Jonathan Guilford

Apollo wants a venue with daily pricing of ​murkily valued non-bank loans, ​which could make it easier ⁠for investors to sell. Pimco ​and others worry low volumes ​would distort the figures. Although illiquid IOUs are a mere $20 bln ​market, the fiery fracas ​will come to a head soon.

German Chancellor Friedrich Merz and his counterparts are reluctantly contemplating action to address a yawning €360 bln deficit with the People’s Republic. In this week’s Viewsroom, Breakingviews columnists debate whether the continent can actually form a united front.

Banks behind the rockets-to-AI venture’s $2 trln IPO are now ballparking market caps ​as much as 400% ​higher in fawning new reports. Oddly, ⁠the wilder the target, the ​lower the revenue estimates. It echoes ​the cult of Tesla: dimmer results simply presage a brighter promise beyond.

Small money manager Cox Capital offered to buy shares of non-traded ​Apollo, Ares and BlackRock HPS ​loan vehicles at 15% to 30% ⁠discounts. Crystallizing losses would sting, but ​skipping lines to cash out and ​buy elsewhere is also tempting. The sticky part: pricing the trades.

Goldman Sachs and ‌Morgan Stanley are both riding high on tech. Deal fees bulged while they combined for $14 ​bln in revenue from buying and ​selling equity. Euphoria abounds, helping close a ⁠valuation gap between the duo. The ​challenge is spinning it into something more ​lasting.

The private equity firm's $1.3 trln of assets are bulging with chatbot-themed ​investments. That’s helping its real ​estate unit, scarred by an ⁠exodus of small-time investors, mount ​a data center-focused comeback. If it ​holds, it’s a hopeful sign for woes elsewhere in the business.

The credit-focused shop led by ​Michael Arougheti is circling ​private equity firm Leonard ⁠Green and the $85 bln ​it manages. A deal ​of this sort would reverse the typical expansion route. Greater significance ​of retail investors ​and fund size invites consolidation in ‌many ⁠forms.

Nvidia's boss gathered ​Apollo, Goldman and others ​to help finance buyers of ⁠his company's GPUs. He ​is channeling the auto-loan ​market by using computing power as collateral as other funding sources ​thin. The chipmaker takes ​the driver's seat, with investors along ‌for ⁠the ride.

EU policymakers envisage €700 bln of annual spending to hit its clean-energy targets, but only a fraction of that sum on adapting to an already-changed climate. In this week’s Viewsroom, Breakingviews columnists discuss the thin ice beneath an unsteady political consensus.

HB Fuller snubbed a ​partial $1.2 bln takeover ​bid from pushy investor Ancora, ⁠whose rabble-rousing recently ​influenced the Warner Bros sale. ​Aggression is on the rise, especially for M&A. With ​buyout shops stuck and ​markets febrile, however, expect more ‌such ⁠invasive tactics.