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Stonepeak-Plus INFRA1 Note has commenced trading on the ASX under the ticker code “SPPHA”

Provides investors access to high-quality infrastructure debt

NEW YORK & SYDNEY – December 9, 2025 – Stonepeak (“Stonepeak”), a leading global alternative investment firm specializing in infrastructure and real assets, today announced that the Stonepeak-Plus INFRA1 Note (the “Note”), an unsecured, deferrable, redeemable floating rate debt security has commenced trading on the Australian Securities Exchange (“ASX”) under the ticker code “SPPHA”.

The Stonepeak-Plus INFRA1 Note provides Australian investors with access to regular monthly income generated primarily through a curated portfolio of high-quality infrastructure debt assets. This successful listing follows the strong initial demand Stonepeak received for the Note offering, which surpassed the A$300 million target in cornerstone commitments.

Debt investments for the Note will be sourced predominately from critical infrastructure assets in the transportation and logistics, energy and energy transition, communication and digital, and social infrastructure sectors in Australia, New Zealand, and other markets. The interest rate applicable to Stonepeak-Plus INFRA1 Notes is a benchmark rate of BBSW (1 month) + a margin of 3.25% per annum which accrues on a monthly basis, and the Note will have a target repayment date six years after the issue date.

“Today marks an exciting milestone for Stonepeak, as our first Australian listed note begins trading on the ASX. We’re proud to be broadening access to infrastructure debt given the benefits it can have for investors’ portfolios as an asset class that favors downside protection and risk-adjusted returns. We are excited to celebrate this important moment, and look forward to bringing a high-quality portfolio of infrastructure debt assets to our investors,” said Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak.

“The launch of Stonepeak-Plus INFRA1 on the ASX builds on our success in infrastructure credit and is a testament to the talent of our global Stonepeak Credit team. We will continue to look for ways to deliver resilient, income-generating solutions for investors through compelling opportunities in the credit space, and create more equitable opportunities for investors to access the asset class,” said Stonepeak Co-President Jack Howell.

Today, Stonepeak Credit comprises nearly 30 investment professionals, counts more than 85 investments in its portfolio, and manages approximately A$2.9 billion in assets. Notably, this year Stonepeak completed the acquisition of Boundary Street Capital, a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. The launch of the Note also reflects the continued growth of Stonepeak+, Stonepeak’s dedicated wealth solutions platform.

E&P Capital, Westpac, Morgans, FIIG Securities, MST, and Shaw and Partners are serving as financial advisers to Stonepeak, with Corrs Chambers Westgarth acting as legal adviser.

About Stonepeak Credit
Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately A$121.1 billion (USD$80 billion) of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.

Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Important Notices

Stonepeak-Plus Infra Debt Limited (ACN 692 150 253) (Issuer) is the issuer of the unsecured, deferrable, redeemable, floating rate notes known as the Stonepeak-Plus INFRA1 Notes (Notes) which are quoted on the ASX. The Notes are redeemable by the Issuer and interest is deferrable by the Issuer in certain cases. Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer.

The offer of Notes was made by a prospectus (Prospectus) which is available, along with a target market determination (TMD), at https://stonepeakplus.com.au/, which sets out important information about the Notes, including the related investment risks.

The Issuer appointed EQT Australia Pty Ltd (ACN 111 042 132) (Authorised Intermediary) as authorised intermediary to make offers to arrange for the issue of Notes under the Prospectus, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). The Authorised Intermediary is an Australian financial services representative (number 1262369) of Equity Trustees Limited (ACN 004 031 298; AFSL 240975). Stonepeak-Plus Infra Debt Management Pty Ltd (ACN 691 462 067, authorised representative no. 001318081) (Manager) provides investment management and other services to the Issuer.

The Issuer is not licensed to provide financial product advice in relation to the Notes. The information provided is intended to be general in nature only. This material has been prepared without taking into account any person’s objectives, financial situation or needs.  Any person receiving the information in this material should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in payment and loss of interest or principal invested. The Notes and their performance are not guaranteed by any member of the Stonepeak Group or any other person. The Notes are not bank deposits.

