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Wall Street Weekly: May 15–22, 2026
SpaceX publicly filed its S-1 targeting a Nasdaq IPO; NextEra announced a $66.8B all-stock acquisition of Dominion Energy; Kevin Warsh was sworn in as the 17th Federal Reserve Chair. Full weekly rundown of IPOs, M&A, regulatory actions, earnings, personnel moves, and mega financings for May 15–22, 2026.
SpaceX filed its S-1 on Nasdaq under ticker SPCX, NextEra announced a $66.8 billion all-stock acquisition of Dominion Energy that would create the country's third-largest energy company, and Kevin Warsh was sworn in as the 17th Federal Reserve Chair at the White House — all in the same seven-day window. The SEC simultaneously proposed its most sweeping IPO rule overhaul in more than two decades, and two Japanese megabanks reported fiscal-year earnings with 30%-plus profit jumps. Below is the full structural rundown for May 15–22, 2026.
IPOs
Eight new equity offerings priced or debuted in the window; one ($421M) priced May 19 and began trading May 20. The dominant narrative is SpaceX's S-1 submission, which creates a shadow over every other deal in the pipeline.
| Company | Ticker | Exchange | Status | Offer / Ref. Price | Proceeds | First-day return | Sector |
|---|---|---|---|---|---|---|---|
| Lincoln International | LCLN | NYSE | Priced May 19; debut May 20 | $20.00 | $421M | +12.6% | Investment banking |
| AMASS Brands | AMSS | Nasdaq | Direct listing May 20 | $16.00 ref. | $0 (no new capital) | Trading ~$11.35 | Beverages |
| Conexeu Sciences | CNXU | Nasdaq | Direct listing May 21 | $4.00 ref. | $0 (no new capital) | +260% | Medical devices |
| Oceanhawk Acquisition Corp. | OHACU | Nasdaq | Closed May 21 | $10.00 / unit | $160M | SPAC / Energy | SPAC |
| Deep Fission Inc. | FISN | Nasdaq | S-1 filed May 20; not yet priced | $24–$26 range | ~$150M target | Pricing date TBD | Nuclear energy |
| SpaceX | SPCX | Nasdaq | S-1 filed May 20; not yet priced | Blank (TBD) | Blank (TBD) | Roadshow Jun 8; debut Jun 12 | Aerospace / AI |
| Cerebras Systems (S&P 500 inclusion) | CBRS | Nasdaq | IPO May 14 (pre-window); S&P inclusion May 19 | — | — | +7%+ on inclusion news | AI chips |
SpaceX (SPCX) — S-1 public filing
SpaceX publicly filed its S-1 registration statement with the SEC on May 20, 2026, targeting a Nasdaq debut under ticker SPCX. 1 Goldman Sachs is lead-left joint book-running manager; Morgan Stanley, Bank of America, Citigroup, and JPMorgan are joint book-runners; an additional 17 institutions serve as co-managers (Barclays, Deutsche Bank, RBC Capital Markets, UBS, Wells Fargo, Allen & Company, Cantor, Needham, Raymond James, Société Générale, Stifel, William Blair, BTG Pactual, ING, Macquarie Capital, Mirae Asset Securities, Mizuho, and Santander). 2
The S-1 leaves the offer price and share count blank. The roadshow is expected to begin June 8, with trading targeted for June 12 under a dual-class structure: Class A shares carry one vote each; Class B shares carry ten votes each. Elon Musk controls approximately 85% of voting power through 849.5 million Class A shares and 5.57 billion Class B shares. 2
Key financials from the S-1: Q1 2026 revenue was $4.69 billion (+15% year-over-year); the Q1 net loss was $4.28 billion. Full-year 2025 revenue was $18.67 billion (+33% year-over-year). 1 Starlink — the satellite internet business — generated $3.26 billion in Q1 (69% of total Q1 revenue) and was the only segment posting an operating profit ($1.19 billion Q1 operating income); the AI segment lost $2.5 billion and the Space segment lost $619 million in the same quarter. 2 The S-1 also discloses that Anthropic is paying $1.25 billion per month through May 2029 for compute capacity at SpaceX's COLOSSUS data centers, and that SpaceX acquired xAI in February 2026 in a transaction valued at $1.25 trillion.
