Markets Rally 📈

Good Morning,

Medibank is refusing to pay the ransom after it faced a cyber attack that left 9.7m people's details exposed, Adrian Orr has been reappointed as the Reserve Bank of New Zealand governor, Meta has announced 11,000 jobs will be cut, the ECB has raised the amount of bonds it can lend against cash to ease the market squeeze, US CPI came in lower than expected at 7.7% YoY, and core inflation came in at 6.3% YoY & crypto giant FTX has declared bankruptcy.

Lets jump in!

Before The Bell

Markets

• It was a great week for the markets after a low than expected CPI data from the US fulled a rally.

• JPMorgan has warned cascades of margin calls are coming for the crypto market and that crypto markets face weeks of deleveraging. They have said bitcoin prices could drop as low as $13,000 (USD). (BBG)

• Atour Lifestyle Holdings, a Chinese hotel chain, jumped 41% before paring gains to end the day up ~17% on its Nasdaq debut. (BBG)

• Cantourage, a German marijuana company, surged 130% on its trading debut on the Frankfurt stock exchange. (BBG)

Earnings

Earnings and data coming up for the week:

• Monday: Sanford, ALS, Elders

• Tuesday: Infratil, Turners, Aristocrat Leisure, RBA minutes, REINZ Oct house prices

• Wednesday: Home Depot, Walmart, Napier Port, Webjet, Graincorp, Australian wage price index, US PPI

• Thursday: Cisco, NVIDIA, My Food Bag, Ryman, Australian labour force data, UK CPI, US Oct retail sales, China Oct retail sales & PPI

• Friday: Alibaba, JD.com, Applied Materials, Palo Alto Networks, EU CPI, US Phily Fed Index

Last Weeks Earnings:

• Berkshire Hathaway reported a ~$2.7B Q3 loss on investment drop. However, it saw operating income jump 20% to $7.8B; its stock rose 1.52% yesterday. (FT)

• Beyond Meat reported a worse-than-expected Q3 loss and weak revenue on tumbling demand. It also lowered their FY sales outlook. Its stock fell 9.2% yesterday. (CNBC) 

• Blis Technologies has seen a 10% increase in revenue to $4.3m (NZD) for the first half of FY23 and a net loss of $1.7m. Its shares fell 3.4%. (NBR)

• BNZ increased net profit by 7% to $1.4B (NZD) and warned of potentially negative issues when mortgage customers rolled off fixed-term rates. (NBR)

• Bumble missed on Q3 revenue estimates and provided disappointing holiday quarter forecasts. Mainly due to foreign currency headwinds. Its stock fell ~19% yesterday. (MW)

• Carlyle Q3 AUM fell 2% to $369B, fundraising slowed by 40% to $6B, and available capital for investment dropped ~9% to $74B on market volatility. Its stock fell 7.7%. (FT)

• Eroad increased its revenue guidance to between $154m and $164m (NZD) after winning a five-year contract with North American food service transport provider Sysco. (NBR)

• James Hardie reported a 22% rise in profits after tax for the half year and a 10% increase in global net sales in Q2. However, it downgraded full-year profit expectations by around 10% due to a sharp downturn in new home construction. Its shares fell 13.72%. (AFR)

• Lyft missed its Q3 EPS, revenue and active rider estimates as the ride-hailing industry struggles to hit pre-pandemic levels. Its stock fell 14%+ in AH trading after gaining ~3% during the day. (YH)

• Manawa Energy has reported a 64% drop in profit over the half-year. Its shares were down 8.7%. (NBR)

• Mainfreight announced another big profit rise of 66% to $217m (NZD) for the six months to September; however, they expect a decrease in air and ocean performance going forward. Its shares fell 1.7%. (NBR)

• NAB produced a net profit of $6.89B (AUD), an 8.3% increase. It also increased cash earnings by over 8%. It dropped 0.91%. (NBR)

• News Corporation reported that net income was down 75% in the first quarter of FY23, revenue was down 1%, and operating earnings were down 15%. These results were lower than expected. Its shares fell 11.15%. (AFR)

