Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY Capital Markets Jun 22, 2:02 AM EDT

Private Credit Markets

Private credit funds faced $19.5B redemption rush in Q1

Investors requested $19.5 billion in withdrawals from private credit direct lending funds in the first quarter, signaling a sharp slowdown in the asset class expansion.

ReadingPrivate credit is now in distribution mode. Allocators who believed the story three years ago are quietly taking their capital back. The funds holding the weakest assets will be forced to sell them.

WatchWhich fund announces a gates policy or manages the redemption queue. That headline comes within 90 days.

Read full analysis → Original ↗

private-creditredemptionscapital-marketsliquidity

HENRI IV Technology Intelligence Jun 22, 2:02 AM EDT

Google / Alphabet

Yahoo Finance ↗

Google backstops $35B Anthropic data center lease deal

Alphabet is helping backstop lease payments connected to five US data centers in a move that signals Google's deeper commitment to competing in the AI infrastructure race.

ReadingTech oligopolists are now financing each other's infrastructure because public bond markets cannot price the risk. This is debt, structured as equity support, priced as strategy.

WatchWhich other AI company receives similar backstop financing within the next quarterly cycle.

Read full analysis → Original ↗

ai-infrastructuregoogleanthropicdata-centers

MACALLAN 1926 Technology Intelligence Jun 22, 2:02 AM EDT

Bloom Energy / Nebius

MSN ↗

Bloom Energy jumped 12% on $2.6B European AI data center deal

Nebius, a European AI infrastructure upstart, will deploy Bloom Energy's fuel-cell technology to generate electricity faster at its data centers, in a partnership valued at $2.6 billion.

ReadingFuel cells are the new preferred narrative for regional AI infrastructure plays. Watch which ones can actually deliver at scale by Q4.

WatchBloom Energy's next customer announcement and whether they cite electricity cost parity as the closing argument.

Read full analysis → Original ↗

ai-infrastructureenergybloom-energydata-centers

LOUIS XIII M&A Intelligence Jun 22, 2:02 AM EDT

SoftBank Group / BALYO

Business Wire ↗

SoftBank files tender offer for robotics automation company BALYO

SoftBank Group has filed a draft tender offer with the AMF for BALYO, with the company's board establishing an ad hoc committee to evaluate the proposal.

ReadingSoftBank is quietly building out logistics automation across geographies. This deal gets done by fiscal Q3 2026 or leaks as abandoned.

WatchThe committee's valuation estimate and whether SoftBank raises its opening price within the first 30 days.

Read full analysis → Original ↗

m&asoftbankroboticsautomation

PAPPY 23 Healthcare Intelligence Jun 22, 2:02 AM EDT

Adverum Biotechnologies / Eli Lilly

NASDAQ ↗

Adverum stockholders reminded to tender shares to Lilly acquisition

Adverum Biotechnologies, a clinical-stage gene therapy company, reminds stockholders to submit tenders into the ongoing offer from Eli Lilly.

ReadingClinical-stage biotech acquisitions are now standard portfolio moves for large pharma. The valuation signaling is complete.

WatchDeal closure announcement date and whether Lilly integrates the IP immediately or holds it separately.

Read full analysis → Original ↗

m&abiotechhealthcareeli-lilly

JOHNNIE BLUE Capital Markets Jun 22, 2:02 AM EDT

Private Credit Market Sector

Reuters / MSN ↗

Private credit issuance slowing sharply as redemption pressure mounts

Private credit's rapid expansion is losing momentum, with U.S.-focused direct lending issuance slowing in recent weeks as investor demand cools.

ReadingAllocators treating private credit as quasi-liquid are now facing the realization that it is not. The repricing starts now.

WatchQuarterly capital raise announcements from the largest private credit funds. Shortfalls signal cascading redemptions.

Read full analysis → Original ↗

private-creditdirect-lendingcapital-marketsredemptions

WELL POUR Technology Intelligence Jun 22, 2:02 AM EDT

MGX / DayOne Data Centers

MSN ↗

Abu Dhabi's MGX explores multi-billion-dollar DayOne data center buyout

Abu Dhabi-backed AI investor MGX is reportedly weighing a multibillion-dollar acquisition of DayOne, which operates a data center in Singapore.

ReadingSovereign wealth is entering infrastructure directly. If the deal closes, expect similar moves from other Gulf investors within 60 days.

WatchConfirmation of valuation range and whether DayOne's Singapore facility is the only asset or just the anchor.

Read full analysis → Original ↗

ai-infrastructuredata-centersmgxm&a