The market impact is already structural. As Renos Savvides, head of equity capital markets at Neuberger Berman, stated: "Nobody wants to be caught in the SpaceX blast radius. If you're a smaller IPO and you're on the road the same time as SpaceX, no one is going to pay any attention to your deal." 3
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Lincoln International (LCLN) — $421M NYSE debut
Lincoln International priced its IPO at $20.00 per share on May 19 — the top of the $18.00–$20.00 marketed range — selling 21.05 million shares to raise $421 million. 4 Underwriters hold a 30-day overallotment option for an additional 3.16 million Class A shares. Shares opened at $22.51 on May 20 and closed up 12.6%, giving the Chicago-based mid-market investment bank a $2.3 billion valuation.
The deal is the largest U.S. investment bank IPO since Lazard's $855 million listing in 2005. 4 CEO Rob Brown stated the permanent capital base will allow Lincoln to participate more effectively in industry consolidation: "Our market continues to consolidate. As we think about the next evolution of our firm, we think having a permanent capital base will allow us to participate in that consolidation in more effective and efficient ways." 4
Deep Fission (FISN) — nuclear SMR, S-1 filed
Deep Fission Inc. filed an S-1 on May 20, seeking to list on the Nasdaq Global Market under ticker FISN with 6 million shares at a $24–$26 range. 5 At the midpoint, the offering would raise approximately $150 million at an implied valuation of approximately $1.66 billion. The Berkeley, California-based startup is developing deep-borehole small modular reactors using pressurized water reactor technology, targeting AI data center power demand. Underwriters: William Blair, Stifel, Canaccord Genuity, Benchmark, and Seaport Global Securities. As of May 22, no pricing date has been set.
Cerebras Systems (CBRS) — S&P 500 fast-track inclusion
Cerebras Systems (Nasdaq: CBRS) priced its $5.55 billion IPO at $185 per share on May 14 — one day before this window — making it the largest U.S. tech IPO since Uber in 2019 and the largest IPO of 2026. 6 Within the window, S&P Dow Jones Indices announced on May 19 that CBRS would be fast-tracked into S&P indices effective May 25, driving a further 7%-plus jump in the stock. 6 For background: the AI chipmaker reported FY2025 revenue of $510 million (+76% year-over-year) and net income of $237.8 million — its first profitable year. CEO Andrew Feldman's capsule description: "We built a chip the size of a dinner plate. It's 58 times larger than any chip previously built. In AI, bigger chips are faster." 6
Other listings
AMASS Brands (Nasdaq: AMSS) completed a Nasdaq Capital Market direct listing on May 20 at a $16.00 reference price, with registered stockholders offering up to 14.3 million shares. 7 No new capital was raised; Maxim served as financial advisor. The Santa Maria, California-based premium beverage platform — brands include Good Twin Non-Alcoholic Wine, Summer Water Rosé, and Calirosa Tequila (a partnership with Adam Levine) — was trading at approximately $11.35 as of May 22, a 29% discount to the reference price.
Conexeu Sciences (Nasdaq: CNXU) direct-listed on May 21 at a $4.00 reference price, with 9.5 million registered shares. 8 The Reno, Nevada-based preclinical medical device company is developing the CXU™ scaffold, a temperature-responsive collagen-based wound-care and aesthetics formulation. By May 22, the stock was trading at $14.40 — a 260% gain from reference price. Four employees at time of listing; H.C. Wainwright served as financial advisor.
Oceanhawk Acquisition Corp. (Nasdaq: OHACU) closed a $160 million upsized SPAC IPO on May 21, selling 16 million units at $10.00. 9 The Benchmark Company acted as sole book-running manager. CEO Ernest Miller brings more than 25 years in the commodity-driven energy sector; the vehicle targets high-potential businesses globally with no specified sector restriction.
M&A
Nine deals with announced values of $500 million or more are tracked in the window. The two largest — a power-utility combination and a residential REIT merger — together represent approximately $136 billion in combined enterprise value and reflect the same structural driver: AI data-center buildout reshaping capital allocation across the U.S. economy.
