Toronto-Dominion Bank is weighing a rare type of significant risk transfer to hedge current and future data center exposure as tech companies ramp up artificial intelligence investment. The initial size of the reference portfolio is around $1 billion, according to people familiar with the matter. The potential transaction would include a forward-flow arrangement, which allows the bank to increase ...
Toronto-Dominion Bank is weighing a rare type of significant risk transfer to hedge current and future data center exposure as tech companies ramp up artificial intelligence investment. The initial size of the reference portfolio is around $1 billion, according to people familiar with the matter. The potential transaction would include a forward-flow arrangement, which allows the bank to increase the size of the SRT over time, said the people, who asked not to be identified because the matter is private. The bank would be able to include data center debt it originates over a set period, rather than in a one-off transaction. The tentative deal is at an early stage and its terms may change significantly during the issuance process, the people said. Toronto-Dominion Bank joins lenders such as Societe Generale SA and Morgan Stanley in exploring risk transfers to hedge data center financing, as AI infrastructure investment gathers pace. Four of the biggest US technology companies have earmarked about $650 billion of capital spending this year for new data centers and related equipment. A representative for the Toronto-Dominion Bank declined to comment. Read more: Oracle-Tied $38 Billion Debt Takes Months for Market to Swallow Banks use SRTs to manage risk or free up capital, giving them more room for new lending, acquisitions or shareholder payouts. They act as insurance against default, and typically cover between 5% and 15% of the value of a loan or portfolio of loans. Canadian banks, including Bank of Montreal, have been selling SRTs as a way to increase their capital cushion.
The ClearBridge Small-Cap Strategy outperformed its benchmark in Q1 2026, as the Russell 2000 Index gained 0.9% over the quarter. The fund established new positions in Parsons (NYSE: PSN ), PAR Technology (NYSE: PAR ), Descartes Systems (NASDAQ: DSGX ), Prosperity Bancshares (NYSE: PB ), and abrdn Physical Precious Metals Basket Shares ETF ( GLTR ) during Q1 2026. In Q1 2026, the fund exited Strid...
The ClearBridge Small-Cap Strategy outperformed its benchmark in Q1 2026, as the Russell 2000 Index gained 0.9% over the quarter. The fund established new positions in Parsons (NYSE: PSN ), PAR Technology (NYSE: PAR ), Descartes Systems (NASDAQ: DSGX ), Prosperity Bancshares (NYSE: PB ), and abrdn Physical Precious Metals Basket Shares ETF ( GLTR ) during Q1 2026. In Q1 2026, the fund exited Stride (NYSE: LRN ), Corcept Therapeutics (NASDAQ: CORT ), Valaris (NYSE: VAL ), Photronics (NASDAQ: PLAB ), Commerce.com (NASDAQ: CMRC ), Janus International (NYSE: JBI ), Green Plains (NASDAQ: GPRE ), Independent Bank (NASDAQ: INDB ), and COPT Defense Properties (NYSE: CDP ). Source . More on Parsons, PAR Technology, etc. AI's Impact On Stride/K12 Stride: Given Enough Time, The Problems Will Be Fixed Independent Bank Corp. (INDB) Q1 2026 Earnings Call Transcript USAID shutdown fallout ripples through Washington economy Independent Bank targets 3.90%-3.95% Q4 2026 NIM while reaffirming 1.40% ROA goal
franckreporter/iStock via Getty Images Investors are increasingly pulling money from U.S. equities ( SPY ) ( DIA ) ( QQQ ) and redirecting capital to international markets ( SCHF ) ( FNDF ), with the trend gaining steam into the second quarter of 2026, according to a recent Bank of America note. Funds sold $15.4B in U.S. stocks in March alone while loading up on European ( VGK ) ( IEV ) and Japane...