The material has not been independently verified.  No reliance may be placed for any purpose on the material or its accuracy, fairness, correctness or completeness.  To the fullest extent permitted by law, the Issuer, the Manager, the Authorised Intermediary or any other member of the Stonepeak Group and their respective associates and employees shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise in connection with the information.

The above AUM is as of June 2025 inclusive of subsequent committed capital. Certain of these investments have signed but are pending close, and there can be no assurance they will close or that if they close that it will be on the terms currently agreed. The AUM, employee and investment information relates to Stonepeak Group, and not the Issuer.

Dec 9 (Reuters) – Elon Musk’s brain implant company Neuralink has tapped a top U.S. health regulator responsible for overseeing the company and its competitors, according to a company announcement.

U.S. FDA executive David McMullen will lead Neuralink’s medical affairs division, according to the company’s website, a prominent appointment that calls into question the Trump administration’s promise to end the revolving door of government regulators moving into the private sector.

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McMullen most recently served as director at the Food and Drug Administration’s Office of Neurological and Physical Medicine Devices, which is responsible for the total lifecycle review of devices such as Neuralink’s brain implant.

McMullen holds longtime ties to executives at Neuralink. He previously worked at a neuroscience lab at Duke University along with researchers who went on to the senior ranks at the company.

“This role combines scientific rigor, direct patient impact, and the chance to move the entire field of BCI (brain-computer interfaces) forward,” McMullen said in a statement.

Neuralink began human trials in 2024 on its brain implant after addressing safety concerns raised by the FDA, which had initially rejected its application in 2022.

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By Frances Yue

Bitcoin on Tuesday was trading 26% below its October record high.

As bitcoin edged higher Tuesday, Standard Chartered said it now expects the cryptocurrency to end the year higher at $100,000. That’s still a halving of its previous year-end target of $200,000, which was issued in June 2024.

The bank also halved its bitcoin forecast for year-end 2026 to $150,000, from $300,000, and lowered its year-end projections through 2029. But it still expects bitcoin (BTCUSD) can reach $500,000 in 2030, according to a Tuesday note by Geoff Kendrick, global head of digital-assets research at Standard Chartered.

Until recently, Standard Chartered was one of the only major banks acting as a custodian of cryptocurrencies for its institutional clients. Unlike stocks, price targets for bitcoin can be few and far between on the Wall Street.

The downward revisions also come as bitcoin has been treading water for the past few days and was trading slightly above $93,000 on Tuesday, almost 26% off its record high of $126,273 reached on Oct. 6. “Price action has forced us to recalibrate our bitcoin price forecasts,” Kendrick wrote.

Of note, Kendrick also said: “We think buying by bitcoin digital-asset-treasury companies (DATs) is likely over.”

Digital-asset-treasury companies are businesses that have adopted a strategy of piling up their balance sheets with crypto – even if historically many of these companies had little or nothing to do with crypto. A fear in markets has been that if these companies start selling crypto, one of the year’s most popular trades could implode.

Earlier this week, Michael Saylor’s Strategy (MST), the largest and highest-profile bitcoin-treasury company, defied expectations that it may face difficulties in fundraising by disclosing it had purchased roughly another $1 billion worth of bitcoin last week, its biggest single acquisition since July.

Strategy has been trading below the value of its bitcoin holdings since November, reversing the steep premium it once enjoyed, according to data provider BitcoinTreasuries.net. As of Tuesday, its shares traded at an 11% discount compared with a premium that reached as high as 700% in 2020.

Read: GameStop’s bitcoin holdings – and sales – slide

Buying from both digital-asset-treasury companies and bitcoin exchange-traded funds has been one of the main forces driving bitcoin’s price since 2024, according to Kendrick.

But one leg of that demand appears to be weakening. Like Strategy, many other crypto-treasury companies have seen their share prices fall below the value of the crypto assets they hold. That makes additional buying harder to justify and less financially supported as they struggle to raise new financing, according to Kendrick. As a result, he expects buying from this group to stall.