| Deal | Acquirer | Target | Value | Structure | Status |
|---|---|---|---|---|---|
| NextEra / Dominion Energy | NextEra Energy (NYSE: NEE) | Dominion Energy (NYSE: D) | $66.8B | All-stock | Announced May 18; close 12–18 months |
| AvalonBay / Equity Residential | AvalonBay Communities (NYSE: AVB) | Equity Residential (NYSE: EQR) | $69B EV / $52B equity | All-stock merger of equals | Announced May 21; close H2 2026 |
| CVC + GBL / Recordati | CVC Capital Partners + GBL | Recordati SpA (BIT: REC) | €10.7B (~$12.4B) | All-cash | Formal offer launched May 22; pending |
| EQT / Intertek | EQT AB | Intertek Group (LSE: ITRK) | £9.4B (~$12.7B) | All-cash | Board signals acceptance; formal offer pending |
| Baker Hughes / Chart Industries | Baker Hughes (Nasdaq: BKR) | Chart Industries (NYSE: GTLS) | $13.6B | Previously announced | EU Phase I review; EC decision by Jun 26 |
| Ingredion / Tate & Lyle | Ingredion Inc. (NYSE: INGR) | Tate & Lyle PLC (LSE: TATE) | £2.74B (~$3.71B) | All-cash | Under discussion; Ingredion deadline Jun 11 |
| Apollo / Bodycote | Apollo Global Management (NYSE: APO) | Bodycote plc (LSE: BOY) | £1.52B (~$2.04B) | All-cash (proposed) | Proposal made May 22; Apollo deadline Jun 19 |
| Lantheus / Curium | Curium Pharma (PE-backed) | Lantheus Holdings (Nasdaq: LNTH) | ~$7B | TBD | Lantheus exploring sale after receiving offer |
| Toscafund / Spire Healthcare | Toscafund Asset Management | Spire Healthcare (LSE: SPI) | £1.0B (~$1.35B) | All-cash (proposed) | Toscafund deadline Jun 11; Ramsay Health competing |
NextEra Energy / Dominion Energy — $66.8B all-stock merger
NextEra Energy and Dominion Energy announced a $66.8 billion all-stock merger on May 18, with Dominion shareholders receiving 0.8138 NextEra shares per Dominion share — an implied price of $75.97, representing a roughly 23% premium to Dominion's prior close. 10 The combined entity would carry an enterprise value of approximately $420 billion and a market capitalization of approximately $249 billion, making it the third-largest energy company in the U.S. by market cap behind ExxonMobil and Chevron. 10
The strategic rationale centers on Dominion's data-center footprint. Dominion serves Northern Virginia's "Data Center Alley" — the world's largest cluster of hyperscale data centers — with customers including Alphabet, Amazon, Microsoft, Meta, Equinix, CoreWeave, and CyrusOne, and holds approximately 51 GW of signed data-center capacity. 10 NextEra, America's largest renewable energy developer, adds the build-out capabilities to serve that demand.
As a regulatory concession, NextEra committed to $2.25 billion in customer rate credits for Dominion's customers in Virginia, North Carolina, and South Carolina within two years of closing. 10 The deal requires approvals from FERC, NRC, and multiple state utility commissions; John Ketchum (NextEra's current CEO) will lead the combined entity and Dominion becomes a wholly owned subsidiary. 10 Dominion held $44.11 billion in long-term debt as of March 31, 2026. 10
Ketchum's framing: "The country needs more energy infrastructure built faster, more efficiently, and more affordably than ever before. Combining two great American companies can better achieve the speed and scale this moment demands." 10
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AvalonBay / Equity Residential — $69B REIT merger of equals
AvalonBay Communities (NYSE: AVB) and Equity Residential (NYSE: EQR) announced a fully stock-for-stock merger of equals on May 21, with each AvalonBay share exchanging for 2.793 EQR shares. 11 Post-closing, AvalonBay shareholders will own approximately 51.2% of the combined entity; EQR shareholders will hold 48.8%. Combined enterprise value is approximately $69 billion; equity market cap approximately $52 billion.
The merged residential REIT would own more than 180,000 apartments across major U.S. metros, with $4.4 billion of current construction (10,800 units) and a development rights pipeline of approximately $4.2 billion. 11 Management projects $175 million in gross synergies and $125 million in net synergies (after real estate tax reassessment effects). The initial annualized dividend is expected at $2.81 per share. 11
AvalonBay CEO Benjamin Schall will lead the combined entity. Equity Residential CEO Mark Parrell will retire upon close. Financial advisors: Goldman Sachs, J.P. Morgan, and Wells Fargo for AvalonBay; Morgan Stanley, Centerview Partners, and BofA Securities for Equity Residential. 12 Both companies are S&P 500 constituents. Close targeted for H2 2026, subject to dual shareholder votes.