franckreporter/iStock via Getty Images Investors are increasingly pulling money from U.S. equities ( SPY ) ( DIA ) ( QQQ ) and redirecting capital to international markets ( SCHF ) ( FNDF ), with the trend gaining steam into the second quarter of 2026, according to a recent Bank of America note. Funds sold $15.4B in U.S. stocks in March alone while loading up on European ( VGK ) ( IEV ) and Japanese equities ( EWJ ) ( FLJP ), analyst Nigel Tupper wrote in the note. Over the past year, U.S. outflows have totaled a staggering $284B, far outpacing inflows elsewhere. Active fund managers are now most overweight Europe and most underweight the U.S., marking a notable shift in global positioning. Bank of America By global sector, healthcare ( XLV ) ( VHT ) ( IHI ) and energy ( XLE ), ( AMLP ), ( VDE ) emerged as a bright spot, attracting strong buying interest last month, the note said. Conversely, technology stocks—particularly software ( IGV ) ( IGPT ) and artificial intelligence ( AIQ ) ( AIEQ ) names—faced heavy selling pressure. Bank of America More on the Markets Can The Market Look Past Coming Headwinds? Warsh Will Change The Fed Forever Climbing Limo GDP Forecast For 2026-Q1 Weekly ETF flows: two of 11 sectors record outflows; Gold leads inflows Fed Chair race in focus: Warsh is grilled and traders signal delay
On the new season of Bloomberg Primer , see the frenzied contest in the US and elsewhere to catch up, and the new discoveries being made along the way.
On the new season of Bloomberg Primer , see the frenzied contest in the US and elsewhere to catch up, and the new discoveries being made along the way.
sasacvetkovic33/iStock via Getty Images Evolution Petroleum ( EPM ) is a company with an uncanny ability to acquire production right before prices skyrocket. The acquisitions that were completed by the time of the last article are examples of this ability to time acquisitions that is seldom seen in the upstream industry. Some would say that this management is lucky. But luck is a definite advantag...
sasacvetkovic33/iStock via Getty Images Evolution Petroleum ( EPM ) is a company with an uncanny ability to acquire production right before prices skyrocket. The acquisitions that were completed by the time of the last article are examples of this ability to time acquisitions that is seldom seen in the upstream industry. Some would say that this management is lucky. But luck is a definite advantage when it happens time and again as is the case throughout history (of the company) here. Investors can expect debt paydown during this time of high commodity prices to get the company in shape to again go shopping during the next cyclical bottom. The History There were so many comments I received about management being crazy to go into debt (a lot in many eyes) at a time of weak commodity prices when commodity prices would only get weaker. Evolution Petroleum History Of Acquisitions (Evolution Petroleum Corporate Presentation March 2026) As shown above , this company was extremely busy purchasing production during fiscal year 2025. The Iranian situation combined with the rising commodity prices now makes (what as an insane strategy at the time) look like sheer genius. The added production is going to make this a materially different company going forward. At the same time, the higher commodity prices are likely to provide for a very fast paydown of the debt incurred (than many would have thought possible). Commodity prices are extremely low visibility and very volatile. Therefore, experienced personnel like this management are likely to know when bargains exist (and apparently when to buy those bargains). While some would say management is lucky, this management has been lucky more than once. As such it is worth paying attention to the moves that this management makes when considering a long-term investment strategy. The sheer numbers of comments that I received indicating that upstream companies had absolutely nowhere to go during fiscal year 2025 was probably a contraria...
Twelve million people lost coverage for Zepbound over the last year. The same number of people lost coverage for Wegovy, according to an analysis by GoodRx, a drug discount website. (Image credit: Jodi Hilton for NPR)
Twelve million people lost coverage for Zepbound over the last year. The same number of people lost coverage for Wegovy, according to an analysis by GoodRx, a drug discount website. (Image credit: Jodi Hilton for NPR)
Abstract Aerial Art/DigitalVision via Getty Images Almost a year ago, I made my initial coverage of Cardinal Energy, Ltd. ( CRLFF ). Its value has already nearly doubled, which justifies my bullish stance. Now, the global economy and energy market have become more volatile than ever amid stubborn inflation and intense geopolitical situations. Yet, CRLFF maintains solid and intact fundamentals whil...
