denham, and Absa Bank — are setting the pace, executing landmark transactions while strengthening cross-border capabilities.
Their performance underscores a broader shift toward more sophisticated capital markets, even as structural challenges persist.
Rand Merchant Bank
In 2025, Rand Merchant Bank (RMB) posted $939.2 million in normalized profits before tax and a 20.7% return on equity. In South Africa, the firm commanded a 16% market share in M&A, with 24 deals valued at $4.6 billion. Among the bank’s landmark deals was advising Aspen Pharmacare on the disposal of its Asia-Pacific assets (excluding China) to Australia’s BGH Capital for nearly 2.4 billion Australian dollars (about US$1.6 billion). Markets outside South Africa accounted for 21% of profits. In Tanzania, RMB arranged a $300 million syndicated loan to finance infrastructure projects. Meanwhile in Ghana, a $500 million financing package for Asante Gold to scale production.
Standard Chartered
In recent years, Standard Chartered has been reorganizing its business in Africa. The objective is to focus on higher-growth markets and the bank’s core competence in corporate and investment banking. By taking this route, the bank aims to ensure it remains a leader in Africa’s dealmaking, particularly in M&A. Over the past 15 years, Standard Chartered has built a long track record of advising on cross-border deals across various sectors such as oil and gas, chemicals, metals and mining, health care, and financial services. Over that period, the bank has advised on transactions with a combined value of over $50 billion, deploying expertise in buy-side/sell-side, capital raise, valuation, fairness opinion, and defense advisory, and others.
The trend was maintained last year with landmark deals. Among them was advising West China Cement on the acquisition of Heidelberg Materials’ operations in the Democratic Republic of Congo, a deal worth $120 million and the bank’s third cement transaction in Africa in 18 months. Standard Chartered also advised Norwegian state-owned fund Norfund in its $86 million equity investment, shared with pension fund KLP, in Anthem, a new renewable-energy firm based in South Africa.
Chapel Hill Denham
The Nigerian equities market is experiencing an unprecedented surge in activity, putting it ahead of the pack in Africa. A key factor is the comeback by foreign investors, encouraged by stabilizing macroeconomic conditions, specifically foreign exchange reforms. Last year, foreign transactions at the Nigerian Exchange surged by 211% to more than 2.6 trillion Nigerian naira (over $1.8 billion), up from 852 billion naira in 2024. Chapel Hill Denham remains a key intermediary in orchestrating market activity as the issuing house for the most significant transactions. Riding on Chapel Hill’s deep sector expertise and strong investor engagement, the firm was involved in $553.4 million in deals in 2025.
The firm not only remained the preferred partner for banks pursuing recapitalization ahead of the March 31, 2026, central bank deadline for banks to meet new capital requirements of 500 billion naira but also cemented its position in Nigeria’s real estate investment trust market. Among Chapel Hill’s major transactions was that of GTBank’s holding company, GTCO, which raised $105.5 million in an offering and then listed shares on the London Stock Exchange (LSE). The transaction was fundamental, being the first listing on the LSE by a Nigerian lender.
Absa
Africa’s corporate debt markets remain underdeveloped. According to the Organisation for Economic Co-operation and Development, just four economies account for 61% of outstanding corporate debt, largely concentrated among a handful of issuers with access to long-term funding. Issuance is heavily reliant on foreign investors and mostly dollar denominated, while corporate debt sits below 15% of GDP in most countries—far behind the 52% global average.
Despite this reality, Absa Bank has been at the forefront of changing the narrative. With on-the-ground coverage across 15 markets, the bank is an active player in helping companies raise capital even when markets are volatile. Last year, following President Trump’s tariffs, Absa facilitated Ecobank Transnational Inc. (ETI) in tapping international markets with a $125 million eurobond. The transaction was instrumental on many fronts. These included enabling ETI to refinance upcoming debt maturities. Absa also oversaw the execution of a $500 million bond for Bidvest Group.
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Awards Award Winners World’s Best Investment Banks 2026: Asia-Pacific
This year’s top firms in Asia-Pacific underscore the region’s growing influence in shaping global investment banking trends.
The investment banking landscape across Asia-Pacific is defined by scale, sophistication, and intensifying competition across capital markets.
These regional leaders, like their global counterparts, are capitalizing on strong deal flow, particularly in M&A and equities, while expanding capabilities in debt financing and advisory.
Our top institutions — Industrial and Commercial Bank of China, DBS Bank, Morgan Stanley, and J.P. Morgan — are setting the benchmark, executing landmark transactions and reinforcing their regional dominance.
Their performance reflects a broader resurgence in Asia-Pacific capital markets, driven by robust IPO activity, cross-border consolidation, and evolving financing strategies.
ICBC
The Industrial and Commercial Bank of China (ICBC) recorded operating income of 835.4 billion yuan (about $121 billion) last year, and net profit of 368.3 billion yuan, with a year-on-year increase of 2% and 1%, respectively.
