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UK inflation hits 3.3% as Iran war drives energy costs higher

Apr 22, 2026 Finance Desk

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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.


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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 Bank of England’s policy dilemma

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 heads to Washington hoping to unlock steel talks

Apr 22, 2026 Finance Desk

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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.


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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.

Taking stock

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.

Pressure points

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.

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Private Credit’s Next Bet: Intellectual Property

Apr 21, 2026 Finance Desk

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.

Transatlantic Divide

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.

Steffen Schellschmidt, Clifford Chance
Steffen Schellschmidt, Clifford Chance

“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 Speeds IP Obsolescence

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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Global markets on edge as investors await outcome of US-Iran negotiations

Apr 21, 2026 Finance Desk

Published on •Updated

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.


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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.

Latest on US-Iran negotiations

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.

Associated British Foods and Primark demerger

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.

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World’s Best Investment Banks 2026: Global Winners By Sector

Apr 21, 2026 Finance Desk

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.

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Financial Services

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

Healthcare

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

Industrials/Chemicals

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

Infrastructure Finance

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

Power/Energy

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

Real Estate Finance

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

Sports Finance

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.  

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World’s Best Investment Banks 2026: Africa

Apr 20, 2026 Finance Desk

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.

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Best Investment Bank

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.         

M&A

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.

Equities

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.        

Debt

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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World’s Best Investment Banks 2026: Asia-Pacific

Apr 20, 2026 Finance Desk

Home 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.

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Best Investment Bank

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.   

M&A

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.

Equities

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.

Debt

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.          

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MONEY

World’s Best Investment Banks 2026: Latin America

Apr 20, 2026 Finance Desk

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.

visualization

Best Investment Bank

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.  

M&A

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.

Equities

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.     

Debt

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.        

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MONEY

Exclusive: EU-based chemical producers ask Commission to probe Chinese group over deal in the UK

Apr 18, 2026 Finance Desk

Published on •Updated

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.


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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.

Enforcing the Foreign Subsidies Regulation outside the EU

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.

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NEWS TODAY

Understanding India’s Opposition to the IFDA Investment Deal at the WTO

Apr 18, 2026 News Desk

The recently concluded 14th Ministerial Conference of the WTO produced mixed results. While the multilateral system remains stuck on Appellate Body appointments, one of the most extensive pre-conference discussions focused on the Chinese-led Investment Facilitation for Development Agreement (IFDA). With 129 member states backing the IFDA, including countries like Bangladesh and several least developed countries (LDCs) from Africa, this has put India’s position as a key representative of the third world into question.

However, a thorough examination of India’s position reveals deeper concerns about the WTO within the ever-changing framework of global economic governance. In this article, I argue that India’s opposition to the IFDA is based not merely on apprehensions about China’s strategic influence, but also on other considerations founded on the grounds of jurisdiction, sovereign right to regulate and the procedure.

The Jurisdictional Argument & Potential Fragmentation of the International Trade Regime:

India’s primary objection to the IFDA emerges from a very pivotal question in the field of international law, challenging the jurisdiction and mandate of the WTO. In a rules-based transnational system, international organizations operate on a mandate-based framework. This mandate is primarily derived from the substantive provisions of their founding agreements and the consent of member states. Historically, the WTO’s mandate has centred on trade, specifically the regulation of trade in goods and services, as well as certain trade-related aspects of intellectual property and investment. While instruments such as the Agreement on Trade-Related Investment Measures (TRIMs) and the General Agreement on Trade in Services (GATS) incidentally touch upon investment, they do so only insofar as it is in relation with trade.

Given that the WTO’s mandate and primary focus are on trade, India maintains that the regulation of investment as an autonomous domain fall outside its negotiated competence. This position is grounded in the collapse of the “Singapore Issues,” which included investments as one of its four development agenda and were explicitly dropped from the Doha Developmental Agenda in 2004. The reintroduction of investment facilitation through the IFDA is thus viewed as lacking a legitimate mandate, raising serious concerns about the WTO’s overreach.

Another factor closely linked to the lack of mandate is the plurilateral character of the proposed agreement. Unlike multilateral agreements, which bind all WTO members on the basis of consensus, plurilateral agreements apply only to a subset of willing participants. While such arrangements are not unprecedented within the WTO framework, India views the IFDA as a symbolic representation of a broader trend towards fragmentation. The primary concern of New Delhi is the risk that plurilateralism brings to the system. India’s apprehension stems from creation of a two-tier system within the WTO, wherein economically powerful states effectively set the rules, leaving others in a position of reactive compliance. This seriously undermines the foundational principle of sovereign equality among the WTO members and erodes the consensus-based decision-making model that has historically been a salient feature of the WTO.

