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Black Caps Narrowly Beat England in Wellington 🏏

March 01, 2023

Good Morning,

The Black Caps narrowly defeat close rivals England by one run in an incredible finish, Hong Kong Ends One of World’s Longest Mask Mandates After 945 Days, NZ Health boss fired after breaching his political neutrality clause, Rishi Sunak reaches a deal for the UK and EU for Northern Ireland, Rupert Murdoch acknowledged that Fox News hosts endorsed false stolen election claims.

Let's jump in.

Before The Bell

Markets

  • U.S. stocks rose on Monday, fueling a rebound from Wall Street's worst week of the year. The S&P 500 rose by 0.3%, while the Dow Jones Industrial Average gained 0.2%. Contracts on the technology-heavy Nasdaq Composite increased by 0.6% (YH)

  • The pan-European Stoxx 600 index provisionally closed 1.1% higher, with all sectors and major bourses in positive territory. Travel and leisure stocks led gains, up 2.4% (CNBC)

  • U.S. Treasury prices fell slightly on Tuesday to close out a bumper month for government bond yields. The yield on the benchmark 10-year Treasury note was up around 1.2 basis points to 3.9337%, while the yield on the 30-year Treasury bond gained 1.6 basis points to 3.9346% (CNBC)

  • Oil prices slid about 1% on Monday as strong U.S. economic data had investors bracing for more interest rate hikes from the U.S. Federal Reserve to fight inflation, which could slow economic growth and oil demand (RT)

Earnings and Data

  • Avance Gas Holding Ltd today reports unaudited results for the fourth quarter and full year 2022. Net profit of $34.7 million compared to $11.6 million for the third quarter 2022, or earnings per share of 45 cents compared to 15 cents for the third quarter. Net profit year to date is $89.0 million and this is the best result Avance Gas has delivered in seven years since 2015 (MS)

News Summary

  • One of the last major international cities requiring face coverings on Tuesday announced it will end its controversial Covid mask mandate nearly three years after it was enacted to prevent the spread of the virus (CNN)

  • Health NZ chairperson Rob Campbell was fired over politicised comments by his boss, the newly appointed Minister of Health Ayesha Verrall (RNZ)

  • A handful of overs away from completing an unremarkable match, with retirement looming ever closer, Neil Wagner has inspired New Zealand to an unfathomable victory (Herald)

  • The Australian Labor party has announced a 30 per cent tax rate on superannuation earnings for balances above $3 million, but not until 2025, after voters have gone to the polls (AFR)

  • Homeowners facing repayment hikes of up to $900 NZD a fortnight. On average, borrowers in this example would need to spend around 12% more of their disposable income to meet the minimum repayments on their mortgage (Stuff)

  • The UK and European Union reached a new deal on Northern Ireland’s trading arrangements aimed at ending years of often acrimonious wrangling and paving the way for warmer relations more than half a decade after Britons voted for Brexit (BBG)

Deal Flow

Investments / M&A

  • The $15 billion USD buyout of Toshiba Corp. is increasingly looking like a purely Japanese affair as most international buyout firms are poised to drop out from the deal. As talks about bringing Blackstone Inc., and CVC Capital Partners on as equity investors have stalled (BBG)

  • The U.S. Federal Trade Commission is expected to challenge Intercontinental Exchange Inc's $13 billion USD deal for mortgage software company Black Knight (RT)

  • Hong Kong telecommunications provider HKBN Ltd has received a takeover offer from HGC Global Communications Ltd that could value the company at more than $1 billion USD (BBG)

  • Non-bank lender Mortgage House has joined the early year raisers, putting a $400 million AUD RMBS deal to investors on Tuesday morning (AFR)

Equity Raises

  • Dual-listed Heartland Group’s New Zealand banking entity, Heartland Bank, is considering an offer of up to $75 million – with the right to accept oversubscriptions of up to an additional $50m – of unsecured subordinated notes to New Zealand investors and some overseas institutional investors (NBR)

Debt

  • National Australia Bank has told debt investors to get ready for a Tier 2 transaction, amid what’s expected to be a busy year for subordinated debt issuance from the big four banks (AFR)

Daily Picks

  • Political Roundup: Cyclone Gabrielle - how will we pay for the recovery? Tax, debt or cuts in the budget? (Herald)

Job Board

New Zealand

  • Craigs Investment Partners Investment Banking Intern

    • To apply, please send an email including a cover letter, your CV and your academic transcript as attachments to [email protected] by 12pm on Friday, 3rd March 2023

  • Forsyth Barr Investment Banking Summer Internship. To apply, please email a cover letter, your CV and your university transcript by 12pm, Friday 3rd March 2023, to: [email protected](please ensure that the subject line reads ‘Investment Banking Internship’)

  • Goldman Sachs Investment Banking Intern

    • Apply here by 4th March

  • Jarden Investment Banking Intern and Grad Role

  • Macquarie Intern role

  • Murray & Co Investment Banking Intern and Grad Roles

    • Apply here for internships

    • Apply here for graduate roles

  • UBS Investment Banking Intern

Australia

  • Goldman Sachs Investment Banking Intern

    • Apply here by 18th July for Melbourne and Perth and August 1 for Sydney

  • Macquaire gradate roles

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