Abstract Aerial Art/DigitalVision via Getty Images Almost a year ago, I made my initial coverage of Cardinal Energy, Ltd. ( CRLFF ). Its value has already nearly doubled, which justifies my bullish stance. Now, the global economy and energy market have become more volatile than ever amid stubborn inflation and intense geopolitical situations. Yet, CRLFF maintains solid and intact fundamentals while trying to take advantage of potential opportunities in the long run. Canadian Energy: Safety Despite Volatility In the latter part of 2025, the energy market has become more volatile amid sharp commodity price swings. This has been evident in the global oil market due to the geopolitical tensions in the Middle East and the offsetting impact of the OPEC oil supply hike that pushed oil prices down to their five-year lows. The impact was also felt by Cardinal Energy Ltd. in its most recent performance. Before I proceed, I'd like to highlight that all numbers except for valuation will be in CAD. In Q4 2025, its operating revenue or petroleum and natural gas revenue amounted to $129.50M , down by 12.4% YoY from $147.78M. This YoY decrease was much lower than in my previous coverage at only 0.2%. Various factors contributed to this notable decrease. One aspect to consider was the continued decrease in WTI Crude Oil price. During the quarter, it dropped to its five-year low of $56.48 per barrel, which was mainly due to the OPEC oil hike. With that, the value of oil CRLFF produced also dropped. Natural Gas (Trading Economics ) Another consideration was the composition of its production. During Q4 2025, its light/medium crude oil remained the primary component. However, it decreased to 44% of the total versus 48% YoY. Meanwhile, heavy oil rose to 43% versus 38% YoY. Light and medium oil are mostly tied to WTI with some adjustments, so lower WTI prices mean lower light/medium oil revenue. On the other hand, heavy oil is deeply tied to WCS or Western Canadian Select. Note that WCS i...
Scott Kirby , the chief executive officer of United Airlines Holdings Inc. , deftly sidestepped questions about a potential merger with American Airlines Group Inc. during a TV interview Wednesday. Kirby told CNBC it was “not appropriate” for him to comment on what the interviewer called “the elephant in the room,” and he said he was instead focusing on making his airline globally competitive. The...
Scott Kirby , the chief executive officer of United Airlines Holdings Inc. , deftly sidestepped questions about a potential merger with American Airlines Group Inc. during a TV interview Wednesday. Kirby told CNBC it was “not appropriate” for him to comment on what the interviewer called “the elephant in the room,” and he said he was instead focusing on making his airline globally competitive. The Chicago-based carrier slashed its full-year profit forecast Tuesday amid rising fuel costs spurred by the US-Iran war and the effective closure of the Strait of Hormuz, a key passageway for oil transports. The higher costs have left some airlines struggling more than others, raising the possibility of consolidation in the aviation industry. Bloomberg News reported earlier this month that Kirby floated the idea of a possible combination with American during a February meeting with US President Donald Trump . Read More: Trump Wants Buyer for Spirit, Pans United-American Merger (4) American subsequently said it wasn’t interested , and Trump also said he didn’t like the idea. Airfares are about 15% to 20% higher now, and that will affect bookings, Kirby said Wednesday. United is monitoring jet fuel supplies but doesn’t see a shortage now, he said.
SunPower ( SPWR ) on Wednesday said it raised $41M through the sale of convertible senior secured notes. The notes mature on May 1, 2029, carry a 10% coupon, and include a 45% conversion premium to the company’s prior closing share price of $1.13, implying a conversion price of $1.6385. Financing is expected to close this week. SunPower said proceeds will be used for working capital and to repay $...
SunPower ( SPWR ) on Wednesday said it raised $41M through the sale of convertible senior secured notes. The notes mature on May 1, 2029, carry a 10% coupon, and include a 45% conversion premium to the company’s prior closing share price of $1.13, implying a conversion price of $1.6385. Financing is expected to close this week. SunPower said proceeds will be used for working capital and to repay $18.75M of debt. The company also said certain holders agreed to exchange $21.25M of existing 7% notes for stock, while former owners of Sunder converted $10M of acquisition-related debt into the new notes. SunPower said the transactions would reduce total debt by about $40M. Shares down roughly 10% in premarket trading More on SunPower SunPower Inc. (SPWR) Presents at The 38th Annual Roth Conference - Slideshow SunPower: Upside, But Not A Buy SunPower sinks after disclosing material errors in prior 2025 quarterly results SunPower files to delay 10-K, expects significant upside changes in FY 2025 results Seeking Alpha’s Quant Rating on SunPower
The global LEO satellite market is poised for substantial growth, projected to reach $58.8 billion by 2036 from $17.8 billion in 2026, at a CAGR of 12.7%, according to a new report. Key growth drivers include rising broadband demand and mega-constellation expansions. The market is segmented by satellite mass, application, orbit altitude, and geography, with small satellites dominating in 2026. The...
