Bad Week for Currencies ⛈️ 💱

Good Morning,

The pound has plummeted to a record low, the NZ dollar has hit its lowest levels against the USD since 2009, the Bank of England will start buying bonds to restore orderly market conditions, the Chinese yuan has hit a record low against the USD, Porsche has raised at €75 billion valuation in its landmark IPO, the Nord Stream gas pipes now have four leaks with another found, Chinese shares fall to record low valuation in Hong Kong, Australia will end its isolation rules on October 14th & OPEC+ is considering cutting its output.

Before The Bell

Markets

  • The S&P 500 dropped to a new 2022 low.

  • Chinese shares fall to record low valuation in Hong Kong.

News Summary

Monday

  • New Zealand has farewelled the Queen with a memorial service. (Stuff)

  • New green building solutions could provide a $147B (NZD) economic boost to New Zealand. (Stuff)

  • The Albanese-led Australian government has proposed to retrospectively stop companies from paying fully franked dividends to shareholders that are funded via capital raises. (AFR)

  • The pound has plummeted to a record low, and some investors think the Bank of England will call an emergency meeting to try and stem the flow. (BBG)

  • The far-right has claimed victory in the Italian election, with Giorgia Meloni on track to become the country's first female prime minister. (BBC)

Tuesday

  • The NZ dollar has hit its lowest levels against the USD since 2009. (Stuff)

  • The latest political poll in New Zealand has National at a slight advantage over Labour. (Stuff)

  • The Russian gas pipeline Nord Stream 2 is leaking into the Baltic Sea. (BBC)

  • The new iPhone is being produced in India, not China. (BBC)

Wednesday

  • Vodafone New Zealand will be known as One New Zealand from early next year. (Stuff)

  • Australia's fuel excise cut is now over. (9 News)

  • Retail spending was up 0.6% in Australia. (AFR)

  • The Bank of England will start buying bonds to restore orderly market conditions. (BBC)

  • Wall Street firms have been fined $1.8B (USD) over staff messaging on personal devices and apps. (BBC)

  • The Chinese yuan has hit a record low against the USD. (BBC)

Thursday

  • Overall pessimism remains in NZ despite business confidence bounce. (NBR)

  • Porsche has raised at €75 billion valuation in its landmark IPO. (BBG)

  • The Nord Stream gas pipes now have four leaks with another found. (BBG)

  • Russia will formally annex four more areas of Ukraine. (BBC)

Friday

  • NATO is under the impression that the Baltic Sea gas leaks were caused sabotage. (AFR)

  • Chinese shares fall to record low valuation in Hong Kong. (BBG)

  • The UK housing market is likely to face a perfect storm as mortgage rates increase and house prices fall. (RT)

Weekend

  • New Zealand PM Jacinda Arden has rejected the Russian annexation of occupied areas of Ukraine. (Stuff)

  • The power cut risk in New Zealand due to insufficient supply is probably gone for the year. (Stuff)

  • Australia will end its isolation rules on October 14th, with an exception for workers in high-risk settings. (9 News)

  • Optus are not cooperating with the Government over customer data breech. (9 News)

  • King Charles will not attend COP27 on the advice of Liz Truss. (BBC)

  • The head of Europe's biggest nuclear plant has been detained by Russian troops. (BBC)

  • The Fed is being to have split views on how fast they should raise rates. (BBG)

  • Moderna has refused China's request to reveal the technology behind its vaccine. (RT)

  • 174 people have died in stampede at football game in Indonesia. (BBC)

  • India launched its 5G services. (BBG)

  • OPEC+ is considering cutting its output by more than 1 million barrels of oil a day. (BBG)

Deal Flow

Investments/ M&A

  • Marlboro-maker Philip Morris will not drop its $16B (USD) bid for Swedish Match.(RT)

  • Baring PE Asia is considering merging Tricor and Vista to create a company with a valuation of between $7-$8B (USD). (BBG)

  • PE firm Veritas Capital is considering a $7B (USD) exit out of consulting firm Guidehouse via either a sale or taking it public. (BBG)

  • RWE, a German utility company, has agreed to buy Consolidated Edison's renewable energy assets for $6.8B (USD). (BBG)

  • PE firm EnCap is considering selling 2 packages of Texas oil and gas assets for a combined value of $6B (USD). (BBG)

  • GEMS, a Dubai school operator, is considering its options. This includes the potential sale of a controlling stake at a $6B (USD) valuation. (BBG)

  • Intel, along with the Italian government, has picked the town of Vigasio in the Veneto region of Italy for its new factory. The initial investment will be 4.5B Euro. (RT)

  • A consortium led by former Berkshire Hathaway executive David Sokol and Canadian investment firm Fairfax has raised its bid to $4.4B (USD) for Atlas Corp, the holding company in charge of shipping firm Seaspan Corp. (BBG)

  • France's Atos denies bid interest valued at $4.1 billion for their Evidian unit. (RT)

