Core Viewpoint - Concentrix Corporation has announced a public offering of $600 million in Senior Notes with a 6.500% interest rate, due in 2029, to refinance existing debt and cover related expenses [1]. Group 1: Offering Details - The offering consists of $600 million aggregate principal amount of 6.500% Senior Notes due 2029 [1]. - The proceeds will be used to redeem or repay all or a portion of the 6.650% Senior Notes due August 2, 2026, which currently has an outstanding amount of $800 million [1]. - The expected closing date for the offering is February 24, 2026, pending customary closing conditions [1]. Group 2: Management and Underwriters - The offering is managed by BofA Securities, J.P. Morgan, BNP Paribas, Citigroup, HSBC, PNC, TD Securities, Truist, U.S. Bancorp, and Wells Fargo as joint book-running managers [2]. - Co-managers for the offering include Fifth Third Securities, Goldman Sachs, MUFG Securities, and Standard Chartered Bank [2]. Group 3: Regulatory Information - The offering will be made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) [3]. - Investors are encouraged to read the prospectus supplement and accompanying prospectus for detailed information regarding the offering [3].

Core Viewpoint - GE Vernova has announced a registered public offering of senior notes, with proceeds intended for general corporate purposes, including financing the acquisition of the remaining 50% stake in Prolec GE, expected to close on February 2, 2026 [1]. Group 1: Offering Details - The offering is subject to market and other conditions, and the notes will be managed by Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC as joint book-running managers [2]. - The offering is made pursuant to an effective shelf registration statement, which includes a prospectus and related preliminary prospectus supplement [2]. Group 2: Company Overview - GE Vernova Inc. is a global energy company focused on Power, Wind, and Electrification segments, with a mission to lead the energy transition while decarbonizing the world [6]. - The company has over 130 years of experience and operates with approximately 75,000 employees across around 100 countries, emphasizing the importance of delivering affordable, reliable, sustainable, and secure energy [6].

Summary of Global Equity Road Ahead Industry Overview - **Global Equity Market**: The report discusses the outlook for global equities, projecting continued growth into 2026 with a target of approximately 10% upside for the MSCI AC World Index by year-end 2026 [1][6]. Core Insights and Arguments - **Earnings Growth**: Global EPS growth is expected to accelerate to +14% in 2026, up from +11% in 2025. The US and Emerging Markets (EM) are projected to maintain double-digit EPS growth, while Europe ex-UK is anticipated to see the most significant acceleration from +1% in 2025 to +10% in 2026 [3][13]. - **Valuation Concerns**: Current valuations are high, with the MSCI AC World trading at a forward PE of approximately 19x, placing it in the 90th percentile compared to historical data. The US market is the most expensive at 22x, while EM is at a 92nd percentile multiple [4][24]. - **Market Themes**: Key themes include the desire for diversification into international equities, the impact of AI on earnings, and the expectation of a "Goldilocks" economic environment characterized by stable growth and low inflation [5][51]. Additional Important Content - **Sector Preferences**: Preferred sectors include Technology, Financials, and Health Care, while Consumer sectors are underweighted. The report highlights the importance of sector selection over regional allocation [6][66]. - **Emerging Markets Outlook**: EM is expected to deliver the strongest EPS growth among major regions at +17% for 2026, supported by fiscal spending and AI-related growth [87]. - **US Market Positioning**: The US remains neutral in allocation due to high valuations, but there is a focus on growth sectors, particularly in Technology [61][72]. - **European Market Dynamics**: Europe ex-UK is positioned as an overweight due to expected fiscal support and improving economic data, with a focus on cyclical sectors [58][80]. - **AI Investment Trends**: AI-related capital expenditures are projected to grow at 45% annually, indicating a significant opportunity for growth in this sector [44][46]. Conclusion The report presents a cautiously optimistic outlook for global equities, emphasizing the importance of earnings growth, sector selection, and the potential impact of macroeconomic conditions on market performance. The focus on diversification and the implications of AI developments are critical for investors looking to navigate the evolving landscape of global equities.