The Beijing-based firm led China’s market in merger financing, bond underwriting, and restructuring advisory. M&A loans exceeded 102.2 billion yuan, while bond underwriting reached over 1.7 trillion yuan, boasting nearly 10% market share. ICBC also led the industry in market-oriented debt-to-equity swaps. In securities underwriting, ICBC demonstrated strong pricing power and post-listing performance, completing over 230 Hong Kong IPOs with a cumulative underwriting volume of nearly $210 billion.
DBS Bank
In 2025, DBS continued its legacy as a one-bank composite solution, leading domestic and cross-border M&A deals in the Asia-Pacific region. The most notable deal was the joint work of DBS Strategic Advisory HK and DBS Securities in China, providing strategic advice and execution to Haitong Securities in its merger with Guotai Junan Securities (GTJA), completing the country’s largest-ever brokerage deal.
DBS also advised Singaporean companies transforming into the new economy through M&A, including Keppel’s divestment of subsidiary M1 to Simba Telecom for an enterprise value of 1.43 billion Singapore dollars (about US$1.1 billion), showcasing the bank’s deep sector expertise.
In addition, DBS’ long-standing relationship with state-owned energy and urban development company Sembcorp supported multiple corporate and investment banking solutions. With DBS’ advisory, this major electricity supplier in Singapore successfully transitioned away from fossil fuels and invested in green energy.
Morgan Stanley
Morgan Stanley was also 2025’s top arranger of equity capital markets deals in the Asia-Pacific region for the second consecutive year, holding a market share of nearly 10%, well ahead of rival Goldman Sachs. The New York-based investment bank facilitated $27.9 billion in IPOs, primary placements, block trades, and convertible bonds—almost $9 billion more than Goldman Sachs, according to Bloomberg data. Its 10% market share marks the second-highest for a top-placed bank in the past decade. The bank worked on several multibillion-dollar Asian deals as share sales surged in Hong Kong and India, which notched a record year for IPOs.
Four of the year’s five largest share-sale venues are in Asia—Hong Kong, India, mainland China, and Japan. Despite missing Asia’s two largest deals earlier in the year and trailing Goldman in the first half, Morgan Stanley regained the lead in early July with a $3.4 billion block trade in insurer AIA Group Ltd. It was also the sole arranger on Ping An Insurance (Group) Co. of China Ltd.’s HK$11.8 billion ($1.5 billion) convertible bond in June, boosting its league-table position. A rebound in health-care share sales in Hong Kong after a three-year slump further benefited Morgan Stanley, giving it a 37% market share in the sector and leading numerous offerings on a sole basis, including those involving WuXi XDC Cayman Inc.
J.P. Morgan
J.P. Morgan demonstrated its position as a market leader in the Asia-Pacific debt capital market by becoming the top fee earner in the region, supported by leadership in capital market transactions, including debt issuance. The firm also demonstrated a long-term leadership strategy, expanding its private credit and debt financing business while specifically targeting midsize companies. The large commitment to direct lending strengthens the bank’s position as a top debt-investment bank in the region. J.P. Morgan was also recognized by Coalition Greenwich as a quality leader in Asia for its cash management services, receiving multiple Greenwich excellence awards.
Home Awards Award Winners World’s Best Investment Banks 2026: Latin America
Latin America’s investment banking giants of 2025, driving record M&A deals, booming equity offerings, and landmark debt transactions.
Despite the region’s ongoing challenges, Latin America remains attractive to foreign investment, especially in sectors such as renewable energy, technology, and infrastructure.
Foreign investment flows are often spurred by economic reforms, privatization efforts, and regulatory improvements.
BTG Pactual reaffirmed its position as the region’s top bank, while Itaú BBA capitalized on the rebound in equities, capturing a commanding market share and leading notable IPOs. And Bradesco BBI excelled in debt issuance, coordinating major corporate debentures and sovereign bonds, while maintaining strong cross-border market engagement.
The following list highlights the firms at the forefront of Latin America’s investment banking sector, shaping the region’s financial future.
BTG Pactual
The leading Latin American investment bank, BTG Pactual ranked first in M&A with $15 billion in deal volume and led in ECM with $2 billion in deals. In DCM, the Brazilian bank issued more than $159 billion in 2025 alone. Among these transactions was the $2.6 billion merger between BRF (formerly Brasil Foods) and Marfrig, the biggest in the region for the year. On the equities side, the bank acted as lead left coordinator on the 10.5 billion Brazilian real (about $2 billion) capital raise for Cosan, a Brazilian sugar and ethanol producer with operations in energy, oil and gas, agribusiness, and logistics.
BTG Pactual
It was a year in which industry-specific consolidation trends met still-elevated interest rates in Latin America, and M&A belonged to those who could structure complex deals with top-level execution. Such was the case for BTG Pactual, the No. 1 M&A advisory house in Latin America for yet another year. With more than $15 billion in deal volume in 2025 alone, the Brazilian powerhouse continued to lead in both volume and number of deals.