Schall: "This combination creates a new and fundamentally stronger company with differentiated capabilities that will drive structurally superior cash flow generation, earnings and dividend growth, and value for shareholders." 11
European deals: Recordati, Intertek, Bodycote, Ingredion / Tate & Lyle, Spire Healthcare
UK M&A activity remained elevated, driven largely by U.S. and European private equity targeting London-listed companies. 13
CVC / GBL / Recordati (€10.7B): CVC Capital Partners and Groupe Bruxelles Lambert launched a formal all-cash takeover offer for Italian pharmaceutical group Recordati on May 22 at €51.29 per share (ex-dividend), representing a 12.89% premium over Recordati's March 25 closing price. 14 CVC has held 46.8% of Recordati since 2018; co-investors include the Abu Dhabi Investment Authority (ADIA), CPPIB, and Chairman Andrea Recordati. The offer requires at least 66.67% voting shares tendered for a special-resolution threshold; if acceptances exceed 90%, the acquirers may force a squeeze-out. Intermonte analyst Giorgio Tavolini noted: "At the offer price, we do not view the transaction as attractive for Recordati investors." 14
EQT / Intertek (£9.4B): EQT's final all-cash offer of £60 per share — a 60% premium to Intertek's April 9 close — received a "minded to recommend" signal from the Intertek board, confirmed by Morningstar on May 18. 13 If completed, this would be the largest U.K. private equity buyout since Alliance Boots in 2007.
Apollo / Bodycote (£1.52B): Apollo Global Management made a conditional all-cash approach at 885 pence per share on May 22, a roughly 27% premium to the prior close. 15 Bodycote shareholders would also receive a proposed FY2025 final dividend of 16.1 pence per share. Apollo must formalize or withdraw by June 19. Bodycote provides heat treatment and metal processing services to aerospace, defense, automotive, and energy sectors.
Ingredion / Tate & Lyle (£2.74B): Ingredion confirmed on May 14 a conditional all-cash proposal at 595 pence per share plus up to 20 pence in dividends — a 64% premium to Tate & Lyle's May 13 closing price of 374.80 pence. 16 Discussions and due diligence are ongoing. Under UK takeover rules, Ingredion must formally bid or withdraw by June 11. Legal advisors: Linklaters (Tate & Lyle) and Hogan Lovells (Ingredion). 17
Toscafund / Spire Healthcare (£1.0B): Toscafund Asset Management — which already holds 18% of Spire — proposed a 250-pence all-cash offer, a 66% premium to the pre-announcement close. 18 Vanguard Group filed a Form 8.3 disclosure on May 20. Australian hospital operator Ramsay Health Care has separately offered 250 pence per share; Toscafund's deadline is also June 11. Peel Hunt expects the deal to close at the current price.
Other deal updates
Lantheus / Curium (~$7B): Lantheus Holdings (Nasdaq: LNTH) is exploring a potential sale following receipt of a takeover approach from PE-backed Curium Pharma, which values the radiopharmaceutical company at approximately $7 billion, according to Bloomberg reporting on May 22. 19 No deal has been signed.
Baker Hughes / Chart Industries ($13.6B): Baker Hughes filed its EU merger control notification for its acquisition of Chart Industries with the European Commission on May 21. 20 The Commission has until June 26 to approve, require remedies, or open a Phase II investigation. Chart manufactures cryogenic equipment and LNG technology; Baker Hughes is an oilfield services and energy technology company.
Regulatory enforcement and rulemaking
Fourteen regulatory actions from five agencies logged in the window. The structurally significant items are the SEC's proposed IPO framework overhaul and its repeal of the 50-year-old "no-deny" settlement policy; the CFTC's escalating state-level prediction-markets litigation; and the DOJ's $1.776 billion Anti-Weaponization Fund.