• NZME has downgraded its full-year earnings guidance. (Herald)

• Pushpay Holdings announced that total processing volume was up 2% and underlying EBITDAF was down 10%. It also adjusted guidance for revenue growth to between 4% and 8% and said it would fail to meet its growth targets for 2025. Its shares increase by 0.8%. (NBR)

• Ramsey Health Care reported activity and profitability had increased in all its regions over the September quarter. Its shares rose 4.7%. (AFR)

• Rivian posted another Q3 loss and missed on revenue estimates. However, it did reaffirm its 2022 25k vehicle production target and that it would cut spending. Its stock fell ~12% yesterday before rising 6%+ in AH trading. (CNBC)

• Roblox posted a worse-than-expected Q3 loss. It did however, report a 24% YoY increase in daily active users. Its shares fell ~21% yesterday (TC)

• Six Flags missed its Q3 EPS and revenue estimates. Due to a relative lack of pricing power. As higher ticket charges hit attendance numbers. Their stock rose 13.4% yesterday. (BRN)

• SoftBank's Vision Fund has reported a quarterly loss of $7.2B (USD) as startup valuations have plunged. Whilst Softbank Group is expecting a $100m (USD) loss on its stake in FTX. (BBG & BBG)

• The Warehouse Group reported sales were up 21.1% YoY to $764.7m (NZD) in FY23 Q1 and said The Warehouse had record Q1 sales of $414.6m (NZD). However, the profit margin was down 0.6% to 32.3. Its share price was up 0.33%. (NZX)

• Walt Disney missed Q4 profit and key revenue estimates on struggling D2C and theatrical businesses. Additionally, it warned that Disney+ streaming growth might taper going forward. Its stock fell 6.8% in AH trading. (CNBC)

• Westpac reported a $5.267B (AUD) cash profit, a 1% decrease from last year and stated that costs would increase. Additionally, it flagged a slowdown in the economy which would hurt growth. Its shares dropped 3.94% on the ASX. Its New Zealand Business made a $1.17B (NZD) cash profit, up 17% from last year. Its shares dropped 2.9% on the NZX. (AFR & NBR)

• WeWork posted a worse-than-expected Q3 loss. It missed on revenue and will close 40 US locations in a bid to turn profitable. Its stock rose 7% yesterday. (FT)

• Xero reported a $16.1m (NZD) loss for the first half of 2022 and announced that Singh Cassidy would take over as CEO. Its shares fell 10.9%. (NBR)

News Summary

Monday

• Jacinda Arden has taken aim at the huge profits banks have made. (Stuff)

• New Zealand supermarkets have faced a 10% increase in prices from suppliers. (Stuff)

• Medibank is refusing to pay the ransom after it faced a cyber attack that left 9.7m people's details exposed. (9 News)

• Chinese trade has unexpectedly dropped. (BBG)

Tuesday

• Adrian Orr has been reappointed as the Reserve Bank of New Zealand governor despite opposition from National, other political parties and economists. (Stuff)

• A business survey in New Zealand conducted by the reserve bank has wage inflation expectations at a record 5.34%. (NBR)

• The EU has raised concerns about the US inflation reduction act, saying it has breached international trade rules. (CNBC)

Wednesday

• Petrol prices in New Zealand could be set by the Commerce Commission after tweaks to the rules. (Stuff)

• There will be no debt-to-income controls on housing in New Zealand before at least March 2024. (Stuff)

• US consumer confidence is near its lowest in a decade. (CNBC)

• Meta has announced 11,000 jobs will be cut. (BBG)

Thursday

• A man has been charged with kidnapping after taking hostages at BNZ in Rotorua. (Stuff)

• Business well-being in New Zealand has fallen as financial concerns rise. (NBR)

• The ECB has raised the amount of bonds it can lend against cash to ease the market squeeze. (RT)

• Land allocated to oil and gas exploration in Africa is expected to quadruple. (BBG)

