RIP Queen Elizabeth II

September 10, 2022

Good Morning,

Online lender Harmoney is delisting from the NZX, alterations and additions have declined 1.6% in June in Australia, the ECB has lifted all their rates by 0.75%, EY plans to spin off its audit and consulting units, the ECB will offer liquidity to banks but not energy companies & US Treasury Secretary Janet Yellen says the US economy is stronger than before the pandemic.

RIP to Queen Elizabeth II 🇬🇧

Let's jump in.

Before The Bell

Markets

  • The markets rose on the back of J Powell's speech, where he assured the market about the next expected rate rise. (Stuff)

Earnings

  • Fonterra has boosted earnings predictions for next year to 45c to 60c (NZ) per share compared with previous guidance of 30c to 45c (NZ) due to demand for dairy products. (Stuff)

News Summary

  • Online lender Harmoney is delisting from the NZX. (NBR)

  • The Commonwealth Bank, National Australian Bank, ANZ Bank, Bendigo and Adelaide Bank will pass the 0.5 % interest rate rise to mortgage customers. (AFR)

  • Alterations and additions have declined 1.6% in June in Australia. (AFR)

  • Queen Elizabeth II has died, and her son Charles III has become king. (BBC)

  • The Bank of England has delayed its interest rate decision to mourn the Queen. (BBG)

  • The ECB has lifted all their rates by 0.75% and warned of more rises in the future. (BBC)

  • The ECB have said they will offer liquidity to banks but not energy companies. (BBG)

  • EY plans to spin off its audit and consulting units. (RT)

  • BMW bets on cylindrical battery cells for a new class of EVs to be released in 2025. (RT)

  • Mercedes-Benz and Rivian plan a joint venture to produce electric vans for the European market. (RT)

  • Netflix's is trying to take control of cloud computing costs with AWS. (RT)

  • US Treasury Secretary Janet Yellen says the US economy is stronger than before the pandemic, but more is needed to tackle inflation. (RT)

Deal Flow

Investments/ M&A

  • The German Government has agreed with Deutsche Bahn to sell their rail operator Schenker's logistics business. Schenker is valued between €12B and €20B. (RT)

  • Bain Capital is weighing up if it should sell Works Human Intelligence, an HR software firm. Works Human Intelligence has a valuation of ~$2B (USD). (BBG)

  • Ramsay Health Care has walked away from talks to sell their Malaysian JV despite a valuation of $1.83B (AUD). (AFR)

  • Credit Suisse said its China Partner would sell its stake in a joint venture for $160m (USD). (BBG)

  • Manufacturing investor Melrose will split its GKN automotive business into separate units. (BBG)

  • FTX Ventures has bought a 30% stake in SkyBridge Capital. (BBG)

  • JPMorgan is considering buying a stake in London Fintech Startup Yapily. (BBG)

VC & Fundraising

  • Bessemer Venture Partners closed $4.6B (USD) across two new funds. (BW)

  • BayPine, a PE firm, has raised $2.2B (USD) for their debut fund. (BBG)

  • Ardian closed $2.1B (USD) for the latest version of its Americas Infrastructure fund. (BW)

  • Mysten Labs, a web3 infrastructure company, raised $300m (USD) in series B funding at more than a $2B (USD) valuation. (BW)

  • Adamantem is seeking $350m (AUD) for an ESG fund. (AFR)

Equity Raises

  • Battery maker CALB has got approval from the Hong Kong Stock exchange for an IPO. It is seeking up to $2B (USD) in the IPO. (BBG)

  • Publisher Britannica is looking to go public in 2023. It could be valued at $1B (USD) +. (BBG)

  • Deutsche Bank will lead Porsche's IPO retail offering. (RT)

Debt Raises

  • Yes Bank is likely to approve the transfer of a $6B (USD) stressed loan portfolio to PE firm J.C. Flowers. (RT)

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