Markets Steady But For How Long?

September 30, 2022

Good Morning,

Hurricane Ian pounds Florida, Sweden finds new leak in Russian gas pipeline, Markets after after Bank of England's starts buying bonds, Precinct Properties strikes deal with Singaporean investors, Kamala Harris arrives in South Korea after North Korea launches fires missiles, Fourth Government agency to review contract to Foreign Minister Nanaia Mahuta's husband's firm, rapper Coolio dies at age 59 and Pakistan beat England to take a 3-2 lead in their T20 Series.

Let's jump in.

Before The Bell

Markets

  • Markets were up globally as the Bank of England announced that they would start buying gilts to halt the free fall in the Great British Pound

  • Bond yields were lower across the board.

Earnings

  • Jeffries announced a third quarter of losses and cited market conditions as the reason. (BW)

News Summary

  • Hurricane Ian leaves two million without power (BBC)

  • Markets rebound after Bank of England announces bond purchases (BBC)

  • Kamala Harris arrived in South Korea the day after North Korea fires missiles (BBC)

  • Bad employers have been taken to task in new anti-migrant exploitation bill (NBR)

  • Renewable electricity transition needs compromise - Contact CEO (NBR)

  • Overall pessimism remains despite business confidence bounce (NBR)

  • Businesses may be forced to purge data after the Optus breach (AFR)

  • Labour strikes gas deal, avoids export threat (AFR)

  • Premier investment sales surge, but cautious on consumer headwinds (AFR)

  • Porsche rises in landmark IPO €75 billion valuation (BBG)

  • Amazon raises hourly wages at the cost of almost $1 billion (USD) per year (BBG)

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

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

  • Lego sales were up 17% in the first half (CNBC)

  • LeBron James is buying a professional pickleball team (WSJ)

Deal Flow

Investments/ M&A

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

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

  • 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)

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

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

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

  • Apotex Pharmaceutical, a Canadian generic drug company, controlled by the family of murdered billionaire Barry Sherman will be sold to SK Capital (BBG)

  • Shell has bought Nigerian solar company Daystar Power an off-grid services provider in West Africa (BBG)

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

VC & Fundraising

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

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

  • BlackRock join $300 million (USD) funding for Southeast Asian travel startup Traveloka (BBG)

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

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

  • Dubai's Salik soars in trading debut after huge IPO order book (BBG)

Equity Raises

  • CALB raises $1.3 billion in Hong Kong IPO priced at the bottom of the range (BBG)

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

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

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

  • Burjeel seeks to scale up with IPO (BBG)

  • TripActions is said to have filed confidentially for an IPO next year (TI)

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

Debt

  • 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)

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