  • PE firm Apollo Global is exploring a takeover of logistics and transportation company Ryder Systems. A potential deal is worth $3.4B (USD)+. (BBG)

  • Singapore's Asia innovations group plans $2.5 billion SPAC merger (RT)

  • Singapore's SATS will buy Worldwide Flight Services in a $2.1B (USD) deal with about $1.2B (USD) paid in cash. (BBG)

  • Shell and Exxon have launched the sale of UK and Dutch North Sea assets which could bring them $2B (USD). (RT)

  • Billtrust, a payments software provider, has been acquired by PE firm EQT in a nearly $1.7B (USD) deal(RT)

  • PE firm Warburg Pincus is exploring the sale of design, repair and after-market replacement company Wencor Group for $1.5B (USD). (BBG)

  • Papua New Guinea's national oil and gas company Kumul Petroleum has made a binding bid for an additional 5% of the PNG LNG project from Australia's Santos. The deal will be worth $1.4B (USD). (AFR)

  • Energy Capital Partners, a PE firm, has bought Biffa, a UK waste management firm, for $1.4B (USD). (BBG)

  • US regional lender Provident will buy fellow US lender Lakeland Bancorp in a $1.3B (USD) deal. (RT)

  • Media mogul Stephen Courbit and his investment partners are said to off offered $1.18B (USD) for a 48% stake in French media holding company Groupe M6. (BBG)

  • PE firms Permira and TA Associates are among the bidders for automotive software company A2Mac1, which could be worth between $1-$1.5B (USD). (BBG)

  • Australian superannuation fund Aware has become a lead investor in Mexican food chain Guzman y Gomez's $100m (AUD) sell down at a $1.35B (AUD) valuation. (AFR)

  • Brookfield, Network International and TPG are among the potential bidders for UAE lender Mashreq's payments unit in a deal that could be worth between $500-$700m (USD). (BBG)

  • Payments company Tyro has rejected bids by Potentia Capital and HarbourVest's for $658m (AUD)

  • Indicative bids were in for Infratil & NZ Super owned RetireAustralia. The bids were understood to be much higher than the $618m (AUD) the two paid for the business in 2014. Bidders included AusUnity and ASX-listed Lendlease. Bids are expected to be shortlisted next week and a binding deal signed before the end of the year. (AFR)

  • Kinder Morgan, a US pipeline operator, has sold half its stake in Elba Liquefaction Companies' liquefied natural gas facility in Georgia for ~$565m (USD). (RT)

  • Indonesian conglomerate Astra is weighing up the options for its life insurance unit. A sale could fetch a valuation of as much as $500m (USD). (BBG)

  • Nestle New Zealand has bought Auckland supplement firm The Better Health Company for $375 million (NZD) (NBR)

  • Australian water filtration and taps business Billi has whittled the suitors down to a shortlist of two: Sydney PE firm Crescent Capital Partners and a European trade buyer. A deal could be worth $250-$300m (AUD). (AFR)

  • UK-based mid-market asset manager Amber Infrastructure has purchased South Australian data centre player YourDC. The acquisition is occurring through Amber Infrastructure's majority-owned business Iseek Communications. The deal is worth between $50-$100m (AUD). (AFR)

  • NZ-listed Scales Corporation is investing $27m (AUD) into its protein division. Part of this investment is buying a 50% stake in Fayman International, a meat exporting company. (NBR)

  • Entertainment firm Pophouse has bought a 75% stake in Avicii's music catalogue. (BBG)

  • French energy giant TotalEnergires may sell part of its 20% stake in Indian renewable energy producer Adani Green. (BBG

  • Japanese petroleum company Idemitsu has taken a 32% stake in Critical Mineral Group's IPO and will be its largest shareholder company Critical Mineral Group's debut on Tuesday on the ASX. (AFR)

  • LXI REIT has scrapped its deal to buy Sainsbury stores after suspending an equity raise due to uncertain conditions. (RT)

  • Private hospital company Ramsay Health Care has said it's open to any new buyout proposal after officially ending talks with KKR. (AFR)

  • American Airlines and JetBlue are heading to court to fight an antitrust battle about their joint venture against the US DOJ. (BBG)

  • Thiess, an Australian mining company, has gone unconditional on its offer for MACA. (AFR)

  • Australian local workforce management software company Humanforce has acquired competitor Ento. (AFR)

  • A US-based PE firm now owns the family-run LifeStyles Healthcare. (AFR)

  • Cloud-based data platform Workiva has received takeover interest from PE firms Thoma Bravo & TPG (RT)

  • Gandel family, Adam Schwab buy into b2b payments players Pay.com.au (AFR)

VC & Fundraising

  • PE fund Clayton, Dubilier and Rice have banked $10B (USD) for its latest buy-out fund. (WSJ)

  • GrubMarket, a software and e-commerce platform, has raised $120m (USD) at a valuation of over $2B (USD). Backers included General Mills. (BBG)

  • Pantera Capital wants to launch a second blockchain fund and will raise $1.25B (USD). (BW)

