China told big state-owned banks to reduce their lending in the interbank market, according to people familiar with the matter, in an effort to prevent borrowing costs from drifting too far below the policy interest rate. The People’s Bank of China recently instructed financial institutions including policy banks to strictly control their net lending to other banks, said the people, asking not to ...
China told big state-owned banks to reduce their lending in the interbank market, according to people familiar with the matter, in an effort to prevent borrowing costs from drifting too far below the policy interest rate. The People’s Bank of China recently instructed financial institutions including policy banks to strictly control their net lending to other banks, said the people, asking not to be identified as the information is private. The move is aimed at correcting market expectations around access to liquidity with the goal of upholding the authority of the policy rate, they said. The PBOC didn’t immediately respond to a faxed inquiry for comment. A video guide to reading Bloomberg Chinese news here. The central bank’s action signals officials are becoming unwilling to tolerate money market rates they deem too low. Known as window guidance, the PBOC typically uses such informal notices to steer markets at times of significant volatility or to manage the pace of credit extension. Following months of a liquidity glut that drove borrowing costs to multi-year lows and fueled a bond rally , the PBOC in recent weeks sought to drain some of the extra cash in the banking system. The overnight repo rate has climbed to 1.4% to match the current policy benchmark in recent days, after touching around 1.2% in April. That rate is a key measure of the cost of short-term funding backed by bonds that has become the implicit policy target . The yield on 10-year government bonds also rebounded to 1.75% from 1.7% earlier this month. Balancing Act The PBOC is trying to balance competing objectives as a global energy shock ripples through the world’s No. 2 economy. It needs to ensure there’s sufficient liquidity in the system to stimulate growth. At the same time, the central bank has been wary of fanning risks with funding that simply circulates in the financial system, threatening to stoke up bubbles in assets like government bonds. China Credit Growth Misses Expectations as Ne...
Clinical-stage biopharmaceutical company Enliven Therapeutics ( ELVN ) has priced its upsized underwritten public offering , significantly increasing the transaction size to $400.0 million from its initially announced $250.0 million target. The offering consists of 8.93M shares of common stock priced at $37.50 per share. Additionally, in lieu of common stock, Enliven is offering pre-funded warrant...
Clinical-stage biopharmaceutical company Enliven Therapeutics ( ELVN ) has priced its upsized underwritten public offering , significantly increasing the transaction size to $400.0 million from its initially announced $250.0 million target. The offering consists of 8.93M shares of common stock priced at $37.50 per share. Additionally, in lieu of common stock, Enliven is offering pre-funded warrants to purchase up to 1.73M shares at $37.499 per warrant. Enliven is selling all securities in the transaction, which is expected to close around June 15, 2026. Underwriters have also been granted a 30-day option to purchase up to an additional 1.6M shares of common stock at the public offering price. More on Enliven Therapeutics Enliven Therapeutics, Inc. (ELVN) Discusses Updated Phase 1 ENABLE Trial Data for ELVN-001 in Previously Treated Chronic Myeloid Leukemia Transcript Enliven Therapeutics launches $250M public stock offering Enliven climbs after updated early-stage trial data for leukemia therapy Seeking Alpha’s Quant Rating on Enliven Therapeutics Historical earnings data for Enliven Therapeutics
Dalin Ou/iStock via Getty Images The AMG Veritas Global Real Return Fund (Class I) ( BLUEX ) returned -8.68 for the first quarter of 2026, trailing the 0.26% return for its primary benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Linked Bond Index. For the 12-month period ending March 31, 2026, the Fund returned -7.24%, trailing the 3.00% return for the Index. Quarterly Overview The first...