Kevin Warsh and Donald Trump at the East Room swearing-in ceremony, May 22, 2026. 21
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SEC: IPO rule reform proposal and "no-deny" repeal
The SEC released two proposed rulemakings on May 19 that together constitute the most substantial revision to the registered offering framework since the Securities Offering Reform of 2005. 22
The Registered Offering Reform proposal would expand shelf offering access to issuers regardless of public float; extend WKSI (Well-Known Seasoned Issuer) flexibility to a broader set of companies; allow broker-dealers to provide research coverage on more registered issuers; and exempt all registered offerings from state securities law registration requirements. 22
The Filer Status / EGC Accommodations Reform would raise the large accelerated filer threshold from $700 million to $2 billion in public float; prevent any company from being classified as a large accelerated filer for at least 60 months following its IPO (the "IPO on-ramp"); reclassify all remaining issuers below that threshold as non-accelerated filers, thereby eliminating the auditor attestation requirement on internal controls for that group; and grant the smallest 18% of public companies additional time to file their annual 10-K (30 extra days) and quarterly 10-Q (5 extra days). 22
Both proposals enter a 60-day public comment period following Federal Register publication. SEC Chairman Paul S. Atkins described the package as the foundation of his "Make IPOs Great Again" agenda. 22
Separately, the SEC rescinded Rule 202.5(e) — the "no-deny" settlement policy — on May 18. 23 The rule, in place for more than 50 years, required defendants settling SEC enforcement actions to agree not to publicly deny the Commission's allegations. The repeal does not affect whether the SEC will still require defendants to admit allegations in specific cases. Atkins framed it as ending a policy that prohibited "criticism of the government" as a condition of resolution. Existing consent orders with no-deny clauses will not be enforced. 23
On May 21, the SEC and the National Futures Association (NFA) signed a Memorandum of Understanding to formalize regulatory coordination on emerging risks, examination planning, and market conditions, with regular joint meetings. 24 Atkins: "Regulatory bodies working together should not be a novel concept. It should be the norm." 24
SEC enforcement actions in the window:
- Insider trading settlement — Elmgart & Leibman (May 18): The SEC settled insider trading charges against Oskar Elmgart (Millburn, NJ) and Raymond Leibman (West Orange, NJ), who traded ahead of CoStar Group's acquisition of Matterport (announced April 22, 2024) using material non-public information from a Matterport employee's close relative. 25 Elmgart purchased 260 short-dated Matterport call options April 16–19, 2024; Leibman bought 10,000 shares on April 19. Matterport's stock rose 176% on the announcement date. Settlement terms (subject to court approval): Elmgart pays approximately $132,273 in disgorgement, prejudgment interest, and civil penalty; Leibman pays approximately $63,957. Neither admitted or denied the allegations.
- Investment adviser fraud — Daughtry (May 21): An Alabama federal court entered a final consent judgment against former investment adviser James Blake Daughtry: $50,000 civil penalty, permanent injunction, and permanent bar from association with any broker-dealer or investment adviser. 26 Daughtry sold his advisory business to Jared Eakes, failed to monitor client accounts as promised, and thereby enabled Eakes to misappropriate approximately $2.6 million from GraySail Advisors clients. A separate action against Eakes is pending in the Middle District of Florida.
CFTC: Minnesota lawsuit, cooperation advisory, DJ Hennes appointment
The CFTC sued Minnesota on May 19 to block a newly signed state law that would criminalize operating or facilitating prediction markets — classifying it as a felony. 27 The CFTC sought a preliminary injunction to prevent the law from taking effect on August 1. Minnesota is the largest agricultural-producing state the CFTC has targeted in this litigation campaign; the law is broader than any previously challenged by the CFTC, encompassing weather-event contracts. The CFTC previously obtained a preliminary injunction against Arizona and has active suits against Connecticut, Illinois, and New York. 27
CFTC Chairman Michael S. Selig: "This Minnesota law turns lawful operators and participants in prediction markets into felons overnight." 27
On May 19, CFTC staff issued a revised cooperation advisory, replacing all prior guidance, that outlines a pathway to declination — no enforcement action — for entities that self-report voluntarily, cooperate fully, remediate promptly, and provide full restitution, in the absence of aggravating factors. 28
CFTC Chairman Selig also named DJ Hennes as Director of the Market Participants Division on May 18. 29 Hennes joins from KPMG LLP, where he was a managing director in financial services risk and compliance advisory; he previously spent 15 years at Promontory Financial Group, leading its Americas capital markets practice. His experience includes CFTC intermediary governance, crypto assets, and prediction markets.
Federal Reserve enforcement
- Commerce Bank — prohibition order (May 21): The Federal Reserve Board issued a consent prohibition order against Nakia R. Logan, a former Commerce Bank (Kansas City, Missouri) employee, for fraudulent customer transactions. 30 Logan is barred from banking industry participation. 30
- UBS / Credit Suisse — enforcement termination (May 15): The Fed terminated its 2023 cease-and-desist order against UBS Group AG, Credit Suisse AG, Credit Suisse Holdings (USA), Inc., and Credit Suisse AG New York Branch, effective May 12. 31 The order had been in place since July 21, 2023; its termination resolves the principal post-acquisition regulatory legacy from UBS's absorption of Credit Suisse. 31
OCC: May 2026 enforcement actions
The OCC released its May enforcement package on May 21. 32 Substantive new actions:
- Consent order — Community Federal Savings Bank (Woodhaven, NY): BSA/AML compliance program deficiencies; violations of 12 CFR 21.21, 12 CFR 163.180(d), and 31 CFR 1010.520(b)(3).
