The trend is a sign that soaring bond yields are spurring corporations to look at ways to cut their borrowing costs.

One of Prime Minister Rishi Sunak's top priorities for 2023 is to cut inflation in half, but three months in, consumer prices are back where they started—rising at an annual rate of 10.1%.

Firms that could attract scrutiny include insurers, private equity players, hedge funds, and mutual funds, as well as newer industries such as crypto.

Rigorous banking regulations might be on the horizon, but companies are already responding to a changing financial services environment.