Dalin Ou/iStock via Getty Images The AMG Veritas Global Real Return Fund (Class I) ( BLUEX ) returned -8.68 for the first quarter of 2026, trailing the 0.26% return for its primary benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Linked Bond Index. For the 12-month period ending March 31, 2026, the Fund returned -7.24%, trailing the 3.00% return for the Index. Quarterly Overview The first quarter proved to be volatile, as geopolitical tensions escalated and spilled over pulling back markets globally. Oil prices rose 93% in the first three months of 2026, as a result and unsurprisingly energy and defense equities were the better-performing parts of stock markets. Indeed, Fatih Birol, Executive Director of the International Energy Agency (IEA), believes that we have been teetering on the brink of the largest disruption in the history of the global oil market. Prior to the recent ceasefire (as of April 8, 2026) global supply losses had reached 12 million barrels per day in comparison to the 5 million barrel per day losses experienced in the 1970s. When an essential commodity like oil is suddenly in short supply prices will typically surge until sufficient demand is destroyed to bring the market back into balance. Fear of the profoundly negative economic consequences of a surging oil price precipitated March's record-breaking coordinated release of 400 million barrels of crude oil from strategic reserves from the 32 IEA member countries. Will the ceasefire in the Strait of Hormuz now last or will it breakdown leading to further disruption? How quickly can supply normalize? How does one guard against the competing risks of inflation and recession? Peter Lynch was famous for saying that "If you spend 13 minutes a year on economics, you've wasted 10 minutes." He wasn't making the point that macroeconomics is unimportant, but that it is impossible to forecast and so as equity investors, our time is better spent focusing on the outlook for the businesses we own. We ...
AES ( AES ) priced $1B in senior notes as it returns to debt markets with a dual-tranche offering aimed at refinancing and general corporate funding needs. The offering is split into $600M of 5.200% senior notes due 2029 and $400M of 5.750% senior notes due 2033. The company said the transaction is expected to close on June 16. AES intends to use the net proceeds from the offering to repay existin...
AES ( AES ) priced $1B in senior notes as it returns to debt markets with a dual-tranche offering aimed at refinancing and general corporate funding needs. The offering is split into $600M of 5.200% senior notes due 2029 and $400M of 5.750% senior notes due 2033. The company said the transaction is expected to close on June 16. AES intends to use the net proceeds from the offering to repay existing indebtedness and for general corporate purposes. More on AES AES: What The $10.7 Billion Buyout Means For Shareholders AI power surge sparks political revolt against utility profits Quant check: Power stocks in focus as EVs, data center demand drive global electricity surge Seeking Alpha’s Quant Rating on AES Historical earnings data for AES
Shadow markets are pricing a blockbuster SpaceX stock debut, indicating a pop of at least 35% for Elon Musk ’s rocket, satellite and AI company. Derivatives offered by online brokerage IG International pointed to a market value of $2.4 trillion Friday morning in Singapore, implying a gain of more than 35% from a price of $135 a share and valuation of $1.77 trillion in the initial public offering. ...
Shadow markets are pricing a blockbuster SpaceX stock debut, indicating a pop of at least 35% for Elon Musk ’s rocket, satellite and AI company. Derivatives offered by online brokerage IG International pointed to a market value of $2.4 trillion Friday morning in Singapore, implying a gain of more than 35% from a price of $135 a share and valuation of $1.77 trillion in the initial public offering. SpaceX-tied perpetual futures, contracts that don’t expire, on crypto venue Hyperliquid were trading around $174, implying a valuation of more than $2.2 trillion. Over $143 million of the instrument traded in the past 24 hours, and it currently has more than $208 million in open interest. Prediction markets have also added to the bullish signals. Polymarket traders put 70% odds on SpaceX closing above $2 trillion of market value on its first day of trading. The pricing underscores how ravenous investor appetite has become for assets at the intersection of AI and space infrastructure. A SpaceX debut that delivers a first-day surge would likely bode well for the IPOs of OpenAI and Anthropic PBC, handing bankers evidence that public markets can absorb trillion-dollar valuations that were unthinkable just a few years ago. “Demand has been good for the IPO and there is a lot of interest in the pre-IPO trading as well,” said Fabien Yip , a market analyst at IG. It was the most popular pre-IPO trade “we have had so far even with the valuation looking stretched. If the pre-IPO pricing momentum sustains, it will set a precedent for the next mega-IPOs,” she added. In the short term though, a strong SpaceX debut could also pull money away from the so-called Magnificent Seven cohort of stocks and even Tesla Inc., while lifting suppliers, peers and shareholders tied to Musk’s rocket and satellite company across the world. Read: Locked Out of IPO, Asia Investors Find Ways to Bet on SpaceX
Tilly Zhang, China technology and industrial policy analyst at Gavekal Dragonomics, says Beijing's latest regulatory actions differ from its 2021 campaign, with greater emphasis on law enforcement. The market regulator had summoned Alibaba, JD.com and other e-commerce players for allegedly misleading promotions, its latest warning against unchecked competition in the online arena. (Source: Bloombe...