Right to Regulate

A further dimension of India’s opposition to the IDFA pertains to the preservation of regulatory autonomy. The IFDA, although framed as a facilitative instrument, introduces disciplines that may constrain domestic policymaking. The current bilateral system on which international investment law is based relies heavily on bilateral investment treaties (BITs) and dedicated chapters on investment in comprehensive economic partnership agreements (CEPA). This empowers developing countries such as India to specifically negotiate foreign investment policy in accordance with domestic requirements and national priorities.

However, under the IFDA’s plurilateral approach, India’s apprehension is grounded in obligations relating to non-discrimination, administrative review, and procedural standardisation, which over time may limit the flexibility required to implement industrial policy, promote local value addition, or regulate sensitive sectors in the public interest.

Further, India is also careful of the potential consequences that may arise from incorporating investment-related disciplines within the WTO framework. Although the IFDA does not formally include investor–state dispute settlement (ISDS) mechanisms, its provisions could nonetheless be invoked indirectly in arbitral proceedings under bilateral investment treaties (BITs).

Given India’s prior experience with investment treaty arbitration and the subsequent revisiting of its Model BIT in 2016 to ensure regulatory balance, this concern carries considerable weight. While at face value these provisions might seem benign and aimed at facilitation of flow of investments, their pro-investor interpretations might create problems by exposing India to international liability.

Another vital dimension of India’s critique pertains to the procedural legitimacy of the IFDA negotiations. It is quite commonly observed that the legitimacy of outcomes is intricately linked to the legitimacy of the processes that produce them. These negotiations were initiated through a Joint Statement Initiative (JSI) which remains controversial within the WTO system. India’s argument relies on the absence of an explicit mandate which contradicts the WTO’s decision-making framework, which is based on consensus.

Beyond these factors, India’s position can also be understood as a negotiation strategy. By resisting the incorporation of new issues such as investment facilitation into the WTO package, India seeks to preserve negotiating leverage in ongoing and future discussions. Accepting the IFDA could open a pandora’s box for the introduction of other areas, including digital trade and e-commerce, thereby shifting the balance of negotiations away from priorities of developing countries, such as agricultural subsidies.

It is important to note that India does not oppose investment facilitation in principle; rather, its criticism is related to the form, venue, and legal consequences of introducing non-trade disciplines at the WTO. India has, in fact, undertaken substantial domestic reforms aimed at improving the ease of doing business and attracting foreign investment. Its objection is more precisely directed at the form, forum, and legal implications of embedding such non-trade disciplines within the framework of WTO.

In summary, the refusal of India to sign the IFDA is a reflection of careful consideration of complex legal factors combined with prudence regarding institutional development and developmental policy. It underscores a broader tension within the contemporary multilateral trading system aiming to balance the ever-expansive rule-making to protect & promote investments, with preservation of regulatory policy space for host states.

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MONEY

U.S. renews pause on Russian oil sanctions (CL1:COM:Commodity)

Apr 18, 2026 Finance Desk

Apr 18, 2026, 8:42 AM ETCrude Oil Futures (CL1:COM), USO, CO1:COM, NG1:COM, , , , , , , , , , , , , , By: Dulan Lokuwithana, SA News Editor
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Top view on Oil-storage tank with the tanker at a mooring.

KadnikovValerii/iStock Editorial via Getty Images

The U.S. Treasury Department has extended a waiver that will temporarily ease some sanctions on Russian oil shipments just two days after Secretary Scott Bessent said Washington would not renew the exemption despite surging oil prices caused by Middle Eastern tensions.

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MONEY

Regions projects 2026 net interest income growth of 2.5%-4% with net interest margin exiting in the low 3.70%s (NYSE:RF)

Apr 17, 2026 Finance Desk

Earnings Call Insights: Regions Financial Corporation (RF) Q1 2026

Management View

  • “This morning, we reported strong first quarter earnings of $539 million or $0.62 per share,” said (President, CEO & Chairman John Turner), adding, “We grew loans and deposits on both an average and ending basis, and our credit metrics continue

Seeking Alpha’s Disclaimer: This article was automatically generated by an AI tool based on content available on the Seeking Alpha website, and has not been curated or reviewed by humans. Due to inherent limitations in using AI-based tools, the accuracy, completeness, or timeliness of such articles cannot be guaranteed. This article is intended for informational purposes only. Seeking Alpha does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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