- Prohibition order — Dyemond Williams, former JPMorgan Chase Bank associate (Columbus, OH): unauthorized withdrawals from customer accounts causing at least $38,500 in bank losses.
Five prior formal agreements and consent orders were terminated (Axiom Bank, FL; Cenlar FSB, NJ; Lincoln FSB of Nebraska; First National Bank of Waverly, OH; First National Bank of Williamson, WV). 32
DOJ: Trump IRS settlement and Minnesota health care fraud
The Department of Justice announced on May 18 the creation of a $1.776 billion "Anti-Weaponization Fund" as part of a settlement of President Trump's $10 billion lawsuit against the IRS for alleged tax return disclosure. 33 The settlement terms include a bar on IRS auditing of Trump's tax returns filed before May 19, 2026. The arrangement drew legal challenges from Democracy Forward, which filed suit characterizing the fund as an improper use of government resources. 33
On May 22, the DOJ announced a Minnesota health care fraud enforcement action against 15 defendants across charges involving more than $90 million in alleged fraud. 34
FTC: Cox Media Group "active listening" AI settlement
The FTC ordered Cox Media Group (CMG), MindSift LLC, and 1010 Digital Works to pay a combined $930,000 to settle charges that they marketed AI services falsely claimed to monitor consumer conversations for advertising targeting. 35 CMG pays $880,000; MindSift and 1010 Digital Works each pay $25,000.
Earnings
No U.S. or European bulge-bracket banks reported results in the May 15–22 window. The two earnings items are MUFG and Mizuho, both reporting full-year FY2025 results (fiscal year ended March 31, 2026) on May 15, with supplemental investor materials released through May 21.
| Institution | Reporting period | Key profit metric | YoY change | EPS | Dividend (annual) |
|---|---|---|---|---|---|
| MUFG (TSE: 8306) | FY2025 (ended Mar 31, 2026) | Net income ¥2,427B (JGAAP) | +30.3% | ¥213.17 | ¥86/share (raised from ¥64) |
| Mizuho (TSE: 8411) | FY2025 (ended Mar 31, 2026) | Ordinary profits ¥1,573B | +34.6% | ¥502.92 | Not disclosed in this report |
Mitsubishi UFJ Financial Group (MUFG) — record FY2025
MUFG reported FY2025 profits attributable to shareholders of ¥2,427 billion — a record high, up 30.3% year-over-year — on ordinary income of ¥14,621 billion (+7.3% year-over-year). 36 Basic EPS was ¥213.17, up from ¥160.02 in the prior year. Ordinary profits were ¥3,410 billion (+27.7%).
Profit growth was driven by higher net interest income, stronger fee business performance, and a significant increase in equity-method income from MUFG's stake in Morgan Stanley, which contributed ¥845.5 billion (up ¥248.5 billion year-over-year). 36 Total assets were ¥431.7 trillion.
The annual dividend was raised to ¥86 per share from ¥64 in the prior year, and the FY2027 profit target is ¥2,700 billion with a projected dividend of ¥96 per share. 36 MUFG also completed the acquisition of a 20% equity stake in India's Shriram Finance Limited on April 8, 2026. 36
Segment-level revenue detail was not extractable from available web disclosures; full segmental data is in MUFG's investor presentation PDF (posted May 19 on mufg.jp/ir).
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Mizuho Financial Group — FY2025
Mizuho reported FY2025 ordinary profits of ¥1,573 billion, up 34.6% year-over-year from ¥1,168 billion — a move large enough to trigger the Tokyo Stock Exchange's 30% change disclosure requirement. 37 Profit attributable to shareholders was ¥1,249 billion (+10.4% year-over-year). Basic EPS rose to ¥502.92 from ¥453.49 (+10.8%). 37
Profit growth was attributed to strong fee business expansion both in Japan and overseas, and profits from the sale of cross-shareholding (cross-holding) stocks. 37 On May 20, Mizuho announced a strategic capital and business alliance with Rakuten Bank (a Japan-based digital bank). 38 Full segment detail requires the investor presentation PDF.
Personnel
Kevin Warsh sworn in as Fed Chair; Stephen Miran departs
Kevin Warsh, 56, was sworn in as the 17th Chairman of the Federal Reserve Board on May 22, 2026, at a White House East Room ceremony. Supreme Court Justice Clarence Thomas administered the oath; President Trump attended and spoke. 21 Warsh is the wealthiest person ever to hold the seat per public financial disclosures, and the first Fed Chair sworn in at the White House since Alan Greenspan in 1987. 21
The Senate confirmed Warsh on May 13 in a 54–45 near party-line vote; only Senator John Fetterman (D-PA) crossed party lines. 39 Jerome Powell remains on the Board as a governor through January 2028. Warsh's first FOMC meeting as Chair is scheduled for June 16–17, 2026.