• Chinese CPI declined significantly to 2.1% YoY in October. (WSJ)

Friday

• Kāinga Ora is returning to the bank of Grant Robertson for almost $3B (NZD) in new loans. (Stuff)

• US Fund manager Vanguard has entered the Australian superfund market and is claiming to be the cheapest fund. (9 News)

• US CPI came in lower than expected at 7.7% YoY, and core inflation came in at 6.3% YoY. Unemployment did increase to 3.7% from 3.5%, but there are still 1.9 job openings for every unemployed person. (RT)

• The Saudi Arabian energy minister has said OPEC+ will remain cautious about oil production. (BBG)

Weekend

• Curious AF has opened the first alcoholic-free bottle shop in New Zealand. (Stuff)

• The Black Ferns have edged England to win the Women's Rugby World Cup. (Herald)

• Jacinda Ardern has meet Joe Biden at the East Asia Summit. (Herald)

• The Australian Government has announced that a team of hackers will hack the hackers of Medicare. (9 News)

• Rishi Sunak has promised to call out Putin at G20. (BBC)

• The Democrats have retained control of the US Senate whilst the Republicans still hold the lead for the House of Representatives. (BBC)

• China is planning sweeping rescues plans to avert a property crisis. (BBG)

• India is seeking a deal to phase down all fossil fuels at COP27. (RT)

• Global debt levels rose substantially in 2021. (RT)

• Crypto giant FTX has declared bankruptcy and there are reports of tokens mysteriously flowing out of both FTX's international and US exchanges. (BBG)

Deal Flow

Investments/ M&A

• Italy's largest utility company Enel is considering selling assets outside of Italy to reduce its €70B debt pile. (BBG)

• Microsoft's $69B (USD) deal for game developer Activision will face an in-depth probe by the EU. (BBG)

• Four investment banks are involved in PE firms Brookfield and EIG's $18.4B (AUD) bid for Australian energy company Origin Energy. (AFR & AFR)

• Vodafone Group, a British telecommunications group, has sold a stake in its tower arm (Vantage Towers) to PE firms KKR and Global Infrastructure Partners, which implies a valuation of $16.3B (USD). (BBG)

• Philip Morris International, a tobacco company, has received approval from its shareholders to acquire nicotine pouch maker Swedish Match for $16B (USD). (BBG)

  • Elliott Investment Management, the biggest shareholder in Swedish Match, has approved Philip Morris International's $16B (USD) bid. (BBG)

• PE Firm Japan Industrial Partners has submitted a $15B (USD) bid for Toshiba without bank banking. (RT)

• Schneider Electric, a French multinational company specialising in digital automation and energy management has upped its bid by 4% for UK software maker Aveva to $11.6B (USD). (BBG)

• Coronado Global Resources and Peabody Energy call off $9B (AUD) merger talks. (AFR)

• VillageMD, a primary-care provider which Walgreens control,has agreed to acquire fellow primary-care provider Summit Health-CityMD in an $8.9B (USD) deal. (BBG)

• Ritchie Bros Auctioneers, a Canadian industrial asset disposal and management company, has agreed to buy US auto retailer IAA in a ~$6.2B (USD) deal. (BBG)

• An international consortium made up of BlueFloat Energy, Energy Estate & Element Group has laid out plans for a $6B + (NZD) wind farm off the Waikato coast. (Stuff)

• Fenway Sports Group Holdings, who are the US owners of Liverpool FC, is considering selling the UK football club. A deal could fetch more than $5B (USD). (BBG)

• Gold Fields has said it won't raise its bid for fellow gold mine Yamana Gold after two Canadian rivals, Pan American Silver Corp and Agnico Eagle Mines, teamed up to make a $4.8B (USD) bid. (BBG)

• US manufacturer Chart Industries will acquire UK-based industrial tool maker Howden for $4.4B (USD). (RT)

• T-Mobile US, a mobile telecommunications company, is seeking to create a fibre-optic venture through either a joint venture or commercial partnership. A joint venture could be worth $4B (USD). (BBG)

