VELES
The IPO Market — Q3 2026
Record dollars, missing companies: how two deals made 2026 the largest IPO year on record, and why the quarter still disappointed.
The Convertible Boom
How the AI buildout turned the convertible bond into the financing instrument of 2026.
Private Credit Meets the Redemption Queue
Institutional money kept arriving. Wealth-channel money asked for the door. What the BDC tender data says about liquidity by design.
Supervising the Machine
What FINRA's 2026 oversight report says about generative AI and AI agents, and why the old rules still do most of the work.
Five Charts From the Markets — No. 2
The second installment: five numbers worth drawing, published with full source attribution.
The PIPE Market — Q3 2026
An outline of PIPE issuance activity, structure trends and investor participation, from the 2025 doubling to the large-cap structured wave of 2026.
Biotechnology Financing Activity
How clinical-stage issuers are financing: registered directs, PIPEs, royalty deals and a reopened IPO window.
The Growth of Active ETFs
Structural shift from mutual funds to actively managed ETFs, and what it means for distribution.
Private Capital Formation
Where private capital is being formed, and how issuers reach the right investors across an expanding menu of instruments.
Five Charts From the Markets
A recurring chart series — five numbers worth drawing, published with full source attribution.