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Bonjour folks…European markets got rekked last week as political uncertainty rattled traders. But as the French famously say "Après la pluie, le beau temps" so we'll stay hopeful that things turn around. Reminder, markets are closed Wednesday for Juneteenth so hope y'all enjoy a short week ahead🙏

We've also officially cut the ribbon at the members club that's good for you. Check out Bond Life Club and learn more below!

Let's dive in.

Before The Bell

As of 06/14/2024 market close.

Markets

Major US indexes closed relatively flat on Friday with investors taking gains from the recent rally
- Nasdaq closed at a fifth-straight ATH for its largest weekly gain since late-April
- VIX dropped to a near five-year low
The pan-European Stoxx 600 lost 2.4% in its biggest weekly drop YTD
- France's Cac 40 lost over 6% in its worst weekly drop since March 2022
Euro suffered its biggest weekly drop versus the dollar in two months

Earnings

What we're watching this week:
- Today: Lennar
- Thursday: Accenture, Kroger
- Friday: CarMax
Full calendar here

Headline Roundup

ECB in no rush to discuss French bond rescue (RT)
Fed's Kashkari says 'reasonable' to predict a December rate cut (RT)
BOJ held rates and will trim bond buying (RT)
Pension funds face liquidity test as PE slows (WSJ)
Investors scooped US growth stocks and dumped value stocks last week (RT)
US equity funds see largest weekly outflow in eighteen months (RT)
US exec pay rises at fastest rate in fourteen years (FT)
Global defense firms hiring at fastest rate in decades (FT)
Miner Codelco insists it can reverse copper production slump (FT)
Sam Altman says OpenAI could become for-profit corporation (TI)
Clearview AI offering equity stakes to settle privacy class-action (NYT)
AXS files to launch weekly, monthly and quarterly leveraged ETFs (FT)
Chinese companies rush to tap US convertible bond market (FT)
Early repayments shrink China's MBSs market by 65% (FT)
Bond traders worry liquidity will worsen as US deficit grows (RT)
EM bond rally threatened as hawkish flags multiply (BBG)
US home sales fell to the lowest level in a decade (RT)
US import prices and consumer sentiment slid (RT)
Adidas is investigating bribery allegations in China (FT)
Wells Fargo bet on Bilt credit card is costing the bank dearly (WSJ)
Apple, Meta to face EU charges under landmark tech rules (RT)
Toyota makes big bet on small engines in new hybrid era (FT)
'Insane' pay rises for junior London lawyers raise concerns over culture (FT)

A Message From Bond Life Club

The members club that's good for you.

What's up everyone, it's Hank from Litquidity here.

We officially cut the ribbon on Bond Life Club, the newest and finest private members club in the Hamptons!

Situated in the heart of East Hampton, Bond caters to those looking for a break from stuffy country clubs and are seeking a modern, vibrant "third place" to gather, work, exercise, dine and socialize.

Our inaugural club includes a diverse mix of amenities including tennis, padel, pickleball, saunas, cold plunges, gym, wellness / recovery, wining and dining, weekly programming / events, and more.

Memberships are now live and we are curating an exclusive cohort of founding members (early members include notable celebrities, athletes, investors, and entrepreneurs).

As members of the Exec Sum community, we are offering you all the opportunity for priority review when you mention "Litquidity" in the application. Click the button below to apply and learn more.

Learn more

Deal Flow

M&A / Investments

Carlyle is exploring a sale of US power giant Cogentrix Energy in a potential $3B-$4B deal (FT)
PE firm Ardian and Saudi Arabia’s SWF PIF agreed to acquire a 38% stake in London’s Heathrow Airport for $4.26B (FT)
PE firm Advent International and a unit of SWF ADIA will acquire a $3B minority stake in billionaire Ken Fisher’s Fisher Investments at a $12.75B valuation (BBG)
APG Asset Management, Ardian and PGGM are considering a sale of petrochemical storage firm LBC Tank Terminals for potentially over $1.6B (BBG)
$1.6B Spanish solar developer Solaria Energia y Medio Ambiente received unsolicited takeover approaches (BBG)
Japanese beverage company Kirin will acquire Japanese skincare and cosmetics brand Fancl for ~$1.4B (BBG)
Tallgrass Energy will acquire a 25% stake in the Rockies Express Pipeline from Phillips 66 for $1.28B, including debt (RT)
Singapore's Income Insurance is in talks with German insurance giant Allianz about a potential tie-up (RT)
Cristiano Ronaldo’s CR7 agreed to buy an initial 10% stake in Portuguese porcelain manufacturer Vista Alegre Atlantis from Grupo Visabeira (BBG)
Qatar Airways is nearing a deal to acquire a 49% stake in RwandAir after five years of discussions (FT)
Indian online food delivery firm Zomato is in talks to acquire Indian fintech Paytm's movie and events ticketing business (BBG)
AS Roma owner Dan Friedkin is in advanced talks to acquire troubled Premier League team Everton FC from owner Farhad Moshiri (BBG)

Enveda, an AI-powered drug discovery biotech, raised a $55M Series B-2 led by Premji Invest, Lingotto Investment Fund, and more (BW)
Radian Arc, an Australian IaaS provider focusing on cloud gaming and AI, raised a $9M Series B led by BITKRAFT Ventures (FN)
Aepnus Technology, an electrochemical platform decarbonizing battery production, raised an $8M seed round led by Clean Energy Ventures (FN)
Roamless, a travel connectivity startup, raised a $5M seed round led by Shorooq Partners (FN)
InScope, an AI-powered fintech, raised a $4.3M seed round led by Lightspeed Ventures (FN)

IPO / Direct Listings / Issuances / Block Trades

South Korea's Hyundai is looking to sell an up to 17.5% stake in an IPO of its India unit that could raise up to $3B (RT)
Vodafone is seeking to sell its entire stake in Indian telecom infrastructure company Indus Towers via block trades in a deal that could fetch over $2B (BBG)
Medical data processor Tempus AI's shares rose 9% in its trading debut after its $411M IPO (BBG)
Oil field services JV HMH Holdings chose JPMorgan, Piper Sandler and Evercore for a planned September US IPO that could fetch a $1.5B valuation, including debt (BBG)

Debt

Lenders including Deutsche Bank, ING Bank and UniCredit are assessing interest to offload the $4.3B of debt backing Zegona Communications' buyout of Vodafone's Spanish business (BBG)
ViaPath Technologies, a provider of phone services for prisons, is nearing a ~$1.5B debt refinancing (BBG)
South Korea plans to raise up to $1.3B through a dollar bond issuance (BBG)
MicroStrategy raised its convertible note offering by 40% to $700M to buy more Bitcoin (BBG)

Bankruptcy / Restructuring

France offered to acquire some of Atos' operations in its big data and security unit for $751M as part of Atos’ restructuring negotiations (BBG)
Brand management firm WHP Global and several mall owners will form a new JV Phoenix to acquire most of bankrupt clothing retailer Express's operations for $174M (WSJ)

Fundraising

Alternative investment firm Atalaya Capital Management raised ~$1B for a fund focused on opportunistic asset-based deals (WSJ)

Crypto Corner

Crypto startup funding crossed $100B in ten years (CT)
A Bitcoin ETF will list in Australia for the first time (BBG)

Exec’s Picks

WSJ explained why bond markets are so spooked by the French election.
Bloomberg uncovered the new secret weapon hedge funds are using to fight regulators like the SEC.

Litney Partners – Financial Recruiting 💼💼

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