Bonuses Frozen 🥶❄️

Author

Admin
March 23, 2023

Good Morning,

Kathmandu's US launch will be delayed at least six months, Ukraine will be the first nation at war to receive an IMF loan, New York City is preparing for Trump's indictment, Silicon Valley Bank had record dollar amounts of loans issued to insiders, the Swiss government has ordered Credit Suisse to freeze the payment of deferred bonuses to its bankers & rhe Indigenous Voice to Parliament referendum will go ahead between October and December of this year.

Let's jump in.

Before The Bell

Markets

  • The NZX 50 had a late surge and closed up 0.5% as investor confidence increased after record first-half earnings from KMD Brands and reduced fears about the global bank scene (GR)

  • The ASX had its biggest one-day rally (0.9%) since mid-January as fears of instability in the financial industry subsided, and investors positioned ahead of the Feds decision (AFR)

    • Morgan Stanley reckons Seven Group Holdings will join the ASX 100 ranks and Neuren Pharmaceuticals the ASX 200 once OZ Minerals is acquired by BHP (AFR)

  • US stocks rose after Treasury Secretary Janet Yellen signalled the US government would protect people's deposits if another bank collapsed (BBC)

Earnings and Data

  • KMD Brands released its 1H results and announced profits of $14m (NZD) and record first-half sales of $547.9m (NZD). It will pay a dividend of 3c (NZ) per share (Stuff)

  • UK inflation surprised the market as it jumped to 10.4% YoY, up from 10.1%. This was mainly driven by the increase in the cost of salad and vegetables, which pushed food prices to their highest levels for 45 years (BBC)

  • Westpac NZ released its latest McDermott Miller Consumer Confidence Index. Confidence levels were up 2.1 points to 77.7, which means consumer confidence remains at extremely weak levels (Stuff)

News Summary

  • ASB economists say NZ households are likely to spend an extra $150 (NZD) a week over 2023 (Stuff)

  • The NZ government has released its draft strategy on EV charging (Stuff)

  • Kathmandu's US launch will be delayed at least six months (NBR)

  • The Indigenous Voice to Parliament referendum will go ahead between October and December of this year (9 News)

  • Australian Defence officials have hosted a Chinese military delegation (9 News)

  • The US Defence Department has recruited Sydney-based Hypersonic Launch Systems to supply a vehicle to test hypersonic missiles (9 News)

  • It is a busy day in the UK parliament with Boris Johnson being grilled (BBC)

  • Ukraine will be the first nation at war to receive an IMF loan. An agreement has been made for $15.6B (USD) worth of funding (BBC)

  • The market expects the Fed to raise rates by 0.25% at 7:00am (NZ time) this morning (BBG)

  • New York City is preparing for Trump's indictment (RT)

  • Silicon Valley Bank had record dollar amounts of loans issued to insiders (Stuff)

  • The Swiss government has ordered Credit Suisse to freeze the payment of deferred bonuses to its bankers (Stuff)

  • Allbirds has announced its intention to launch the world's first net zero carbon shoe (NBR)

  • UBS aims to boost its investment bank rather than spin out First Boston (BBG)

Deal Flow

Investments / M&A

  • Liberty Global, a multinational communications company, has agreed to buy the rest of Belgian carrier Telenet Group for ~$1B (USD) (BBG)

  • Millennium & Copthorne Hotels New Zealand (MCK) and Millennium & Copthorne Hotels (M&C) have announced the purchase of the Sofitel Brisbane Central Hotel in Australia from Brookfield Asset Management for $177.7m (AUD). This purchase is a 50:50 joint venture between MCK and M&C (NZX)

  • FTX has received bids for its crypto-derivatives platform, LedgerX, bidders included Kalshi & Miami International Securities Exchange (BBG)

  • Hillhouse Capital will try to restructure its deal to acquire Australian clinical trials business George Clinical in an attempt to get it past the Foreign Investment Review Board (AFR)

  • African-focused e-commerce giant Jumia Technologies made a deal to sell French retailer Leroy Merlin's products in West Africa (BBG)

SPAC

  • AG tech and analytics services company Braiin will go public via a $215m (USD) merger with blank-check firm Northern Revival Acquisition (BBG)

VC & Fundraising

  • Adams Street Partners, a Chicago-based private market investor, is wining and dining high-net-worth types in Australia (AFR)

Equity Raises

  • Rakuten Bank is seeking $881m (USD) in Japan's biggest IPO since 2018. It will list on April 21st and has set an indication band of 1,630 yen to 1,960 yen per share (BBG)

  • Wam Leaders parked its $731.5m (AUD) equity raise due to the falling markets (AFR)

  • National Storage REIT has raised $300m via an equity placement at the expected price of $2.33 (AUD), and a further $25m will be raised via a share purchase plan (AFR)

  • Virgin Orbit is near a deal for a $200m (USD) investment from Texas-based venture capital investor Matthew Brown via a private share placement (RT)

  • Geo, an NZ-listed cloud-based business productivity software provider, is looking to raise $1.51m (NZD) via a renounceable rights issue and the issue of warrants (NZX)

  • Virgin Australia's IPO pitch started with meetings in Singapore last week (AFR)

Debt, Restructuring and Bankruptcy 

  • Liquidators have been appointed to New Zealand businessman Andrew Griffiths's investment vehicle, Satori Holdings. The company had a 48% interest in the company behind the Six Senses resort in Fiji, which went into receivership in December 2021 (NBR)

  • Lenders have called in receivers on Terry Serepisos's Century City Hotel property (NBR)

  • Rivet Mining Services has been placed into administration (AFR)

Daily Picks

  • Want to know what food items have decreased in price over the past year in New Zealand? Check this article out

  • KPMG has launched KymChat to increase productivity. Read more about it here

Job Board

New Zealand

  • BCG graduate roles - Apply here

  • BDO graduate and intern roles - Apply here

  • Bell Gully summer intern roles - Apply here

  • BNZ graduate roles - Apply here

  • Buddle Findlay summer clerkships - Apply here

  • Chapman Tripp winter and summer clerkships and clerk roles - Apply here

  • Deloitte intern roles - Apply here

  • Deloitte graduate roles - Apply here

  • DLA Piper insight programme,summer clerkships and clerk roles - Apply here

  • Duncan Cotterill summer clerkships and grad roles - Apply here

  • EY graduate and intern roles - Apply here

  • Grant Thornton graduate roles - Apply here

  • KPMG graduate and intern roles - Apply here

  • PWC graduate and intern roles - Apply here

  • Russell McVeagh summer clerkships - Apply here

  • Russell McVeagh clerks - Apply here

Australia

  • Citadel Securities graduate and intern roles - Apply here

  • Goldman Sachs Investment Banking Intern - Apply here

  • IMC graduate and intern roles - Apply here

  • Jarden

    • Women in banking scholarship - Apply here

    • Winter internships - Apply here

    • Graduate role - Apply here

    • Summer internships - Apply here

  • Macquarie graduate roles - Apply here

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

The Daily Deck is sponsored by Industrial Equity, LLC

Reply

or to participate.