Debt Deals for Qualtrics and EA Test Investor Appetite

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Banks led by JPMorgan are preparing back-to-back debt sales tied to major technology deals, in a move seen as a key test of investor appetite in a volatile market.

The first transaction involves financing the $55 billion leveraged buyout of Electronic Arts, which has already attracted strong demand, exceeding $19 billion. The package includes multiple loans and debt instruments across currencies.

Following this, banks plan to market a separate debt package to support Qualtrics’ $6.75 billion acquisition of Press Ganey Forsta. That deal is expected to be financed largely through leveraged loans and high-yield bonds.

The transactions come at a time when the technology sector is facing uncertainty, particularly due to concerns about artificial intelligence disrupting traditional software business models.

Market participants are closely watching how investors respond, as the success or failure of these deals could influence future large-scale financing in the tech sector.

Meta Fails to Block Illegal UK Finance Ads

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Meta has repeatedly failed to stop illegal advertisements for high-risk financial products in Britain, despite previously committing to block them, according to a review by the UK’s Financial Conduct Authority.

The regulator found that in a single week in November, 1,052 ads for foreign exchange trading and complex financial products appeared on Meta platforms from advertisers not authorized to promote them. More than half of those ads were linked to unauthorised advertisers the FCA had already flagged to Meta.

The findings add to growing pressure on the company to do more to stop scam-related financial promotions on Facebook, Instagram and WhatsApp. British authorities say social media platforms have become a major source of fraud targeting consumers with risky investment schemes and misleading trading offers.

The FCA said it has continued testing Meta’s systems and has not seen a meaningful improvement. Meta responded by saying it acts aggressively against fraud and removes most reported violations within days, while arguing that it has ongoing safeguards in place.

The issue is especially sensitive in Britain because regulators currently have limited power to punish platforms for paid scam ads. While the Online Safety Act is being introduced, the section allowing direct action against paid fraudulent ads is not expected to take effect until at least 2027.

The case has renewed calls for stronger enforcement and faster action from technology companies, with critics arguing that scam advertising remains too easy to run in the UK compared with countries such as Australia, where stricter financial ad verification rules already apply.

Nasdaq Gains SEC Approval for Tokenized Trading

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The U.S. Securities and Exchange Commission has approved Nasdaq’s proposal to enable trading and settlement of certain securities in tokenized form, marking a significant step toward integrating blockchain technology into traditional equity markets.

The initiative will allow investors to trade selected stocks either as conventional shares or as digital tokens settled via blockchain infrastructure. Initially, eligible securities will include stocks from the Russell 1000 Index and major exchange-traded funds tracking benchmarks like the S&P 500 and Nasdaq 100.

The move reflects growing interest among exchanges in tokenization, as regulatory conditions for digital assets continue to evolve. Nasdaq’s approach aims to combine the efficiency of blockchain settlement with the structure of regulated financial markets.