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Bitcoin Founder Face Reveal?
Together with
Good Morning,
Wall Street is racing to democratize private credit, US port workers agreed to tentatively end their strike, Blackstone thinks private credit will surpass $30T, and an upcoming HBO documentary claims to have identified Bitcoin's founder.
S&P Global is hosting their flagship Interact conference this October, bringing together Wall Street leaders to discuss a range of trends across public and private markets. Learn more and register here.
Let's dive in.
Before The Bell

As of 10/03/2024 market close.
Markets
US stocks dipped as investors continued to assess economic data and Mideast tensions
Oil continued to surge, gaining 9% WTD
Dollar rose to a six-week high after losing 4.8% in its worst quarter in two years
Pound fell 1.2% in its worst day in a year on dovish BoE commentary
Earnings
US Election Forecast
Legal election markets are officially here! Kalshi has made it possible to trade US elections. See current markets here.
Headline Roundup
Wall Street is warming to Kamala Harris (FT)
US service sector activity jumped to a 1.5-year high, but employment fell (RT)
Bailey said BoE can be 'bit more aggressive' on rate cuts (CNBC)
Wall Street races to bring private credit to the masses (WSJ)
Blackstone expects $2T private credit market to grow beyond $30T(BBG)
Over third of Topix 500 stocks trade below book value despite reforms (BBG)
US CRE market shows signs of bottoming after big discount sales (RT)
Blackstone says CRE rebound will not save over-indebted owners (FT)
Nvidia partnered with Accenture to drive AI adoption (BBG)
Port workers reached a deal to end port strike immediately (CNBC)
Hurricane Helene insurance losses could hit $6.4B (BBG)
Eli Lilly's weight-loss drug shortage is over (WSJ)
A Message From S&P Global
Gain insights into the latest trends in private and public markets, and network with leaders in data, tech, operations and finance at S&P Global's flagship Interact conference in New York this October 15-16.
Hear the latest thinking on topics including:
Private credit: the challenges and opportunities
Realizing the potential of AI
Private markets in the era of scale
Optimizing investment operations and client lifecycle management
And much more
Deal Flow
M&A / Investments
Australian bank ANZ and Indonesia's Gunawan family are considering selling their controlling interest in $2.7B Jakarta-listed Panin Bank
$1.7B-listed O&G services firm Helix is exploring a potential sale
Blue Owl Capital is in talks to acquire digital infrastructure investment JV IPI Partners for ~$1B
Family office Bregal Investments is exploring a take-private of $278M-listed German car-interior designer Novem
Skydance Media is in talks with NFL to potentially acquire NFL Media and NFL Network, or buyout NFL's interest in JV Skydance Sports
7-Eleven-owner Seven & i Holdings is exploring selling some of its stake in Seven Bank unit
Chinese biotechs WuXi AppTec and WuXi Biologics are exploring selling some of their operations on US national security concerns
Broadcaster MediaForEurope is exploring options for its ~30% stake in ProSiebenSat.1 Media, including a stake increase and takeover
Australia's Platinum Asset Management agreed to takeover talks with hedge fund Regal Partners
VC
Cisco agreed to acquire up to $500M in existing shares at a $23B valuation in AI cloud-computing startup CoreWeave
Submer, a startup building sustainable data centers, raised a $55.5M round led by M&G
Voyage AI, a startup building 'RAG' tools to reduce AI hallucinations, raised a $20M Series A led by CRV
AirOps, an all-in-one platform for AI-based marketing content, raised a $15.5M Series A led by Unusual Ventures
Swiss drone startup Voliro raised a $12M round led by Cherry Ventures
Hybrid healthcare startup Rezilient Health raised a $10M Series A led by Govo Venture Partners
Avarra, an AI-based enterprise application, raised an $8M seed round led by Lightspeed Venture Partners
Argo Space, a startup building a reusable orbital transfer vehicle, raised a $7.9M round led by Crosslink Capital
IPO / Direct Listings / Issuances / Block Trades
Danish logistics group DSV is planning a $5.5B share issuance to finance its $15.8B takeover of Deutsche Bahn-unit DB Schenker
SoftBank-backed Indian food delivery startup Swiggy will upsize its planned local IPO to $1.4B
Shein is preparing its roadshow ahead of a potential London IPO
Debt
OpenAI raised a $4B credit line from nine banks
Tesla is planning a $783M debt sale backed by prime car leases
Bankruptcy / Restructuring / Distressed
Ghana will exit default after a two-year long $13B dollar bond restructuring
Spirit Airlines is exploring a filing for bankruptcy
Fundraising
Blackstone plans to raise over $10B for its third Asia PE fund
Summit Partners raised $9.5B for its twelfth flagship growth equity fund
Family office LGT Capital Partners raised $7B for its sixth secondaries fund
PE firm GHK Capital Partners closed its second fund at $870M
Two Sigma plans to raise outside capital for a real estate opportunities fund
Crypto Corner
Upcoming HBO documentary claims to have identified Bitcoin's creator
Visa launched a platform to help banks launch global stablecoins
Binance's crypto market share fell to ~37%, its lowest in four years
PayPal paid its first business invoice via Stablecoin
Five public companies have bought Bitcoin since March
Exec’s Picks
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Luke Kawa sees election betting as yet another sign that gambling and trading are becoming indistinguishable.
WSJ published a brief but insightful analysis on why countries with strong GDP growth have poor stock market returns.
Financial Services Recruiting 💼
If you're a junior banker looking for your next career, check out Litney Partners, an executive search partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).
We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking and are currently hiring for some incredible roles.
Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!
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