• Elon Musk has sold ~$4B (USD) in Tesla shares. (BBC)

• Albertsons Companies, a grocery chain, has had its $4B (USD) dividend kept on hold by a Washington court to stop it from paying it before they have closed its proposed deal with rival Kroger Co. (RT)

• TC Energy, a North American natural gas company, is seeking $3.7B (USD) from asset sales. (BBG)

• Singapore's sovereign wealth fund GIC and Canada's Dream Industrial REIT have partnered to buy Canada's Summit Industrial Income REIT for ~$3.3B (USD). (RT)

• Saudi Arabia's Public Investment Fund is among the potential bidders for the network towers being sold by Qatari telecom firm Ooredoo QPSC. A deal could be worth between $3B and $5B (USD). (BBG)

• One Rock Capital Partners, a PE firm, is considering the sale of portfolio company Innophos Holdings which is a food additives maker. A deal could fetch as more than $3B (USD). (BBG)

• Estée Lauder, an American multinational cosmetics company, is closing in on a deal to acquire US luxury fashion house Tom Ford for $2.8B (USD). (BBG)

• Exxon Mobil, an oil and gas corporation, will take up to a $2B (USD) loss on the sale of its troubled California offshore gas field, which has been shut since an oil leak in 2015. (RT)

• Seven & i Holdings has sold Sogo & Seibu, a department store chain, for a ~$1.8B (USD) enterprise value to PE firm Fortress Investments. (BBG)

• Microsoft co-founder Paul Allen's art collection has hit the record $1.6B (USD) mark at Christie's New York, making it the biggest art sale in auction history. (CNBC)

• New Zealand's emergency services will get a $1.4B (NZD) communication network. It will be delivered via a joint venture with state-owned enterprises Kordia and Christchurch-based technology company Tait Communications. Spark and Vodafone have also joined the venture. (Stuff)

• Telenor, a Norwegian telecom operator, is pushing ahead with plans to sell its Pakistan operation. It could fetch a price tag of ~$1B (USD). (BBG)

• French international banking group Credit Agricole has said its regional-bank shareholders will boost their stake by up to $1B (USD). (BBG)

• Singapore Life Holdings and Prudential are among the insurance companies considering bids for the controlling stake in PT Bank Negara Indonesia's life insurance business. PT Astra International, a Jakarta-listed conglomerate, is also interested in bidding. A deal could value PT BNI's life insurance business at ~$1B (USD). (BBG)

• Chinese property group Evergrande has lost $770m (USD) on a Hong Kong Property they owned after receivers sold it. (BBG)

• Triple Flag Precious Metals, a royalty company, has agreed to buy fellow royalty company Maverix Metals for $606m (USD). (BBG)

• Wireless operator Veon is in advanced talks to sell its Pakistani tower assets. They are believed to be valued at between $600m & $960m (USD). (BBG)

• Crypto exchange Binance is selling $529m (USD) of Bankman-Fried's FTT token. (BBG)

• Thomson Reuters, a Canadian multinational media conglomerate, is acquiring US-based tax software provider SurePrep for $500m (USD). (RT)

• Prosus, a global investment group, has given up its $403m (USD) stake in Russia's largest social media site VK. (BBG)

• Ouster and Velodyne will merge in an all-stock deal. Ouster and Velodyne currently compete in producing LiDAR sensors. The merger will give the new entity a market cap of ~$400m (USD). (BBG)

• Commonwealth Bank of Australia is weighing the sale of its Indonesia unit. It could fetch several hundred million dollars. (BBG)

• Ireland has sold a 5% stake in the Allied Irish Banks for ~$396m (USD). (RT)

• Ibex Holdings, an outsourcing firm, is facing takeover interest from PE firm CVC Capital Partners and others. Ibex has a market valuation of $366m (USD). (BBG)

• Clough Group, an Australian engineering and construction company owned by South African firm Murray & Roberts,has been sold to Italy's Webuild for $350m (AUD). It leaves Webuild in charge of building hydropower project Snowy 2.0. (AFR)

