Bond Opportunities in M&A

M&A activity has rebounded strongly in early 2026, driven by corporate strategy and the AI revolution. This surge provides fixed-income investors with selective opportunities to capture yield in debt-financed acquisitions.

Key Takeaways

• 1.North American M&A activity has seen a sharp rebound, with technology, industrials, power, and health care leading the volume.
• 2.Corporate balance sheets remain strong, fueling an increased reliance on debt-funded acquisition financing.
• 3.The AI arms race is driving transformative acquisitions across sectors to secure energy, data centers, and digital infrastructure.

Table of Contents

• M&A trends: What is happening?
• A reinvigorated dealmaking environment
• If you're not at the table, you're on the menu
• The M&A funding mix
• Opportunities for bond investors
• Case study: Merck KGaA
• The bottom line
• M&A views across various issuers

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