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Hi there,

Here is a quick recap of this week in global markets and finance:

Kevin Warsh was confirmed as the next Fed Chair. Hedge funds bought Asian equities at the fastest weekly pace in a decade, while central banks increasingly tapped China’s yuan swap lines as an alternative source of liquidity. Elsewhere, junk-rated companies rushed to refinance debt as demand for risky credit rebounded.

Some private credit funds marked down positions by more than 50%, while PE-owned insurers continued increasing exposure to the asset class. Meanwhile Saudi Arabia’s IPO market prepares for a revival, and US upstream oil and gas M&A climbed to a two-year high.

Let's dive in.

Kevin Warsh confirmed as next Fed Chair: Warsh is widely viewed as more aligned with President Trump who has long demanded rate cuts (CNN)

Private credit funds marked down by at least 50%: Corporate borrowers in the $3.5T PC market struggle with growing debt burdens (MS)

Hedge funds bought Asian stocks at a 10-year weekly high: South Korea, Japan and Taiwan inflows came from clients across all regions and strategies (YF)

PBOC yuan swap lines hit a two-year high: More central banks are tapping China's currency facilities as an alternative to dollar liquidity (Inv.)

Saudi IPO market eyes a revival: Olayan Group affiliates are preparing listings as Vision 2030 pushes private firms to go public (AGM)

US upstream O&G M&A hit a two-year high in Q1 2026: The number of deals jumped to $38B during the first quarter of this year (WEN)

Big investors are trading private credit gains for infrastructure bets: Only infrastructure had net inflows from institutions in Q4 2025 (YF)

Fitch upgraded Argentina to B- from CCC+: Reflects improved fiscal balances, though weak reserves keep rating below investment grade (BAT)

PE-owned insurers boost their private credit holdings: Raising regulatory concerns about systemic risk in the $3.5T asset class (FAM)

Goldman Sachs' Japan revenue hit a 15-year high: Fueled by corporate governance reform is lifting revenues to levels not seen since 2011 (TJT)

Roundhill fund becomes fastest-growing ETF ever: The fund hit $4.9B in assets in just 77 days, as retail investors seek semiconductor exposure (YF)

Junk-rated firms rush to reprice risky debt as demand surges: Firms kicked off deals to cut borrowing costs or extend maturities on $30B of debt (YF)

JPMorgan is rolling out Chase retail banking across Europe: Targeting mass-market deposits in a direct challenge to local incumbents (FST)

UK chip firm Arm and SoftBank offered to buy Cerebras Systems (YF)
Potential Deal Value: $34B

Bristol-Myers Squibb signed deal with China's Jiangsu Hengrui Pharma (YF)
Deal Value: $15.2B

Intertek set to accept EQT's improved offer (GBF)
Potential Deal Value: $12.7B

Stonepeak to buy BMO's truck and vendor finance businesses (EFN)
Deal Value: $10.6B

EQT teams with Qatar fund for Volkswagen marine unit bid (Inv.)
Potential Deal Value: $10B

BlackRock-led group to invest in Saudi Aramco infrastructure deal (ZWY)
Potential Deal Value: $10B

Dubai Holding acquired 22.3% stake in Emaar Properties (BT)
Deal Value: $6.5B

Equinox Gold agreed to buy Canada's Orla Mining (BNN)
Deal Value: $5.1B

Sony Music Publishing to buy Blackstone’s Recognition Music Group (MBW)
Deal Value: $4B

Bain Capital and LYC submitted an offer for Kakaku.com (BGF)
Potential Deal Value: $3.7B

Siemens agreed to acquire key businesses of MERMEC (MSN)
Deal Value: $1.17B

Apollo announced acquisition of Emerald & Questex (Apollo)
Deal Value: $1.5B

Peltz’ Trian Partners explores funding for Wendy’s take-private deal (HW)
Potential Deal Value: $1.3B

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