• State-owned Malaysian energy utility Tenaga Nasional is exploring selling a minority stake in its planned renewable energy unit. It could raise between $300m and $1B (USD). (BBG)

• PE firm Adamantem Capital is in talks to acquire Bain Capital's Retail Zoo, which owns Boost Juice and Betty's Burgers. A deal is expected to be worth upwards of $300m (AUD). (AFR)

• Seven Group's Beach Energy, an Australian oil and gas company, has joined the bidding war for Perth basin energy play Warrego Energy. It has offered 20c a share, making the deal worth ~$250m (AUD). (AFR)

• Pathology & Clinical Laboratory (Pathlab), a Southeast Asian medical testing company, is considering selling its Malaysian business for which it could get $200m (USD). (BBG)

• Berkshire Hathaway, an investment company, has sold $145m (USD) worth of shares in Chinese electric vehicle maker BYD. (RT)

• Adani Portsand Special Economic Zone, India's largest private port operator, has agreed to buy a 49.38% stake in Indian Oiltanking, a liquid storage facility company, for $129m (USD). They also acquire an additional 10% stake in IOT Utakal Energy Services, an infrastructure services company that is a subsidiary of Indian Oiltanking. (BBG)

• Hamish Douglass, the co-founder of Magellan Financial Group, has sold two-thirds of his shares in the funds' manager for $118.3m (AUD) via Barrenjoey. (AFR)

• Nine will remain the home of tennis in Australia after it signed a new 5-year deal with Tennis Australia to get access to the Australian open, Davis cup and Bille Jean cup and more. The deal will cost them ~$85m (AUD) per year. (9 News)

• The Saudi Arabian Public Investment Fund is making a further $80.6m (USD) in Newcastle United, the UK football club it owns. (BBG)

• A $50m (NZD) oil field deal between JadestoneEnergy and OMV has been terminated. (Stuff)

• Two parcels of Newcastle Coal Infrastructure Group's perpetual preference shares worth $50m (AUD) at face value have been offloaded for a price in the low 90s. (AFR)

• Gap, a US apparel retailer, will sell its greater China units to e-commerce firm Baozun for $40m (USD). (RT)

• Next, a clothing, footwear and home products retailer has agreed to buy collapsed UK furniture retailer Made.com for $3.9m (USD). (BBG)

  • UK high-street giants Next and Frasers are among the bidders for collapsed online furniture store Made.com. (BBG)

• Qantas Airways has sold a 12.1% stake in travel agent Helloworld for $33m (AUD) via Jarden. (AFR)

• PE firm BPEA and alternative investment manager Regal Partners have increased their bid for fund manager Perpetual to $33 (AUD) a share. (AFR)

  • Funds management business Perpetual has rejected the $33 (AUD) per share bid from BPEA and Regal. (AFR)

• Italy's billionaire Benetton family and investment firm Blackstone are set to move ahead with their bid for infrastructure company Atlantia even after their takeover offer feel just short of the required 90% shareholder threshold. (BBG)

• Deutsche Lufthansa, a German airline, is close to selling its catering arm LSG Sky Chefs to German PE firm Aurelius. (BBG)

• German energy company Uniper is seeking buyers for its UAE oil refinery. It has received interest from multiples buyers including Vitol a Swiss/Dutch energy company. (BBG)

• Adani Group, an Indian multinational conglomerate, has revised its timeline to take over Indian broadcaster New Delhi Television to make an offer between the 22nd of November and December 5th. (BBG)

• Crypto exchange Binance will purchase fellow crypto exchange FTX after it buckled under a potential liquidity crunch. (BBG)

  • Binance has backed out of its FTX bailout, citing finances and investigations as reasons to back away. (BBG)

  • FTX.US is scrambling to sell assets. (BBG)

• New Zealand King Salmon has won approval for its blue endeavour fish farm in the Cook Strait. (Herald)