Tilly Zhang, China technology and industrial policy analyst at Gavekal Dragonomics, says Beijing's latest regulatory actions differ from its 2021 campaign, with greater emphasis on law enforcement. The market regulator had summoned Alibaba, JD.com and other e-commerce players for allegedly misleading promotions, its latest warning against unchecked competition in the online arena. (Source: Bloomberg)
Data and AI solutions provider NowVertical Group ( NOWVF ) has appointed Co-Founder and Chief Development Officer Andre Garber as Interim CEO, effective immediately. He succeeds Sandeep Mendiratta, who has concluded his tenure as CEO. The board led by Chair Elaine Kunda, has officially launched a search for a permanent successor to spearhead the company’s next phase of growth. The board is seeking...
Data and AI solutions provider NowVertical Group ( NOWVF ) has appointed Co-Founder and Chief Development Officer Andre Garber as Interim CEO, effective immediately. He succeeds Sandeep Mendiratta, who has concluded his tenure as CEO. The board led by Chair Elaine Kunda, has officially launched a search for a permanent successor to spearhead the company’s next phase of growth. The board is seeking a leader with a proven track record in enterprise data and AI transformation, profitable global scaling, M&A integration, and organic growth. Garber, who has historically guided the company through periods of transition, will be backed by NowVertical’s established senior executive team, including Santiago Trógolo (EVP LATAM), Shailesh Mallya (EVP Solutions & Services), and Pankaj Ghag (EVP Program Delivery and Operations). More on NowVertical Group Inc. NowVertical Group Inc. (NOW:CA) Q1 2026 Earnings Call Transcript NowVertical Group Inc. 2026 Q1 - Results - Earnings Call Presentation NowVertical Group Inc. 2025 Q4 - Results - Earnings Call Presentation NowVertical Group Inc. reports Q1 results Historical earnings data for NowVertical Group Inc.
PM Images/DigitalVision via Getty Images My March article on Annaly Capital Management, Inc. 6.75% PFD SER I ( NLY.PR.I ), mainly compared the Series I to the Series F. This update’s approach is different. It looks at Series I against the backdrop of the 2026 rate setup. This is important because the Series I, being a floating rate, is better positioned than the common in a difficult rate environm...
PM Images/DigitalVision via Getty Images My March article on Annaly Capital Management, Inc. 6.75% PFD SER I ( NLY.PR.I ), mainly compared the Series I to the Series F. This update’s approach is different. It looks at Series I against the backdrop of the 2026 rate setup. This is important because the Series I, being a floating rate, is better positioned than the common in a difficult rate environment. In March, investors still thought the Fed would be cutting rates at some point soon in 2026. That would have supported the mREITs and fixed income securities. However, that has not happened. Right now, we don’t know whether the Fed is going to cut rates or not—the situation is not transparent. Investors are no longer debating when rates will come down—the key concern is “if” rates will come down. Inflation, high-energy prices, and a still-resilient labor market could keep short rates higher for longer. Against that backdrop, Annaly’s Series I looks more attractive. I don’t expect the common stock or the book value to suddenly recover. My expectation is narrower: that Annaly should stay liquid, that it should be able to cover the preferred dividend, and the short-term rates will remain high enough for the floating coupon to remain attractive. If you are an income investor and you want some Annaly in your portfolio but do not want to deal with the volatility of the common, I think Series I with its ~9% yield remains the cleaner 2026 choice. I still rate NLY.PR.I a Buy. The Attractive Current Income I noted last time that Series I has already moved from its original fixed coupon to the current floating-rate structure. Here’s the dividend data : Author This shows where Series I’s real value comes from—not capital appreciation, but the current cash income, the coupon that is linked to short rates, and its preferred structure, essential in a tough market. The market may be difficult, but I am not saying that Annaly’s common dividend is in immediate danger. Q1 EAD was $0.76, ...