Core Insights - A major Wall Street bank has successfully executed a U.S. commercial paper issuance on the Solana blockchain, marking a significant shift towards public blockchain transactions in the financial sector [1][2][4] Group 1: Transaction Details - J.P. Morgan arranged the issuance for Galaxy Digital, with securities purchased by Coinbase and Franklin Templeton, showcasing institutional interest in blockchain technology [2] - The commercial paper is fully tokenized, with both issuance and redemption cash flows paid in USDC, a dollar-pegged stablecoin [3] - The transaction is described as one of the earliest debt issuances on a public blockchain, indicating a milestone for financial markets globally [4] Group 2: Blockchain Technology - Solana was chosen for this transaction due to its speed and scalability, capable of processing thousands of transactions per second with low fees, making it suitable for financial instruments [5][6] - The architecture of Solana allows for high-volume activity without congestion, which is essential for banks and asset managers testing real-world settlements on public chains [7]

Credit Growth Overview - Incremental credit to India's commercial sector rose 24% year-to-date, reaching ₹20 lakh crore in the first seven months of FY26, compared to ₹16.23 lakh crore in the same period last year [1][9] - This increase in credit is attributed to lower lending rates, tax relief measures, and cuts in goods and services taxes (GST), indicating a revival in business and investment activity [9] Bank and Non-Banking Credit - Bank credit increased by 11% year-on-year, while credit from non-banking sources surged by 39%, highlighting the significant role of non-banking channels in credit expansion [1][9] - Outstanding credit to the commercial sector expanded by 13% to ₹288 lakh crore as of October 31, 2025, compared to a 12% increase in the same period last year [6][9] Corporate Funding Sources - Corporates raised ₹2.25 lakh crore from the bond market, a remarkable 473% increase over the previous year, and ₹25,475 crore via external commercial borrowings (ECB), compared to repayments of ₹792 crore last year [4][9] - Outstanding loans by non-banking financial companies (NBFCs) reached ₹35.8 lakh crore, surpassing the total lent in the previous fiscal year, while corporate bonds issued amounted to ₹22.48 lakh crore, up from ₹20.23 lakh crore in the same period last year [7][9] Monetary Policy Impact - The Reserve Bank of India (RBI) has lowered the repo rate by 100 basis points since February, facilitating easier access to credit for corporates [5][9] - As a result of these changes, large corporates are increasingly relying on market-based instruments such as commercial paper and corporate bonds, reducing their dependence on traditional bank credit [5][9]

Core Insights - Uni-Fuels Holdings Limited has successfully completed its first commercial paper issuance, raising USD 3 million through ADDX, indicating strong demand from accredited investors [1][2][3] Company Overview - Uni-Fuels is a global provider of marine fuel solutions, headquartered in Singapore, with operations across major shipping hubs worldwide [4] - Established in 2021, the company focuses on delivering customer-centric and compliant fuel solutions while supporting decarbonization goals amid an industry-wide energy transformation [4] Financial Strategy - The commercial paper is structured as USD-denominated, short-term unsecured debt, allowing Uni-Fuels to diversify funding sources and enhance capital efficiency [2] - Proceeds from the issuance will be utilized for general working capital and to support the expansion of Uni-Fuels Singapore's operations [2] Investor Confidence - The oversubscribed issuance reflects strong investor confidence in Uni-Fuels' business strategy and growth outlook, as stated by the CEO [3] - The positive response from investors underscores the company's credibility and strategic direction, facilitating access to alternative capital markets [3]

Core Viewpoint - Ecopetrol S.A. has received authorization from the Financial Superintendency of Colombia to amend its bond issuance program, aligning it with the company's decarbonization and energy transition strategy while expanding capital market alternatives [1][2]. Group 1: Bond Issuance Program - The amendment formalized through Addendum No. 5 will be incorporated into the prospectus of Ecopetrol's local public bonds and commercial paper [2]. - Since the initial bond issuance in August 2013, totaling COP 900 billion, no additional issuances have occurred, allowing for potential future issuances up to COP 2.1 trillion [3]. - The company will inform the market of any future issuances under the program [3]. Group 2: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy company in the Americas, employing over 19,000 people [4]. - The company is responsible for over 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution [4]. - Ecopetrol has expanded its operations internationally, with interests in strategic basins in the U.S., Brazil, and Mexico, and holds significant positions in power transmission in Brazil, Chile, Peru, and Bolivia [4]. Group 3: New Bond Features - The updated program will allow for the issuance of local public bonds linked to sustainable performance, including green, social, sustainable, and blue bonds [6]. - It will also enable bonds that allow in-kind payments by investors and the reopening of previous bond issuances [6]. - Additional features include bonds indexed to the UVR (Real Value Unit) and TRM (Representative Market Exchange Rate), as well as securities allocation through a book-building process [6].