The global LEO satellite market is poised for substantial growth, projected to reach $58.8 billion by 2036 from $17.8 billion in 2026, at a CAGR of 12.7%, according to a new report. Key growth drivers include rising broadband demand and mega-constellation expansions. The market is segmented by satellite mass, application, orbit altitude, and geography, with small satellites dominating in 2026. The communication sector leads, while Earth observation sees rapid growth. North America holds the larg
The changing season brings a renewed appetite for bold, sunlit flavours. Plus, my food highlights • Sign up here for our weekly food newsletter, Feast A combination of the warmer weather, dusting off my sunglasses and the impending release of my new book, MEDesque (out on Thursday!), has got me fully focused on sunshine food and Mediterranean flavours. OK, so I’m not quite in rosé-in-the-garden ...
The changing season brings a renewed appetite for bold, sunlit flavours. Plus, my food highlights • Sign up here for our weekly food newsletter, Feast A combination of the warmer weather, dusting off my sunglasses and the impending release of my new book, MEDesque (out on Thursday!), has got me fully focused on sunshine food and Mediterranean flavours. OK, so I’m not quite in rosé-in-the-garden territory just yet, but it’s close. And I am counting down the days. At home, I am leaning heavily on recipes from the queen of all things Med, Claudia Roden, to get my fix. Big hitters such as her bean stew with chorizo and bacon and chicken traybake with olives and boiled lemon deliver on all fronts, and immediately transport me to my favourite region. And gone are cold, slow days spent labouring over a lasagne. Instead, I am gravitating towards lighter pasta dishes such as Georgia Levy’s broccoli and anchovy farfalle , Giorgio Locatelli’s pasta con le sarde (with sardines, anchovies, fennel, raisins and pine nuts) and Yotam Ottolenghi’s straccetti with red mullet, harissa and black olives – all effortless yet flavoursome. If you’re not quite ready to give up on wintry ragu and bolognese just yet, then Anna Tobias’s lamb shanks and orzo are a joy – it’s how many pasta dishes are cooked in the eastern Mediterranean and north Africa, where the pasta is stirred through the meat and absorbs all those juices and flavours. It’s my favourite way to eat pasta. While I’m not quite ready to eat outdoors, I have started cooking outdoors, and last week I reawakened our wood oven. It was heated out of its winter slumber especially for Greek Orthodox Easter, because my yiayia (grandma) had requested kleftiko for Sunday lunch. Nothing screams summer and Med cooking as much as when I get that wood oven going, and not just for pizzas (although they do taste pretty elite when cooked outdoors). Nigel Slater’s pizette recipes are a great place to start if you are giving homemade pizza a go, ...
Today’s newsletter looks at two of the world’s biggest players. First, we examine Tesla’s energy storage business, which was flying high until last quarter . Then, we take you to China, where CATL has announced charging speeds as quick as six minutes , and will put cheap, powerful batteries that don’t use lithium into cars hitting the road this year. A reminder that at 10:30 am EDT, our reporters ...
Today’s newsletter looks at two of the world’s biggest players. First, we examine Tesla’s energy storage business, which was flying high until last quarter . Then, we take you to China, where CATL has announced charging speeds as quick as six minutes , and will put cheap, powerful batteries that don’t use lithium into cars hitting the road this year. A reminder that at 10:30 am EDT, our reporters will be answering your questions about how the Iran War will impact the energy transition. Send in your question in advance to liveqa@bloomberg.net . Tesla’s wobble By Michelle Ma and Kara Carlson For years, one aspect of Tesla Inc.’s business has been growing outside the public eye, its revenue soaring even as the company’s electric car sales sputtered and stalled. Now analysts wonder if Tesla’s quiet money-maker faces problems of its own . The company’s Megapack batteries — powerful enough to keep factories, data centers or the power grid itself humming — have given Tesla a badly needed boost. Much smaller Powerwall units, meanwhile, supply individual homes. As the company spends heavily to ramp up autonomous taxis, and its Optimus robots seem forever a year away, batteries have become an important source of cash. Read more CATL’s sodium breakthrough By Annie Lee With a thick outdoor jacket to protect against -30C (-22F) temperatures and bitter winds, Calvin Quek joined car and technology enthusiasts huddled by a test track on the outskirts of a picturesque ski region in Inner Mongolia. They watched Chongqing Changan Automobile Co. electric SUVs and a sleek battery-powered coupe effortlessly navigate icy roads and steep snow-dusted slopes at the facility in Yakeshi, northeastern China. Yet for the crowd at the February demonstration, the most impressive factor was out of view . Batteries powering the vehicles used sodium as their key raw material component, rather than lithium — the metal that’s become synonymous with electrified transportation and the storage of renewabl...