Core Points - NEXT Properties has announced the early tender results of its exchange offers for six series of senior notes issued by Fibra Uno, with the offers commencing on November 5, 2025 [1][2] - The early tender date was set for November 19, 2025, and the exchange offers will expire on December 5, 2025, unless extended [5] Summary by Category Exchange Offer Details - The total amounts tendered for exchange include US$775 million for 4.869% senior notes due 2030, US$500 million for 7.700% sustainability-linked notes due 2032, US$600 million for 7.375% senior green notes due 2034, US$300 million for 8.250% sustainability-linked notes due 2037, US$700 million for 6.950% senior notes due 2044, and US$875 million for 6.390% senior notes due 2050 [2][4] - The maximum exchange amounts for some offers were exceeded, leading to prorated acceptance of the FUNO notes [4] Financial Implications - NEXT Properties plans to pay the total consideration for the validly tendered FUNO notes on or shortly after December 3, 2025, along with accrued interest [3] - The maximum exchange amount for the 2032 exchange offer has been increased from US$150 million to US$154 million [4] Regulatory and Participation Conditions - The exchange offers are available only to Qualified Institutional Buyers and holders of FUNO notes outside the United States, with specific eligibility criteria outlined [7][9] - The new notes will not be registered under the U.S. Securities Act and are subject to transfer restrictions [9][10]

Core Viewpoint - Freddie Mac has announced the pricing of the Seasoned Loans Structured Transaction Trust (SLST) Series 2025-2, which involves a securitization of approximately $343.2 million backed by seasoned residential mortgage loans [1][2]. Group 1: Transaction Details - The transaction comprises approximately $308.8 million in guaranteed senior certificates and about $34.3 million in non-guaranteed subordinate certificates, with the subordinate certificates auctioned on October 24, 2025 [2]. - The expected settlement date for the transaction is October 30, 2025 [2]. Group 2: Underlying Collateral - The collateral backing the certificates consists of 1,985 seasoned loans, including fixed, adjustable, and step-rate loans, with none being more than 150 days delinquent as of the cut-off date [3]. - The loans include both modified loans aimed at assisting borrowers at risk of foreclosure and loans that were never modified [3]. Group 3: Advisory and Management - Advisors for this transaction include Citigroup Global Markets Inc. and Nomura Securities International, Inc. as co-lead managers and joint bookrunners, along with several co-managers [4]. Group 4: Freddie Mac's Strategy - Freddie Mac's seasoned loan offerings aim to reduce less-liquid assets in its mortgage-related investments portfolio through economically sensible transactions, including the sale of Non-Performing Loans (NPLs) and securitizations of re-performing loans (RPLs) [5]. - Since 2011, Freddie Mac has sold approximately $10.7 billion of NPLs and securitized about $81.3 billion of RPLs, which includes $30.4 billion of fully guaranteed MBS, $37.6 billion through the Seasoned Credit Risk Transfer (SCRT) program, and $13.3 billion through the SLST program [5].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents Amendment No. 1 to FORM S-1 As filed with the U.S. Securities and Exchange Commission on October 15, 2025. Registration No. 333-290687 REGISTRATION STATEMENT Thomas F. Karam Chief Executive Officer 321 Biden Street, 12th Floor Scranton, Pennsylvania 18505 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Thomas F. Karam Chief Executive Officer 321 Bide ...