Read: Many crypto-treasury companies are trading for less than what their digital assets are worth. Is this a bargain or a big red flag?

The chart below shows that the aggregate market net asset value of bitcoin-treasury companies – or the aggregate market capitalization of such companies divided by the value of bitcoin they held – has fallen sharply from earlier this year.

Still, Kendrick noted that it remains unlikely Strategy will sell any of its bitcoin.

For smaller digital-asset-treasury companies, Kendrick said the most probable outcome is stabilization rather than selling. These firms are more likely to pause or maintain their current holdings rather than unwind them, he added.

Looking ahead, Kendrick expects bitcoin’s price action to be driven mostly by ETF flows. He expected to see continued ETF inflows over the next several years, supported by broader institutional adoption of bitcoin.

However, near-term flows have been mixed. BlackRock’s iShares Bitcoin Trust IBIT, the largest bitcoin ETF, has logged six consecutive weeks of outflows as of last week – its longest streak of weekly outflows since its debut in January 2024, according to data from CFRA Research. It has still accumulated $25.4 billion in net inflows year to date.

-Frances Yue

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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  12-09-25 1814ET
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Cracker Barrel, a US old-fashioned restaurant chain, cut its sales outlook for its fiscal year as it continues to recover from a social media controversy over an attempt to modernise its logo.

The company, whose restaurants are known for serving Southern-style comfort food, reported sales fell more than expected in its most recent quarter, sending its shares down about 10 per cent in after-hours trading on Tuesday.

“First-quarter results were below our expectations amid unique and ongoing headwinds,” chief executive Julie Masino said. “We have adjusted our operational initiatives, menu and marketing to ensure we are consistently delivering delicious food and exceptional experiences.”

Cracker Barrel in August changed its “Old Timer” logo that featured an elderly man leaning against a wooden barrel as a way to modernise the brand and attract new customers. But the shift ignited a social media backlash that prompted accusations that the company was engaging in “woke” rebranding.

US President Donald Trump weighed in, saying in a Truth Social post that the restaurant chain should go back to the old logo and “admit a mistake”.

Management quickly reverted to the old logo but the controversy has stuck: sales continue to fall and the company’s share price is down by about half this year.

Activist investor Sardar Biglari launched a proxy campaign this year urging shareholders to vote against the re-election of Masino, alleging that her tenure had been marked with “highly publicised mis-steps”. The chief executive retained her role following a November vote.

Cracker Barrel’s fortunes have diverged from those of American Eagle Outfitters. The apparel retailer’s ads over summer featuring actor Sydney Sweeney dragged it into the “culture wars” but it was defended by Trump. Last week, the company boosted its outlook, helped in part by the success of its marketing campaign featuring the starlet.

The absence of a “Trump bump” in sales has left Cracker Barrel exposed to the sort of challenges facing other American restaurant chains, as cash-strapped consumers skip dining out amid high prices and concerns about job security. Chipotle lowered its sales forecasts for the third time this year as it noted that the chain lost diners to grocery stores.

Cracker Barrel cut its full-year outlook and now expects annual revenue to be between $3.2bn and $3.3bn, compared to previous guidance of $3.35bn to $3.45bn: management told analysts they expect weaker customer traffic and a higher level of discounting. It also downgraded its forecast for adjusted earnings before interest, taxes, depreciation and amortisation to between $70mn and $110mn, lopping $80mn off each end of its earlier projection.

The outlook downgrade accompanied the group reporting a 5.7 per cent drop in revenue to $797.2mn in the three months that ended October 31, owing to a fall in traffic. That missed Wall Street’s expectations for revenue of $801mn.

It swung to a first-quarter net loss of $24.6mn, weighed down by items including impairments related to store closures and company restructuring costs.

Markets have priced in a 90% chance of a rate hike by the Bank of Japan this month, shifting attention to how the central bank signals its longer-term policy path.

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MUFG is among top Japanese players in the foreign exchange market and the largest owner of Japanese government bonds among major banks.