Today’s newsletter looks at two of the world’s biggest players. First, we examine Tesla’s energy storage business, which was flying high until last quarter . Then, we take you to China, where CATL has announced charging speeds as quick as six minutes , and will put cheap, powerful batteries that don’t use lithium into cars hitting the road this year. A reminder that at 10:30 am EDT, our reporters ...
Today’s newsletter looks at two of the world’s biggest players. First, we examine Tesla’s energy storage business, which was flying high until last quarter . Then, we take you to China, where CATL has announced charging speeds as quick as six minutes , and will put cheap, powerful batteries that don’t use lithium into cars hitting the road this year. A reminder that at 10:30 am EDT, our reporters will be answering your questions about how the Iran War will impact the energy transition. Send in your question in advance to liveqa@bloomberg.net . Tesla’s wobble By Michelle Ma and Kara Carlson For years, one aspect of Tesla Inc.’s business has been growing outside the public eye, its revenue soaring even as the company’s electric car sales sputtered and stalled. Now analysts wonder if Tesla’s quiet money-maker faces problems of its own . The company’s Megapack batteries — powerful enough to keep factories, data centers or the power grid itself humming — have given Tesla a badly needed boost. Much smaller Powerwall units, meanwhile, supply individual homes. As the company spends heavily to ramp up autonomous taxis, and its Optimus robots seem forever a year away, batteries have become an important source of cash. Read more CATL’s sodium breakthrough By Annie Lee With a thick outdoor jacket to protect against -30C (-22F) temperatures and bitter winds, Calvin Quek joined car and technology enthusiasts huddled by a test track on the outskirts of a picturesque ski region in Inner Mongolia. They watched Chongqing Changan Automobile Co. electric SUVs and a sleek battery-powered coupe effortlessly navigate icy roads and steep snow-dusted slopes at the facility in Yakeshi, northeastern China. Yet for the crowd at the February demonstration, the most impressive factor was out of view . Batteries powering the vehicles used sodium as their key raw material component, rather than lithium — the metal that’s become synonymous with electrified transportation and the storage of renewabl...
pjohnson1/iStock Unreleased via Getty Images Anheuser-Busch ( BUD ) announced on Wednesday that it is expanding its commitment to creating and sustaining American manufacturing jobs by increasing its investment in its U.S. operations to $600M across 2025 and 2026. The beer giant said the investment builds on its 165-year legacy of investing in people, breweries, and communities. "By strengthening ...
pjohnson1/iStock Unreleased via Getty Images Anheuser-Busch ( BUD ) announced on Wednesday that it is expanding its commitment to creating and sustaining American manufacturing jobs by increasing its investment in its U.S. operations to $600M across 2025 and 2026. The beer giant said the investment builds on its 165-year legacy of investing in people, breweries, and communities. "By strengthening our manufacturing operations, we are creating sustainable careers – not just jobs – and investing in the people who are vital to our success," highlighted CEO Brendan Whitworth. Notably, Anheuser-Busch ( BUD ) is still the beer market share leader in the U.S., with Michelob Ultra (#1), Bud Light (#3), Budweiser (#7), and Busch Light (#8) all in the top ten based on the most recent Nielsen year-to-date data. Shares of BUD are up more than 13% on a year-to-date basis. More on Anheuser-Busch InBev Anheuser-Busch: Recent Rally Justifiable, Valuation And Growth Prospects Hinder Further Upside Anheuser-Busch InBev: Successful Premiumization And Diversification Efforts - Overbought Rally Warrants Caution Anheuser-Busch InBev SA/NV (BUD) Q4 2025 Earnings Call Transcript Should Altria sell off its Anheuser-Bush InBev stake? It's complicated Anheuser-Busch's Michelob Ultra wins St. Patrick's Day again