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call primarily discusses macroeconomic strategies and trade ideas, focusing on the US equity market, gold, and the political landscape in Japan and Europe, as well as the outlook for China. Core Themes and Arguments Theme 1: Q3 Report Card and Q4 Outlook - The conditional seasonality chart indicates a strong potential for SPX returns in November and December if the October earnings season is navigated successfully. The hurdle for Q4 earnings is high but manageable, suggesting a positive outlook for US equities [2][14][25]. Theme 2: Gold and the Third Mandate - The initial rise in gold prices was attributed to a dovish Fed, while subsequent increases were linked to discussions around the Fed's third mandate. Current gold prices are over 20% above their 200-day moving average, prompting a partial profit-taking strategy [3][31][39]. Theme 3: Political Developments - Political uncertainties in Japan and France are highlighted as significant factors for Q4. In Japan, the potential for expansionary fiscal policies under new leadership is noted, while in France, the political outlook is seen as a reason to position for a dovish ECB [4][44][47]. Theme 4: IEEPA Tariff Ruling - The upcoming Supreme Court ruling on IEEPA tariffs is expected to have significant implications. If tariffs are upheld, it may not impact markets much, but if overturned, it could lead to a steepening of the yield curve and benefit countries like China and India [5][63][64]. Theme 5: China's New Five-Year Plan - The Fifteenth Five-Year Plan (2026-2030) is expected to shift focus towards technological innovation and domestic consumption. The plan includes substantial investments in AI and semiconductor manufacturing, which are anticipated to benefit China's tech sector [6][70][73]. Additional Important Insights - The call emphasizes the importance of monitoring earnings expectations and political developments as they can significantly influence market dynamics. The analysis suggests that while risks exist, the overall sentiment remains bullish for equities, particularly in the US and China [15][25][50][72]. - The discussion on gold indicates a cautious approach due to stretched price levels, while still maintaining a positive long-term outlook based on macroeconomic fundamentals [39][40]. - The potential for a partial rollback of tariffs is discussed, with implications for trade dynamics and fiscal policy in the US and its trading partners [64][65]. This summary encapsulates the key points and insights from the conference call, providing a comprehensive overview of the current macroeconomic landscape and investment strategies.

Group 1 - Carlyle has priced an offering of $800 million aggregate principal amount of 5.050% senior notes due 2035, which will be fully guaranteed by its indirect subsidiaries [1] - The offering is expected to close on September 19, 2025, subject to customary closing conditions, and the net proceeds will be used for general corporate purposes [1] - The offering is made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission [3] Group 2 - The joint book-running managers for the offering include Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC [2] - Carlyle is a global investment firm with $465 billion of assets under management as of June 30, 2025, and operates across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest [5] - The firm employs over 2,300 people in 27 offices across four continents, focusing on investing wisely and creating value for its investors and communities [5]

Core Viewpoint - Carlyle, a global investment firm, announced its intention to offer senior notes, which will be guaranteed by its indirect subsidiaries, with proceeds intended for general corporate purposes [1][5]. Group 1: Offering Details - The offering of senior notes is subject to market and other conditions [1]. - The offering is being managed by Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC as joint book-running managers [2]. - The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) [3]. Group 2: Company Overview - Carlyle manages $465 billion in assets as of June 30, 2025, and operates across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest [5]. - The firm employs over 2,300 people in 27 offices worldwide [5].

Group 1 - Fannie Mae announced the winning bidder for its thirty-fifth reperforming loan sale transaction is Pacific Investment Management Company LLC (PIMCO), involving 3,044 loans with a total unpaid principal balance (UPB) of $559,090,747 [1] - The average loan size in this transaction is $183,670, with a weighted average note rate of 3.71% and a weighted average broker's price opinion (BPO) loan-to-value ratio of 45% [1] - The transaction is expected to close by October 3, 2025, and was marketed with Citigroup Global Markets Inc. as advisor [1] Group 2 - Reperforming loans are defined as loans that have been or are currently delinquent but have reperformed for a period of time [2] - Buyers of reperforming loans are required to offer loss mitigation options to borrowers who may re-default within five years following the sale, including honoring any approved or in-process loss mitigation efforts [2] - Purchasers must provide a range of loss mitigation options, including loan modifications and potential principal forgiveness, before initiating foreclosure on any loan [2]