Warsh inherits an economy with inflation running at 3.8%, oil prices up more than 50% owing to the Iran war, and consumer sentiment at a cyclical low. 21 He pledged: "I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models and upholding clear standards of integrity and performance." 21 Fed Governor Christopher Waller stated on the day of the swearing-in that he "can no longer rule out rate hikes further down the road if inflation does not abate soon." 21
Stephen Miran submitted his resignation as Fed Governor on May 14, effective upon Warsh's swearing-in. 40 Miran served from September 16, 2025, approximately eight months — the shortest Fed governor tenure in 71 years. 41 He dissented at all six FOMC meetings he attended, consistently in favor of deeper rate cuts; at the April 28–29 meeting he dissented toward a cut while three other governors dissented in the hawkish direction. 41 No successor has been nominated. Miran told CNBC: "I'd love to be back. But it's not up to me." 41
Clear Street CEO retirement and headcount reduction
Ed Tilly announced his retirement as CEO of Clear Street on May 18, effective June 1, 2026. 42 Tilly joined the prime brokerage and technology firm two and a half years ago, recruited from retirement by founder and Executive Chairman Uri Cohen; he previously ran Cboe Global Markets. Under Tilly's tenure, Clear Street crossed $1 billion in revenue and expanded across North America, Europe, and Asia. Tilly will remain on the board and serve as international relations advisor. Cohen resumes the CEO role on June 1.
Concurrently, Clear Street is cutting more than 50 jobs following the abandonment of its IPO plans earlier in 2026. 43 Chief Experience Officer John Levene (among the firm's highest-earning executives in 2025) has also departed. The leadership transition coincides with a planned June beta launch of an AI-driven active trading application.
Citigroup names Chuka Umunna UK investment banking MD
Citigroup appointed Chuka Umunna as Managing Director in its UK Investment Banking division, effective late summer 2026, based in London. 44 Umunna joins from JPMorgan Chase, where he served as Managing Director and Global Head of Corporate Governance and Sustainable Solutions and led the UK Security & Resiliency Initiative. Before banking, he served as a UK Member of Parliament and Shadow Business Secretary for the Labour Party. The hire is part of a broader Citi push to strengthen its U.K. franchise; recent additions also include Joe Seifert (Vice Chair, UK IB), Stuart Ord (Head of UK M&A), and James Potts (EMEA Activism Defence).
Mega financings
Sovereign bond markets dominated issuance this week; no VC or PE funding rounds at or above $500 million were announced or closed in the May 15–22 window.
| Issuer | Type | Size | Tenor / Structure | Lead arrangers |
|---|---|---|---|---|
| France | Sovereign bonds (OATs + BTFs + indexed OATs) | ~€23.5B (~$25.6B) | Various (13-week to 2033 maturities) | Agence France Trésor routine auction |
| Ecolab Inc. | Investment-grade corporate bonds | $5.0B | 4-tranche; longest tenor at T+73bps | Citi (arranging $4.8B total financing) |
| U.S. Treasury | 20-year bond reopening | $16.0B | 5.122% yield; 20-year | U.S. Treasury auction |
| Indonesia | Global sovereign bonds | ~$3.4B (~$2.0B USD + ~€1.25B EUR) | Multi-tranche | Syndicate; Finance Minister confirmed |
| EM primary (aggregate) | Sovereigns + corporates + financials | ~$19B across 27 tranches | CEEMEA, Asia, LatAm | Various |
| ESENTIA Energy (Mexico) | Inaugural investment-grade corporate | $2.0B | $1B 6.125% 2033; $1B 6.500% 2038 | 4.5× oversubscribed |
| IDB Invest | 5-year global bond | $1.0B | 4.375%; CT5+8.83bps (tightest-ever) | Goldman Sachs, J.P. Morgan, Nomura, Scotiabank |
| VEON | Dual-tranche corporate | $1.4B | TBD | TBD |
| Morocco | Dual-tranche sovereign | €2.6B (~$2.8B) | 5-year and 10-year | Syndicate |
| Angola | Dual-tranche sovereign (high-yield) | ~$1.5B | 8.25%–9.50% | Syndicate |
Ecolab — $5B acquisition financing bond
Ecolab Inc. priced a $5 billion investment-grade bond offering on May 19 in four tranches, with proceeds funding its pending acquisition of CoolIT Systems Inc., a Calgary-based provider of liquid cooling solutions for AI data centers. 45 The acquisition was valued at approximately $4.75 billion. The longest-dated tranche priced at Treasuries plus 73 basis points, tighter than initial guidance of approximately T+95bps, reflecting strong credit demand. Citi is separately arranging $4.8 billion in total deal financing.
