JPMorgan, Goldman lead $5B loan sale for AI startup Volta, underwriting just $1.3B
AI summary
Citing people familiar with the matter, Bloomberg reports that JPMorgan Chase and Goldman Sachs are leading a $5 billion loan sale for AI startup Volta at a yield of roughly 11%. The two banks took the rare step of underwriting only $1.3 billion of the deal to limit their own exposure. Terms, the borrower's intended use of funds and final demand were not disclosed.
In-depth insight
It suggests banks are narrowing their exposure when underwriting large AI-related debt, a useful signal on the financing conditions behind AI spending.