BOE Buys Bonds, English Bonds 🏴󠁧󠁢󠁥󠁮󠁧󠁿🤵💷

Good Morning,

The Bank of England will start buying bonds, Vodafone New Zealand will be known as One New Zealand from early next year, Australia's fuel excise cut is now over, IMF has openly criticised the UK government over its tax plan, Wall Street firms have been fined $1.8B, US mortgage rates jumped to 6.52%, Apple has ditched iPhone 14 Pro production increase & the Chinese yuan has hit a record low.

Let's jump in.

Before The Bell

Markets

• The S&P hit a new 2022 low yesterday as it fell deeper into a bear market.

• The US 10Y treasury rose above 4% before finishing slightly lower.

• The ASX dropped on the back of consumer data that suggested further rate increases are needed. (AFR)

• The NZ market dropped on the back of weak global sentiment. Property stocks also contributed to the downturn. (BD)

• Markets across Asia feel badly, and the Chinese yuan hit a record low against the USD. (BBC)

Earnings

• New Zealand King Salmon reported a first-half loss of $24.5m (NZD) after fish died due to warmer water. They also announced a plan to move farming operations out to colder water. (Stuff)

• CentrePort lifted its profit to $8m (NZD), and revenue was up to $84.2m (NZD). It announced a $6m dividend to its council owners. (NBR)

News Summary

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

• The Warehouse wants to start stocking the key food essentials. (Stuff)

• Screen workers in New Zealand will be able to collectively bargain after the passing of the Screen Industry Workers Bill. (Stuff)

• Vending machines in China are selling Kiwi beef and lamb dishes as a trial. (Stuff)

• Tremors and ground movement is continuing under Taupō Volcano. (Stuff)

• The Queensland Premier has revealed a new plan to switch coal to renewable energy. (9 News)

• A $325m (AUD) promise for nurses has been made by the opposition in Victoria as the pre-election battle heats up. (9 News)

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

• Hyundai has had to recall just under 9,000 Australian vehicles due to fire risk. (9 News)

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

• Australian federal government treasurer Jim Chalmers has said that a surplus on the budget is not expected before the next federal election. (AFR)

• ASX markets executive Bradley Campbell will leave at the end of November. (AFR)

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

• IMF has openly criticised the UK government over its tax plan. (BBC)

• The EU has vowed more sanctions after the 'illegal' votes in Russian-controlled Ukraine. (BBC)

• The EU is blaming sabotage for the Nord Stream pipe leaks. (BBC)

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

• US mortgage rates jumped to 6.52%, the highest since the middle of 2008. (RT)

• The orders for core capital goods have surged in the US, and consumer confidence is also up. (RT)

• Apple has ditched iPhone 14 Pro production increase due to faltering demand. (BBG)

• Thailand's central bank raised rates by 0.25% to 1%. (BBG)

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

• Saudi Arabia's Crown Prince Mohammed bin Salman has been named prime minister. (BBC)

Deal Flow

Investments/ M&A

• 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 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)

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

• 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)

• 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)

• UK car dealer Pendragon is speeding up a review of its strategic options after receiving an unsolicited $436m (USD) bid from Hedin Mobility Group. (RT)

• 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)

• Singapore investment firm Sun Venture is considering a buyout of restaurant chain PS. Cafe owners for ~ $207m (USD). (BBG)

• 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)

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

• Canadian cinema chain Cineplex has approached bankrupt rival Cineworld's lenders for a merger with their US unit Regal Entertainment. (RT)

• FTX is considering bidding for the assets of bankrupt lender Celsius Network. (BBG)

• Canadian insurers Sun Life and Manulife are among the companies considering bidding for an insurance partnership with Hong Kong banking group Dah Sing Financial Holdings. (BBG)

VC & Fundraising

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

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

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

• 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)

Equity Raises

• Chinese EV battery maker CALB is set to price Hong Kong IPO at the bottom end of the range at $38 (HK), which would raise $1.3B (USD). (BBG)

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

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

Debt Raises

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