The top 3 stories from today's briefing, narrated as a short audio episode.
Sign up free to listen. The briefing notes below are free to read.
Briefing Notes
Banking & Finance
Carlyle's private credit fund faces 15.7% redemption requests as BDC valuation discounts and opportunistic lenders circle a turning credit cycle
A 15.7% redemption request at Carlyle signals private credit's liquidity illusion is cracking under real stress.
M&A
Global mega-deal count hits all-time Q1 record as European buyers outperform, with 12 transactions exceeding $10bn completed in three months
Record mega-deal volumes mean antitrust clearance is now the critical path on almost every large transaction.
Energy & Tech
Great British Energy invests £40m in UK green hydrogen producer as Amentum-led JV wins £300m owner's engineer contract for Wylfa SMR — UK's first small modular reactor
GBE's dual hydrogen and nuclear commitments make it the most active single client for UK energy project finance in 2026.
AI & Law
Bar Standards Board forecasts £3m spending increase as AI-driven complaints surge, while Thomson Reuters data shows 43% of law firms have deployed enterprise-wide generative AI tools
The BSB quantifying AI complaint costs at £3m forces every chambers to price governance failure into its AI adoption decision.
Capital Markets
AI and M&A financing needs drove a record Q1 for investment-grade bond issuance globally, but rising spreads and March volatility signal a tougher Q2
AI financing demand is papering over a spread-widening trend that will price out weaker issuers in Q2.
Regulation
CMA tightens greenwashing enforcement across supply chains as Insurance Europe challenges EU dividend tax reform for pension institutions
The CMA now holds retailers liable for their suppliers' green claims — every supply chain contract needs an ESG indemnity review.
International
Apax Digital invests $60m in London-headquartered FX platform MillTech at $325m valuation as FCA-regulated fintech targets North American expansion
An FCA-regulated FX platform raising US PE capital for North American expansion puts London at the centre of cross-border fintech deal flow.
Disputes
Johnson & Johnson defends hemostatic powder patent at European appellate level as Baxter International challenge results in narrowed but upheld IP right
A narrowed-but-upheld EPO patent is a trigger for licence and distribution contract reviews across every European market simultaneously.