News
(WSJ)($)
Bankers’ advice for dealmaking clients who have been sidelined by the high cost of funding boils down to this: Get used to it. Wall Street investment banks in the first quarter have finally started to report a pickup in activity following a long slowdown. Revenue from arranging sales of stocks and debt, and for advising on mergers and acquisitions, was collectively up 27% at the five largest Wall Street banks from a year earlier, to the highest level since the first quarter of 2022, when the Federal Reserve began raising interest rates.
(Bloomberg)($)
Citigroup Inc. and Goldman Sachs Group Inc. are among Wall Street giants that served as matchmakers on recent transactions between smaller companies looking for loans and private lenders eager to provide financing. Their pitch to direct lenders boils down to this: we can use our vast network of corporate clients to help you find issuers that want financing, and take them through all the paperwork involved in getting a private loan, for a fee.
(Nasdaq)
Active fixed income demand is surging. The secular drivers are increased comfort and adoption by advisors and investors with the category, in addition to the conversion of actively managed fixed income mutual funds into ETFs. From a cyclical perspective, the current environment, which has attractive yields but considerable uncertainty about the Fed and economy, also favors active fixed income strategies.
(The Desk)
US Treasury market volatility saw a decline in March, according to Coalition Greenwich’s April Data Spotlight on US rates trading. The MOVE Index monthly average was down 35% YoY to 98.63, and at the end of March reached its lowest point since February 2022.
(The Desk)
US corporate bond activity saw a slight slowdown over March, although remained elevated on a historical basis, Coalition Greenwich’s April Data Spotlight on US credit trading has found.
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