Sovereign bond activity
France conducted three routine Agence France Trésor auctions: €7.997 billion in BTFs (short-term bills) on May 18; €13.998 billion in medium-term OATs across four bond lines (2029–2033 maturities, coupons 2.40%–3.50%) on May 21; and €1.540 billion in inflation-indexed OATs on May 21. 46 Total: approximately €23.5 billion.
Indonesia raised approximately $3.4 billion across four tranches — roughly $2 billion in dollar bonds and €1.25 billion in euro bonds — in the week of May 18–22. 47 Finance Minister Purbaya Yudhi Sadewa cited strong international investor demand and stated that the dollar inflows will add supply to the domestic currency market, helping to strengthen the rupiah.
U.S. Treasury auctioned $16 billion in 20-year bonds on May 20, clearing at a yield of 5.122%, in line with pre-auction trading levels, with no significant demand shortfall. 48
IDB Invest — tightest-ever spread benchmark
IDB Invest (the private-sector arm of the IDB Group) launched a $1 billion five-year global bond on May 20 — its first USD benchmark of 2026 — at a coupon of 4.375% and a spread of CT5+8.83bps, described as the institution's tightest-ever margin to U.S. Treasuries. 49 The orderbook reached $2.45 billion (2.45× covered). Joint bookrunners: Goldman Sachs, J.P. Morgan, Nomura, and Scotiabank. Rated Aa1 / AA+ / AAA. IDB Invest CFO Orlando Ferreira: "This transaction is a new milestone for IDB Invest, achieving our tightest-ever spread to U.S. Treasuries, a clear reflection of the confidence the global investor community places in our institution and its mission." 49
ESENTIA Energy — inaugural corporate bond (Mexico)
ESENTIA Energy Development (BMV: ESENTIA) settled a $2 billion inaugural investment-grade bond offering on May 21, split evenly between 6.125% notes due 2033 and 6.500% notes due 2038, both in 144A/Reg S format. 50 The offering was 4.5 times oversubscribed. Proceeds retired approximately $2.1 billion of project-level debt across four operating subsidiaries, completing the company's transition from project-finance to corporate capital structure. ESENTIA is a Mexico-listed natural gas infrastructure company (first trading November 2025) that achieved simultaneous triple-agency investment-grade ratings for this issuance.
EM primary market: ~$19B across 27 tranches
The broader EM hard-currency primary market saw approximately 27 tranches pricing approximately $19 billion equivalent in the May 18–22 window, spanning CEEMEA, Asia, and Latin America. 51 Notable deals beyond France, Indonesia, and ESENTIA include: Morocco dual-tranche (~€2.6 billion); Angola two USD tranches (~$1.5 billion at 8.25%–9.50%, high-yield); VEON dual-tranche corporate ($1.4 billion); Republic of Congo amortizing ($850 million); CEZ Group (Czech Republic) green bonds (€750 million); Yapi ve Kredi Bankasi (Turkey) AT1 ($500 million); Alinma Bank (Saudi Arabia) AT1 ($500 million); and Fibra Soma (Mexico) crossover real estate ($800 million). 51 Exact pricing dates for most of these deals were not individually confirmed in available sources. The breadth of issuance — spanning investment-grade sovereigns, high-yield frontier names, and corporates — indicates continued market access despite elevated global yields and Middle East tensions.
No VC/PE mega-rounds (≥$500 million) were announced or closed in the May 15–22 window. 52 The SPAC market remained active: 16 SPACs priced in May through May 21 for a combined $2.27 billion month-to-date, but no individual deal crossed the $500 million threshold. 52 Previously reported financings — Bezos's $10 billion Project Prometheus (announced April 21) and the Apollo/Blackstone $35 billion private credit facility for Broadcom (reported May 8) — remain pre-window or not yet closed.
Cover image: Kevin Warsh and President Trump at the White House East Room swearing-in ceremony, May 22, 2026. Image from Kevin Warsh sworn in as Fed chair at pivotal moment for US economy
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