• Television host Kelly Ripa and actor Mark Consuelos are buying a stake in Italian fifth-tier football club Campobasso 1919 and another smaller stake inItalian second-tier football club Ascoli FC via North Six Group. (BBG)

• BoA has hit the street to sell TPG Telecom's Vision Network. (AFR)

• Lionel Messi has taken a stake in NFT fantasy football game Sorare. (CNBC)

• Forbes Media, a business magazine, is in exclusive talks with a family office consortium to be acquired. (BBG)

• Rio Tinto's proposed takeover of Turquoise Hill faces regulatory challengers after the Canadian regulator flagged public interest concerns. (AFR)

• Japan's Skymark Airlines is planning to add 12 Boeing 737 Max jets to its fleet. (BBG

• Citigroup has agreed to buy Deutsche Bank's license in Mexico. (BBG)

• New York State is leading a movement to block Meta's takeover of virtual reality app Within Unlimited. (BBG)

• The German government has blocked the sale of Elmos Semiconductor'swafer facility to a Chinese investor. (BBG)

• The Italian government is weighing up its options for debt-ridden Telecom Italia. The options include a possible state-backed takeover offer. (BBG)

• Renault, a French multinational automobile manufacturer, and Geely, a Chinese multinational automobile manufacturer, have agreed to launch a new equally held joint venture that will supply gasoline engines and hybrid technology. (RT)

• Gold Fields, a mining company, has terminated its takeover deal for fellow miner Yamana Gold after Yamana backed a rival offer. (BBG)

• Beer brand Anheuser-Busch has bought a Major League Pickleball team. (CNBC)

• The German government is likely to block the Chinese takeover of Elmos' chip production. (RT)

• Greece will cancel the sale of its Alexandroupolis port. (RT)

• Capricorn Energy, a British oil and gas exploration and development company, is sticking with its proposed merger with Israeli oil and gas exploration, development and production company NewMed Energy despite investors coming out against the deal. (BBG)

• Leonardo, an Italian multinational company, focusing on aerospace, defence & security, has sold its US Selex ES' Air Traffic Control Management business to Indra Air Traffic which is controlled by Spanish information technology and defence company Indra Sistemas. (RT)

• Turquoise Hill, a Canadian mining company, has delayed a shareholders meeting to vote on the prosper buyout by global mining company Rio Tinto another week. (RT)

• Lockup periods for four Indian consumer-focused tech companies are up this month. Which will allow billionaire backers, including Warren Buffet and Masayoshi Son, to sell. (BBG)

VC & Fundraising

• Brighton Park Capital, an investment firm that specialises in software, information systems, technology-enabled services and health care, has raised $1.8B (USD) for its new fund. (BBG)

• Sweden's EQT Ventures closed its third fund at $1.1B (USD). (TC)

• Sydney-based biotech EnGenelC has raised $20m (AUD) in bridge funding as it buys time before its planned Nasdaq IPO that is waiting for the right market conditions. (AFR)

• IT services group Tecla Partners has received an $18m (AUD) investment from Armitage Associates. (AFR)

• Darwinium, an Australian cybersecurity firm set up by Alisdair Faulkner, the co-founder of fellow Australian cybersecurity firm ThreatMetrix has raised $10m (AUD). The funding round was led by Blackbird Ventures and AirTree Ventures. (AFR)

• Australian medical imaging company Vexev has raised $8.5m (AUD). Investors are Neotribe Ventures and Blackbird Ventures. (AFR)

• HealthNow, a healthcare finance startup, is looking to raise $5m (NZD). (Stuff)

• Zitcha, a retail media platform startup, has received $4.7m (AUD) in a funding round led by OIF Ventures which valued the company at $14.7m (AUD). (AFR)

• Software startup Sauce has raised a $2.3m (AUD) seed round led by Blackbird Ventures. (AFR)

• Punakaiki Fund and the Climate Venture Capital Fund are offering investors $400 (NZD) to overcome compliance pain as they struggle to raise their desired capital. Punakaiki Fund has currently raised $1.24m (NZD) of the $10.5m (NZD) goal, and the Climate Venture Capital Fund has raised $10.5m (NZD) of the $20m (NZD) goal. (NBR)

