Gold rose and silver surged as traders weighed uncertainty around US import tariffs and friction in the Middle East. Bullion climbed as much as 1.3% on Wednesday, clawing back most of the losses from the previous session. A lack of clarity over US trade policy has supported the metal in recent sessions, as well as tensions over an American military buildup ahead of the next round of nuclear talks with Iran this week. Silver rose above $90 an ounce. Most Read from Bloomberg Gold has found a footing abov ...

Core Viewpoint - Elon Musk's bankers are exploring a financing plan following the merger of SpaceX and xAI to alleviate the significant interest costs incurred by Musk in recent years [1][2]. Group 1: Debt and Financing - Musk has accumulated nearly $18 billion in debt from the Twitter buyout and the establishment of xAI, with a financing deal expected to help reduce this debt burden ahead of a potential IPO later this year [2]. - Morgan Stanley, which facilitated Musk's Twitter acquisition and xAI's debt raising, is anticipated to play a key role in the financing plan, alongside other banks like Goldman Sachs, Bank of America, and JPMorgan [3]. - Musk's acquisition of Twitter was supported by a $12.5 billion financing package, which has resulted in substantial monthly interest payments [4]. Group 2: Debt Management and Market Response - Initially, banks holding Twitter's debt faced challenges due to concerns over Musk's content moderation approach, which affected ad revenue, leading to a delay in offloading the debt [5]. - In April, banks successfully sold the last portion of Twitter's buyout debt, amounting to $1.23 billion, at a fixed rate of 9.5% and a discounted price of 98 cents on the dollar [5]. - Following the merger with xAI, the social network was valued at $45 billion, including debt, and xAI subsequently took on an additional $5 billion in debt, with creditors expressing concerns about profitability and cash flow [6].

Core Viewpoint - Nyxoah SA received a transparency notification from BNP Paribas Asset Management, indicating that BNP Paribas Asset Management Europe SAS holds 1,409,791 voting rights, which is 3.28% of the total voting rights as of December 31, 2025 [2][3]. Group 1: Notification Details - The notification was received on January 8, 2026, and it indicates that BNP Paribas Asset Management Europe SAS holds 1,409,791 voting rights, representing 3.28% of the total voting rights of 43,026,460 [3][5]. - The threshold crossed for this notification was 3%, with the relevant date being December 31, 2025 [5][6]. - The total number of voting rights held by BNP Paribas Asset Management Europe SAS includes 696,562 linked to securities and 1,409,791 total voting rights, with no unlinked securities [4][6]. Group 2: Ownership Structure - BNP Paribas Asset Management Europe SAS is a subsidiary of BNP Paribas Asset Management Holding, which is controlled by BNP Paribas SA [6]. - The notification is a result of the merger between BNP Paribas Asset Management Europe SAS and AXA Investment Managers SA on December 31, 2025, leading to the crossing of the 3% threshold [6].

Group 1: Market Overview - Global green bond and loan issuance has reached a record $947 billion in 2023, with stock market gauges for renewables set for their first annual gains since 2020, outperforming the S&P 500 significantly [1][17] - Asia-Pacific companies and government-linked issuers raised $261 billion from green debt, marking a 20% increase from the previous year, with China leading with a record $138 billion in green bond issuance [7][18] - The amount of outstanding green bonds has grown at a 30% compound annual rate over the past five years, now accounting for about 4.3% of the global total [9][18] Group 2: Investment Trends - Green investments are increasingly viewed as core infrastructure and industrial plays, with capital flowing towards areas with clear revenue visibility and policy backing, such as grid upgrades and renewables tied to electrification [3][18] - Easing US interest rates and refinancing needs may boost global green bond sales to as much as $1.6 trillion next year [10][18] - Clean-energy indexes from S&P Dow Jones Indices and WilderShares have surged 45% and 60% respectively, although both remain below their 2021 peaks [10][18] Group 3: Regional Insights - US green debt issuance fell 7% to $163 billion this year, while fundraising in Germany remained steady at approximately $79 billion [13][18] - India has emerged as a hotspot for renewable-energy IPOs, with 11 listings raising over $1 billion and another six companies seeking more than $3 billion [11][18] - Strong interest from foreign banks in India has intensified competition, squeezing financing margins by 5% to 10% on renewable energy projects [13][18] Group 4: Challenges and Future Outlook - Sales of sustainability-linked debt have slumped about 50% this year to $165 billion amid greenwashing concerns, while transition bond issuance has more than halved to $10.9 billion [14][18] - Global sustainable debt volumes stood at about $1.6 trillion this year, down more than 8% from 2024 [16][18] - Changes to European fund rules may allow asset managers to define what qualifies as a sustainable investment, potentially reversing current trends over the next two years [15][18]

Financial Strategy - Netflix Inc. refinanced part of a $59 billion bridge loan with cheaper and longer-term debt, enhancing its financial package for the bid on Warner Bros. Discovery Inc. [1] - The refinancing includes a $5 billion revolving credit facility and two $10 billion delayed-draw term loans, leaving $34 billion for syndication [1][7]. Acquisition Details - Netflix's deal values Warner Bros.' studio and streaming assets at $82.7 billion, leading to a competitive bidding environment with Paramount Skydance Corp. launching a hostile takeover offer [2]. - Warner Bros. advised its shareholders to reject the Paramount bid, labeling it as "inferior and inadequate," and highlighting the risks associated with its financing [3]. Regulatory Environment - The acquisition faces regulatory and political challenges, with Democratic Senator Elizabeth Warren criticizing the bid as an "anti-monopoly nightmare" [4]. - Netflix has reassured its staff that the acquisition will not lead to studio closures [4]. Market Context - Bridge loans are commonly used for immediate financing gaps in buyout bids and are typically replaced by more permanent debt [5]. - Recent competition among banks for financing opportunities has intensified due to quieter credit markets [5][6].