Among BTG Pactual’s key deals was the roughly $4 billion combination of BRF and Marfrig, a landmark transaction in Brazil’s food sector. BTG was also the financial adviser to Paper Excellence on the sale of its minority stake in pulp-producer Eldorado Brasil Celulose to J&F Investimentos for 15 billion reais (about $2.8 billion). Beyond BTG’s home turf, it played a key part in the take-private of Brazilian-based Serena Energia, valued at roughly $2.8 billion, by Singapore’s sovereign wealth fund GIC and General Atlantic, where the bank served as the exclusive financial adviser to Serena. The bank also acted as the exclusive financial adviser to Equatorial Energia in the sale of its power-transmission portfolio to Canada’s CDPQ for 9.4 billion-reais.
Itaú BBA
Through a combination of innovation and robust market positioning, Brazilian Itaú BBA took advantage of the rebound in Latin American
to close the year with a commanding 24% market share in the region’s ECM deals—56% of the share in the bank’s home market. As follow-ons dominated market growth on the back of improving risk sentiment among corporates and persistently elevated interest rates, the bank managed to structure some of the year’s most important deals. Among these deals was the landmark $196 million Aura Minerals IPO, which provided the Florida-based company with the capital structure to deepen its presence in Brazil. Itaú led the 1.2 billion real (about $226 million) Caixa Seguridade secondary offering, allowing the state-backed bank to improve its classification under the Brazilian regulatory framework. Itaú played a role in structuring the roughly $190 million C&A Brasil transaction, in which controlling shareholders sold a 21% stake through a block trade.
Bradesco BBI
With a mix of domestic and cross-border issuances, Brazil’s Bradesco BBI rode the persistent high-interest-rate environment in the region, which prompted corporates to gravitate toward fixed-income instruments with excellent performance. In the domestic market, the bank acted as lead bookrunner on Vale’s local debenture issuance, serving as a key coordinator in distributing one of the largest capital raisings in Brazil during the year. Bradesco also led the Ecovias Rio Minas debenture, cited as one of the largest corporate debenture transactions of 2025. In structured credit, Bradesco BBI participated in the CloudWalk FIDC, one of the most significant FIDC offerings of the year, and acted as bookrunner on a 3.1 billion Brazilian real (about $591 million) FIDC issuance in April 2025. Internationally, the bank played a central role in benchmark cross-border bond offerings. Bradesco acted as a bookrunner on Brazil’s new 10-year, 2035, dollar-denominated sovereign benchmark bond, raising $2.5 billion, a significant transaction.
UniCredit to outline value plan for Commerzbank on Monday, cites strategic gaps
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Oil surges, dollar gains, stock futures slip as Hormuz closure renews market anxiety
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A coalition of EU-based chemical producers of titanium dioxide – a strategic chemical used in green energy and aerospace – has lodged a complaint with the Commission alleging unfair foreign subsidies against leading Chinese producer LB Group, which is seeking to acquire a UK plant of British competitor Venator, Euronews has learned.
The move follows the European Commission’s decision in January 2025 to impose anti-dumping duties on LB Group, a trade defence measure targeting low-priced imports into the EU.
Acquiring a production plant in the UK would allow the Chinese group to export its products to the European market duty-free under the EU-UK trade agreement, circumventing EU anti-dumping tariffs.
The EU chemical sector is under pressure from growing competition from Chinese rivals, which are flooding the market with overcapacity.
The alliance behind the complaint against LB Group includes several companies producing in the EU — US-based Tronox and Kronos, Czech Precheza and Slovenian Cinkarna — collectively accounting for about 90% of EU titanium dioxide production.
Sources said the complaint was filed in December 2025, urging the European Commission to investigate the Chinese company over alleged unfair foreign subsidies used to finance the acquisition of Venator’s plant.
The EU’s Foreign Subsidies Regulation, adopted in 2022, allows the Commission to investigate non-EU companies to assess whether they benefit from distortive foreign subsidies to make acquisitions in the EU or take part in public procurement.
The tool was initially designed with China in mind, reflecting concerns over excessive state subsidies support for Chinese companies acquiring strategic EU assets or infrastructure. However, the regulation has not yet been applied outside the EU.
The plant targeted by LB Group is located in Greatham in northeast England, which left the EU in 2020 after Brexit. The UK’s Competition and Markets Authority is currently reviewing the deal and is expected to issue a decision in May.
If the European Commission opens an investigation under the Foreign Subsidies Regulation, it could set a precedent and send a strong signal globally.
The move would come as the EU chemical industry loses market share in Europe.
According to Cefic, which represents the sector in Brussels, the bloc has lost around 9% of its production capacity since 2022, resulting in the loss of 20,000 direct jobs.