Cantor Fitzgerald notes win BBB rating from KBRA

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Cantor Fitzgerald BBB rating

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Highlights

KBRA assigned a BBB rating with Stable Outlook to Cantor Fitzgerald's $500 million senior unsecured notes maturing October 15, 2029, with proceeds refinancing $350 million of existing debt maturing April 14, 2027.
KBRA cited strong consolidated profitability through 2025 and Q2 2026, supported by market conditions and demand across Cantor's broker-dealer, BGC, and Newmark operations.
Adjusted financial leverage is expected to remain in the 5x range, with liquidity underpinned by agency-style business and ample unsecured borrowing capacity; any weakening in risk management or a major revenue mix shift could lead to rating pressure.

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Rating rationale and refinancing terms

As reported by Kroll Bond Rating Agency, the $500 million senior unsecured notes issued by Cantor Fitzgerald, L.P. carry a BBB rating with a Stable Outlook and mature on October 15, 2029. The proceeds are set to refinance $350 million of existing senior unsecured debt that is scheduled to mature on April 14, 2027, with the remainder available for general corporate purposes.

Cantor, which is based in New York, operates across capital markets, investment banking and asset management. The firm wholly owns two SEC-registered broker-dealers and also holds controlling stakes in BGC Group and Newmark Group, alongside units including Cantor Fitzgerald & Co, CF Secured and Cantor Fitzgerald Asset Management.

KBRA says the rating is supported by management's record of relatively steady operating performance, its adaptation to market change, and its focus on risk, leverage and liquidity management. The agency also points to financial flexibility from flow securities trading, agency inter-dealer brokerage, commercial real estate brokerage and mostly overnight repo lending backed by disciplined collateral margin requirements.

Profitability and leverage remain central

KBRA says consolidated profitability in 2025 is very strong and that performance continues through the second quarter of 2026, helped by a favorable market backdrop and demand for products and services across Cantor's core broker-dealer operations as well as BGC and Newmark.

The ratings agency adds that financial leverage remains within a relatively narrow range and reaches a cyclical low in 2025 because of strong earnings and net capital raising at the consolidated firm. KBRA continues to expect adjusted financial leverage to be managed in the 5x range through the cycle, while liquidity benefits from the agency-like nature of the business, balance sheet flexibility and ample unsecured committed borrowing capacity.

At the same time, KBRA says the current rating level reflects the firm's strong financial performance in 2025. It adds that any weakening in enterprise risk management or liquidity practices could pressure the rating, while a shift in revenue mix tied to a secular dislocation in wholesale brokerage or commercial real estate brokerage and financing would also prompt a reassessment.

Our earlier coverage of Hainan Rubber’s proposed subordinated perpetual sustainable securities explained how the company aimed to refinance offshore debt via notes issued by its majority-owned unit Halcyon Agri and supported by a subordinated guarantee. We outlined why the instruments were rated below the issuer level due to their lower ranking in the capital structure and coupon-deferral features, along with the key leverage and liquidity factors shaping the credit view.

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