Core Viewpoint - Geojit Financial Services' shares have increased nearly 5% following additional stake purchases by promoter CJ George and domestic institutional investors, indicating positive market sentiment and potential growth in the company's valuation [1]. Group 1: Stock Performance - Geojit Financial Services' stock closed at ₹79 on the BSE, reflecting a gain of 4.58% [1]. - The stock has a 52-week high of ₹126.45 and a low of ₹60.80, showcasing significant volatility and potential for recovery [1]. Group 2: Stake Transactions - BNP Paribas SA sold 4.1 crore equity shares, which is 14.6% of Geojit's paid-up equity, for ₹278.8 crore at ₹68 per share [2]. - Institutional investors such as Bajaj Allianz Life Insurance Company and ICICI Prudential Life Insurance acquired significant stakes, with Bajaj Allianz purchasing 1.35 crore shares for ₹91.8 crore and ICICI Prudential acquiring 1.25 crore shares for ₹85 crore [3]. - Promoter CJ George acquired 40 lakh shares during the recent transactions, indicating confidence in the company's future [3]. Group 3: Historical Context - BNP Paribas first invested in Geojit in 2007 and increased its stake to 34% in 2009, but has since reduced its holding while participating in the company's rights issue in 2024 [4].

Core Insights - The revival of structured products in Asia is linked to a surge in equities driven by artificial intelligence, with a notable shift from US stocks to Chinese mega-caps like Alibaba and Tencent [1][21] - Issuance of structured products tied to Hong Kong and Singapore equities has surged 80% this year, exceeding $200 billion, marking a significant recovery in the market [21] - More than 60% of global sales of structured products in the first seven months of 2025 originated from Asia, primarily from China and Hong Kong [4][21] Structured Products Overview - Structured products generally offer lower maximum payouts than stocks but attract investors with regular fixed payments that often exceed bond yields [5][6] - Accumulators and fixed-coupon notes are particularly popular, with accumulators requiring investors to buy stocks at preset levels, which can lead to higher costs during market downturns [9][10][21] - Fixed-coupon notes linked to major Chinese companies, such as Alibaba, offer annualized coupons ranging from 10% to 20%, which is higher than those tracking indices [12][21] Market Dynamics - Alibaba shares have increased nearly 90% this year, contributing to a 26% rise in the Hang Seng Tech Index, indicating a strong recovery in the Asian market [13][21] - The proportion of equity-linked notes tracking Hong Kong-listed equities has risen to 30%-40% in 2025, up from about 20% in 2024, reflecting a shift in investor focus [13][21] - Wealthy investors are increasingly using leverage to amplify their bets, which can also magnify potential losses [16][21] Risk Management - The concentration of structured products on a limited number of stocks poses a risk, as highlighted by BNP Paribas, which is navigating this challenge amid a backdrop of market gains [17][21] - Historical events, such as the Lehman Brothers collapse and the Covid outbreak, serve as reminders of the risks associated with structured products [8][21]

In the space of less than a week, the bidding war for Warner Bros. Discovery Inc. has unleashed two multi-billion debt deals that rank among the largest in the past decade.The latest came from Paramount Skydance Corp. as it lined up as much as $54 billion of financing from Wall Street’s biggest firms to help support its $108 billion hostile bid for Warner Bros., just days after the company agreed to a deal with Netflix Inc.Loans of this size have been few and far between over the past couple of years amid s ...

Core Viewpoint - Wells Fargo & Co has secured a co-advisory role in Netflix Inc.'s planned acquisition of Warner Bros. Discovery Inc., highlighting the bank's strategy to enhance its investment banking presence and secure significant M&A mandates [1][3]. Group 1: Deal Details - Wells Fargo is providing a $59 billion bridge loan for the Netflix-Warner Bros. deal, in collaboration with BNP Paribas and HSBC, marking the largest loan commitment by a single bank for an investment-grade bridge facility at $29.5 billion [2]. - The total enterprise value of the acquisition is approximately $82.7 billion, which includes debt [2]. Group 2: Strategic Positioning - This achievement is part of Wells Fargo's broader strategy to build a competitive investment banking franchise to rival leading firms like JPMorgan Chase and Goldman Sachs [3][4]. - Under CEO Fernando Rivas, the bank aims to leverage its status as a major U.S. business lender to gain advisory roles in M&A transactions [4]. Group 3: Market Impact - With the Netflix-Warner Bros. transaction, Wells Fargo has advised on two of the largest M&A deals of 2025, including a $72 billion deal for Norfolk Southern Corp. and other significant transactions [5]. - This success has propelled Wells Fargo to the No. 4 position in M&A advisory rankings, up from No. 6 [5]. - Other banks involved in the deal, such as Moelis & Co. and Allen & Co., have also seen improvements in their advisory rankings as a result of this transaction [6].

Netflix Inc. has lined up $59 billion of financing from Wall Street banks to help support its planned acquisition of Warner Bros. Discovery Inc., which would make it one of the largest ever loans of its kind.Wells Fargo & Co., BNP Paribas SA and HSBC Plc are providing the unsecured bridge loan, according to a statement Friday, a type of financing that is typically replaced with more permanent debt such as corporate bonds.Under the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share ...