US boarder wall gets extended

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October 06, 2023

Good Morning,

Interim House Speaker Patrick McHenry has evicted two senior Democrats from the Capitol, Angela Mentis has retired, Biden’s dog Commander has left the White House, Amazon and Microsoft will face a competition probe as part of an investigation into the UK cloud computing market, Edmund Hillary fellows have directly invested over $136m (NZD) in New Zealand & Biden has approved a new section of the border wall in southern Texas.

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Before The Bell

Markets

  • A sharp drop in oil prices and better-than-expected data out of the US reduced bond yields, helping propel the markets into the green (AFR)

  • Oil prices plummeted down the global Brent benchmark fell below $85 (USD) for the first time since late August (BBG)

Earnings and Data

  • The latest salary survey results from Trade Me had the average wage in New Zealand rising by $5,500 (NZD) to $71,820 (NZD) in the third quarter (Herald)

  • ADP data showed that US private payrolls rose 89,000 last month after climbing 180,000 in August. The figure trailed all estimates in an economists’ survey (AFR)

News Summary

  • NZ’s finalised government accounts were released with an operating deficit of just over $9.4B (NZD) (Stuff)

  • Pokie machine bosses in New Zealand are trying to halt new gambling rules (Stuff)

  • The latest NZ election poll has NZ First rising and in the kingmaker position (Herald)

  • Edmund Hillary fellows have directly invested over $136m (NZD) in New Zealand (NBR)

  • Angela Mentis, the chief digital, data and analytics officer at NAB, has retired (NBR)

  • The Voice results could take almost two weeks to finalise (9 News)

  • Westpac will merge its St George and Bank of Melbourne private banking arm with its mainstream business (AFR)

  • The US has given Ukraine 1.1m rounds of ammunition it had seized from Iran (BBC)

  • Interim House Speaker Patrick McHenry has evicted two senior Democrats from the Capitol (BBC)

  • Biden has approved a new section of the border wall in southern Texas (BBC)

  • Biden’s dog Commander has left the White House (BBC)

  • Amazon and Microsoft will face a competition probe as part of an investigation into the UK cloud computing market (BBC)

Deal Flow

Investments / M&A

  • Final bids are due for VetPartners. Potential bidders include PE firms Affinity Equity Partners, EQT Partners and Ares. A deal is expected to value the vet chain at ~$1.4B (AUD) (AFR)

  • Suncor Energy has agreed to buy TotalEnergies SE’s stake (~31%) in the Fort Hills oil-sands mine for $1.07B (USD) (BBG)

  • Standard BioTools has agreed to merge with SomaLogic in an all-stock deal. The combined entity has an equity value of more than $1B (USD) (BBG)

  • Tata Group is in advanced talks with Temasek Holdings to buy back a stake in its entertainment content distribution platform at a valuation of more than $1B (USD) (BBG)

  • UniSuper, along with the United Kingdom’s Pension Protection Fund and the Netherlands’ APG Asset Management, has acquired the former Gunns timber plantation Forico, which is located in Tasmania (AFR)

  • Infrastructure developer Morrison & Co has begun talks with possible strategic partners for a mega-sized battery project in Indonesia aimed at weaning Singapore off natural gas (BBG)

  • Morrison & Co is eyeing up India for renewable energy investment (NBR)

VC & Fundraising

  • The first Middle Eastern SPAC has raised $200m (USD) via a private investment in public equity financing that was oversubscribed (BBG)

Equity Raises

  • Goldman Sachs and Macquarie have been mandated for AirTrunk’s $10B + (AUD) IPO on the ASX (AFR)

  • It is reported that UK bank Metro Bank needs to raise £600m (BBC)

  • Perth-based Canadian lithium hopeful Winsome Resources has launched a $34.4m (AUD) flow-through placement at $2.38 per share to Canadian investors, and a further $17.7m (AUD) raise to Australian investors at $1.37 per share (AFR)

  • Wellnex Life is seeking $12m (AUD) to fund its acquisition of $22m pain relief brand PainAway and its intended listing on the London Stock Exchange (AFR)

  • BlackBerry plans to IPO its Internet of Things Business in the first half of next year (BBG)

  • New Era Cap, the maker of caps for major US sports leagues, has hired JP Morgan Chase as the lead underwriter for an IPO that could take place in 2024 (BBG)

  • Intel-backed semiconductor connectivity solutions firm Astera has tapped Morgan Stanley & JP Morgan Chase to be the lead underwriters for its proposed

    2024 IPO (BBG)

Debt & Restructuring

  • Carlyle’s Accolade Wines is mulling a restructuring that would involve a debt-to-equity swap (AFR)

Daily Picks

  • Bankers could have reduced bonuses this year. Read more here

  • The right to own a car in Singapore now costs $106,619 (USD). Read more here 

  • Read the latest on the Sam Bankman-Fried trial here

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