“If the BOJ fails to anchor expectations for further rate hikes beyond the next and the government boosts spending to appease voters frustrated with inflation, the yen could weaken further,” Hiroyuki Seki, the head of MUFG’s Global Markets Business Group, told Reuters in an interview.

“That could re-accelerate import costs, creating a negative spiral of inflation and currency depreciation,” he said.

Despite narrowing interest rate differentials with the United States, the yen has remained weak around 155 per dollar, partly reflecting market expectations that Prime Minister Sanae Takaichi’s reflationary stance could limit further BOJ tightening.

Seki stressed that eliminating Japan’s extremely low real interest rates was essential.

“The BOJ needs to move early and steadily toward monetary normalization to preempt a vicious cycle where insufficient tightening allows yen depreciation to push inflation even higher,” he said.

Beyond the potential December hike, Seki expects the BOJ to follow a gradual normalization path, raising rates by 25 basis points roughly every six months, provided economic and price trends evolve in line with the central bank’s projections.

The so-called terminal rate – the level at which the tightening cycle is expected to end – is projected at 1.25%-1.5% by mid-2027, though risks are skewed higher if inflation proves sticky, he said.

The BOJ has released estimates suggesting Japan’s nominal neutral interest rate – one that neither cools nor overheats the economy – lies somewhere between 1% and 2.5%.

On MUFG’s Japanese government bond strategy, Seki said the bank has been cautiously rebuilding positions since the benchmark 10-year yield rose above 1.65%.

“If the yield exceeds 2%, we plan to accelerate the pace of rebuilding, mainly on 10-year bonds, in line with higher interest rates,” he said. MUFG has substantial capacity for purchases given its currently restrained risk exposure, he added.

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The “premium” that the UK pays to borrow money compared with its international peers may be coming to an end as markets grow more confident about the government’s plans, a thinktank has suggested.

The Institute for Public Policy Research (IPPR) said that the chancellor Rachel Reeves’s announcement in the autumn budget that she would be more than doubling the UK’s financial headroom by 2030 from £9.9bn to £22bn had begun to assure bond markets about Labour’s fiscal approach.

Government bond yields – which is the return paid on government debt – have been increasing around the world in recent years, as a result of higher inflation, rising interest rates and countries running bigger deficits.

However, UK’s gilt yields have been higher than its peers, including the US and the eurozone, largely because the economy suffers from a “credibility problem” over whether its fiscal policies will be achieved, according to IPPR, a left-leaning thinktank.

UK yields have risen by 0.4 to 0.8 percentage points more than major peers since Labour won the 2024 election, the IPPR said, costing taxpayers up to £7bn a year. The government has spent £92bn on interest payments so far for this financial year, it said.

The higher cost of borrowing for the UK comes despite the fundamentals of its economy being stronger than countries with lower borrowing costs. The UK’s debt-to-GDP ratio is 101%, compared with 122% in the US and 237% in Japan, and the government is planning to halve the amount it borrows each year by the end of this parliament.

The problem is that bond traders think the UK is not good at keeping to its fiscal policies, the IPPR said. The mini-budget in 2022 under the Liz Truss administration “showed how quickly a UK government could bypass the fiscal framework”, the thinktank said. It added that in the years leading up to this event, successive chancellors had “repeatedly changed, missed or redefined their own fiscal rules” or changed themselves, with seven different chancellors from 2016 up to the 2024 election. A “lack of trust in stated fiscal policy has set in, as actions have spoken louder than words,” it said.

However, the autumn budget prompted the UK premium against the eurozone to almost halve. William Ellis, a senior economist at IPPR, said: “The premium on UK borrowing costs appears to be easing, showing that markets are responding to growing confidence in the government’s fiscal approach. Sticking to its fiscal plans could save the exchequer billions and free up fiscal space in the future.”

IPPR said another way to lower borrowing costs would be for the Bank of England to pause its sale of government bonds after “selling them at a record pace”.

Carsten Jung, the associate director for economic policy at IPPR, said: “The Bank of England needs to pull its weight. Actively selling government bonds is adding unnecessary pressure to the gilt market. It should stop – just as every other major central bank has.”