Personal finance · page 2

Nobody’s money? ₹1.1 lakh crore of family savings lies unclaimed

• Three in four rupees are old, untouched bank deposits
• The bank pile grew 11% in 11 months, despite a return drive
• A new government portal searches deposits, insurance, shares and mutual funds in one place.

Other side: The money isn’t lost: bank deposits and shares can be claimed with no deadline, and new portals and bank incentives are speeding returns.

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Summary based on The Economic Times. Read the full story ↗

AI hyperscalers are transforming debt

• Meta will tap the European bond market for the first time this autumn, investors say, joining a record hunt for funds.
• Investors have provided about $500bn to AI-linked groups this year, per Goldman Sachs; the five hyperscalers account for about $200bn and are expected to issue over $1tn more in the next few years. SoftBank raised over $11bn in the biggest junk bond issue ever, to fund an OpenAI investment.
• Other borrowers are timing bond sales around the tech giants, and highly rated bonds sometimes trade at discounts to lesser-quality ones. Fed chair Kevin Warsh and Treasury secretary Scott Bessent argue hyperscalers compete with the $31tn Treasury market, where 10-year costs hit their highest since 2007 last week.

Other side: Whether hyperscaler debt is lifting government yields is disputed: HSBC’s Adam Bothamley calls it a stretch, and Morgan Stanley’s Matthew Hornbach sees a far smaller effect than rates and deficits. Morgan Stanley also says euro capacity is untapped. The risk is if AI cash flows disappoint: Apollo’s Torsten Sløk notes the credit case rests on operating cash flow tripling from $600bn to $2tn.

See the KKReckons explainer →

Summary based on Financial Times. Read the full story ↗