• Octana, a headless content management system, has secured a $1.5m (NZD) pre-seed round led by Auckland-based Hillfarrance Venture Capital. (NBR)

• Teddy, a new online supermarket startup in New Zealand, has raised $1m (NZD) and would consider raising another $4m (NZD) next year. (Stuff)

• ACC's climate impact fund has taken a 1.2% stake in Lodestone Energy, a solar farm developer and a 1.3% stake in Leaft Foods. (NBR)

• Cardrona Distillery, a spirits producer, is raising capital for an international expansion. (NBR)

Equity Raises

• Saudi Arabia's Public Investment Fund is working with investment bank Lazard, on funding options that include a potential IPO for Masar, a $27B (USD) mega project in the holy city of Mecca. (RT)

• Air taxi pioneer Volocopter has said it expects to remain independent until its first commercial flight in 2024 and then IPO the following year at what they hope is more than a $10B (USD) valuation. (BBG)

• United Internet has picked banks for the IPO of its web hosting business Ionos Group. It has picked JPMorgan Chase & Co, Deutsche Bank, Berenberg and BNP Paribas as the joint global coordinators. Its seeking a market cap of $4.1B (USD). (BBG)

• Dubai is set to raise $724m (USD) as it prices Emirates Central Cooling Corp's IPO at the top of the range. (BBG)

• The Saudi Arabian Public Investment Fund their sovereign wealth fund has raised $610m (USD) from the sale of 10% stake on the kingdom's stock exchange. (BBG)

• Southeast Asian grocery retailer Big C Supercenter is weighing up an IPO in Thailand that could raise more than $500m (USD). (BBG)

• Jervois Global, a cobalt and nickel supplier, has officially launched its $231m (AUD) equity raises that was hinted at earlier in the week. AustralianSuper, their biggest shareholder, will invest as much as $55.6m (AUD). (AFR)

• Dubai school operator, Taaleem's IPO book has been covered in hours as it seeks to raise $204m (USD). (BBG)

• Resolute Mining, an African gold miner listed on the ASX, has launched a $200m equity recapitalisation. (AFR)

• China hotel chain Atour Lifestyle is planning to start taking orders for its US IPO as early as next week as it looks to raise less than $100m (USD). (BBG)

• Forme, a connected fitness startup, has filed for a US IPO. It is hoping to raise ~$50m (USD). (BBG)

• Australian and South African gas producer Renergen is seeking to raise $20m (AUD) via a share placement on the ASX. (AFR)

• Kiland, an Australian listed timber company, is seeking $10m (AUD) for a new biochar venture called Nobrac at a $50m (AUD) valuation. (AFR)

• The IPO of North Sea oil and gas producer Ithaca Energy is set to price between 250 and 270 pence per share. This is at the lower end of the guided range. Books are over-subscribed at this price and will close on the 8th of November. (RT)

• Japan's Skymark Airlines will list on the Tokyo stock exchange next month. (BBG)

• CI Financial, an investment management firm,will split its US and Canada units. Its US unit is planning to IPO later this month. The new equity will help de-lever the business. (BBG)

Debt Raises

• Oracle, a US multinational software maker, has launched a four-part bond sale to bring in $7B (USD). (BBG)

• Credit Suisse aims to raise $5B (USD) from two new debt issues. (RT)

• ANZ hit the euro bond market with a short two-year covered bond and raised $3.1B (AUD). (AFR)

• Westpac has raised $2.8B (AUD) via three and five-year bond sales. (AFR)

• Banks led by Bank of America have sold $2B (USD) worth of junk bonds for the leveraged buyout of TV ratings business Nielsen Holdings at an 11% yield. (BBG)

• Grill maker Weber has taken a $60m (USD) loan from its largest shareholder and possible buyer, BDT Capital Partners. (BBG)

• Wall Street Banks who lent to Twitter have received bids as low as 60c on the dollar for the debt. (BBG)

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