 We are today refreshing our views across the Financial Technology space with a key focus on the rapidly evolving payments and e-commerce landscape. After our trade ideas on the next two pages, we dive into a primer-type section to familiarize investors with a complex subsector before providing our views on M&A, the e-commerce shift, and the rise of cryptocurrencies. We lastly turn to dedicated issuer sections on six names, initiating coverage on four of them.

 We offer five trade ideas to best put our views to work. We recommend a GPN compression to FIS in 2029 notes, long Broadridge and eBay 2031s, short Fiserv 2028s, and a PayPal versus Alphabet trade in the long end.

 We initiate on Broadridge Financial at Overweight as it de-levers after the closed acquisition of Itiviti, seeing spreads attractive for a high-BBB credit with a clear path of debt reduction on an easily integrated and complementary deal. We expect strong operational trends to persist and translate to spread tightening.