  • Boston-based Cloud-Storage firm Wasabi Technology has raised $250m (USD) at a valuation greater than $1.1B (USD). (BBG)

  • FTX is trying to raise $1B (USD). (BBG)

  • Real estate fund Valore Investment Partners is seeking to raise $1B (AUD) for a new fund. It started with an initial $250m (AUD) raise. (AFR)

  • Geely's EV Truck brand Farizon Auto is said to be seeking a $300m (USD) funding round. (BBG)

  • BlackRock was involved in $300 million (USD) funding for Southeast Asian travel startup Traveloka. (BBG)

  • CSIRO-backed deep tech VC Main Sequence Ventures is seeking to raise $300m (AUD) for its third fund. It already has $150m (AUD) of this, thanks to a government grant. (AFR)

  • Ocelot, an engagement platform aimed at college students, raised $117m (USD) in its first external funding round. (TC)

  • Sydney fintech start-up Shaype has raised a $33m (AUD) series C round led by Regal Funds Management. (AFR)

  • Kevin Durant and Billie Jean King back pro volleyball raise $16.75 million (USD). (BBG)

  • 6clicks, a risk and compliance management automation startup, has raised $10m (AUD) in a round led by CentreStone Capital. (AFR)

  • Checkmate, an online shopping start-up, has raised $7.7m (AUD). (AFR)

  • Thirday, an Australian accounting software startup, has received $6m (AUD) in funding, which NAB Ventures led. (AFR)

  • Livewire, an Australian startup that provides advertising agency and technology services for brands looking to reach video gamers, has raised $4.7m (AUD) led by RealVC. (AFR)

  • Australian Off-plan property marketplace startup Urban.com.au and proptech agency Social Garden have sold a parcel of shares worth $1m (AUD) to Carsales co-founder Steve Kloss. The shares were split across the two businesses. (AFR)

  • GV strives to develop a company that can sniff out disease. (TC)

Equity Raises

  • Intel's self-driving technology unit Mobileye has filed for an IPO. Intel is seeking a valuation of $30B (USD). (BBG)

  • TripActions has reportedly filed to go public next year at a $12B (USD) valuation. (TC)

  • Atlas Arteria's share price falls following a $3.1 billion (AUD) capital raising. (AFR)

  • Chinese EV battery maker CALB raised $1.3 billion (USD) in a Hong Kong IPO priced at the bottom of the range. (BBG)

  • Air India is weighing a $1B (USD) capital raise. (BBG)

  • Dongfeng Motor Group is considering raising $703m (USD) for its high-end EV brand Voyah. (BBG)

  • Oman oil driller Abraj Energy a unit of Oman energy firm OQ SAOC has hired banks for its ~$500m (USD) IPO that is planned for 2023. (BBG)

  • Core Lithium launches $100 million share placement (AFR)

  • Western Australian gold producer Red 5 in $60 million (AUD) share placement (AFR)

  • ASX listed drilling services and gas explorer AJ Lucas Group sought $19.7m (AUD) via a share placement at a 27% discount. (AFR)

  • Start up Eco Detection receives $8 million (AUD) ahead of IPO. (AFR)

  • WA gold explorer Yandal Resources is seeking to raise $4.7m (AUD) at a 20% discount. (AFR)

  • Porche's IPO success proves US listings have been left in the dust. (BBG)

  • Rokt has begun IPO prep from next year. (AFR)

  • Firefinch's recapitalisation has been paused due to gold prices and the Australian dollar sliding down. (AFR)

  • Hydrogen Fuel Cell Maker SinoSynergy is considering an IPO on the Hong Kong stock exchange as early as next year. The IPO would aim to raise a few hundred dollars. (BBG)

  • Saudi Arabian company Arabian Drilling's IPO, has been covered in hours. (BBG)

  • Burjeel seeks to scale up with IPO. (BBG)

  • Onewo slumps in trading debut in Hong Kong. (BBG)

  • Gas play PZE Ltd puts pre-IPO raising to investors. (AFR)

Debt Raises

  • Bank of America and Barclays are leading a group of banks struggling to find demand for Apollo's $3.9B (USD) Brightspeed Debt. (BBG)

  • Australian Non-bank lender Firstmac is reading a $1.76B (AUD) offering of residential mortgage back securities (RIMBS). It was split into eight tranches, with the first $1.5 tranche pre-filled. (AFR)

  • Gogoro, a battery-swapping SPAC, has received a $345m (USD) loan from 10 syndicated banks. (TC)

  • Malaysia raises $970 million from first sale of domestic Islamic green bonds. (BBG)

  • Buy now, pay later provider Zip Co has increased its securitisation debt offering to $300m (AUD) from $200m (AUD). (AFR)

  • Toll Global Express refinanced $250 million of debt with the Commonwealth Bank of Australia. (AFR)

  • Seven Group are considering launching an exchange bond linked to Boral. It could include both a coupon payment + the ability to exchange the bond for Boral shares. (AFR)

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