The DESK’s Risk & Return is the single channel for issuers and investors to access data, research, legal advice and credit rating information to support issuance and investment in debt via the primary market.

INSIGHTS & ANALYSIS
Insights & Analysis: UBS: Opportunity to “lock in rates higher” ahead of cuts
Fed governors appear to be leaning into a more dovish approach ahead of expected rate cuts this September, UBS observed in a research note, predicting a total 100 basis point (bps) cut over the...
ORIGINATION
Origination: Lockheed Martin issues US$2bn after major Q2 earnings hit
Lockheed Martin Corporation (LMT) has issued US$2 billion in senior unsecured notes.
The issuance follows a 79% year-on-year loss for the second quarter of 2025, with the company reporting US$342 million in net earnings. Missing...
INVESTOR DEMAND
Investor demand: French no-confidence vote sharpens pressure on OAT-Bund spread
French Prime Minister François Bayrou’s call for a no confidence vote was scheduled for the 8 September late on Monday 25 August. Aiming to support its government and austerity budget, the announcement has resulted...
RULES & RATINGS
Rules & Ratings: Delta gets a positive outlook upgrade at Fitch
Fitch Ratings has revised Delta Art Lines’ credit rating outlook from stable to positive, and affirmed its BBB- long-term Issuer Default Rating (IDR).
This change is the result of the company’s gross debt reduction of...
THE BOOK
The Book: Equity-linked note issuance on the rise in APAC
Convertible and exchangeable bond issuance in APAC is on track for a record-breaking year, Citi has noted.
Convertible bonds allow holders to convert their bond into shares of the issuer. Exchangeable bonds can be exchanged...
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