Welcome to Markets Desk, your midday read on what's moving the tape.
In cybersecurity, Tenable Holdings priced an upsized seven hundred twenty-five million dollar convertible note offering at a strike of forty-four dollars and eighty-four cents per share, with a coupon of just a quarter percent due two thousand thirty-one. The upsizing signals strong institutional demand for the paper, and the low coupon reflects how aggressively investors are chasing yield in the tech credit space right now.
Shifting to AI and intellectual property, Anthropic has disclosed that top Chinese artificial intelligence labs — including Alibaba, DeepSeek, Moonshot, and others — routed user requests through Claude at least thirty-five million times over the summer in what Anthropic is calling large-scale distillation attacks, essentially using Claude's outputs to train competing models. Anthropic says it is now hardening its guardrails, and this disclosure is likely to accelerate policy conversations around AI model access and export controls.
Meanwhile in clinical biotech, Candel Therapeutics has added regulatory veteran Martine Zimmermann to its board of directors, effective September eighth, two thousand twenty-six. The timing is deliberate — the company is approaching a biologics license application filing, and bringing in deep regulatory expertise at the board level signals management is serious about navigating the FDA pathway ahead.
That's the tape. Markets Desk, signing off the floor.
