Fat Fingers at Archegos

The bond king expects a 2024 recession, banks are ramping up RTO demands, Segantii will return capital to investors, US sued to break up Live Nation, and Archegos accidentally wired $470M to Goldman during their collapse.

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The bond king expects a 2024 recession, banks are ramping up RTO demands, Segantii will return capital to investors, US sued to break up Live Nation, and Archegos accidentally wired $470M to Goldman during their collapse.

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Let’s dive in.

Before The Bell

As of 05/23/2024 market close.


  • US stocks fell yesterday as robust business activity data offset hype over Nvidia's earnings

    • The Dow had its worst day since March 2024


  • Workday beat Q1 earnings and revenue estimates but shares nonetheless plunged ~11% due to light Q2 and FY subscription revenue guidance (YF)

  • Intuit tumbled ~7% despite reporting strong Q3 revenue due to a 1M user decline in free-service filing and mixed Q4 guidance (BBG)

  • Ralph Lauren beat Q4 estimates but forecast below-estimate FY revenue growth as it grapples with subdued US demand (RT)

  • Full calendar here

Headline Roundup

  • Bond king Jeff Gundlach expects a US recession this year (RT)

  • Citi, HSBC and Barclays ramp up RTO demands (BBG)

  • Big investors are pouring into emerging markets (RT)

  • Archegos sent Goldman $470M in error during collapse (BBG)

  • Ray Dalio joins billionaires snapping up Singapore 'shophouses' (FT)

  • Goldman picked insiders as co-heads of Germany and Austria IB (RT)

  • Gildan Activewear board, CEO resign following Browning West's activist campaign (WSJ)

  • Segantii to return capital amid Hong Kong insider trading probe (FT)

  • Improved business activity casts doubt over rate cuts (RT)

  • Boeing says cash slow is worse than expected (WSJ)

  • Capital Group to partner with KKR in push into private assets (WSJ)

  • China’s $538B deposit exodus supercharges rally in bonds (BBG)

  • Starwood limits redemptions in struggling $10B property fund (FT)

  • Morgan Stanley chairman James Gorman will step down (RT)

  • Goldman gets license for regional HQ in Saudi Arabia (RT)

  • JPMorgan to pay $100M over CFTC trade reporting violations (RT)

  • US sued to break up Live Nation over alleged monopoly (CNBC

  • Musk says Tesla can compete with China without tariffs (WSJ)

  • Jane Street avoids disclosing secrets to Millennium in dispute (BBG)

  • TD Bank Group fired over a dozen in wake of anti-money-laundering failing (WSJ)

  • HSBC's New York attendance jumps to 80% at new office (RT)

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Deal Flow

M&A / Investments

  • CVS Health is seeking a PE partner to fund growth at Oak Street Health, the $10.6B primary care provider it acquired a year ago (BBG

  • Peter Hargreaves, who owns 19.8% of Hargreaves Lansdown, is open to taking the company private after the UK investment platform rejected a $5.95B takeover proposal from a consortium led by CVC Advisers and ADIA (RT

  • PE firm Centurium Capital Partners is considering bringing in fresh backers for $5.5B Chinese Starbucks rival Luckin Coffee (BBG)

  • PE firm Astorg is exploring options including a potential sale for French food-ingredients maker Solina that could value the business at ~$4.3B (BBG)  

  • Billionaire Xavier Niel is exploring a bid to buyout other shareholders of Millicom International Cellular that would value the LatAm carrier at ~$4.1B (BBG

  • $3.7B wealth-management SaaS firm Envestnet is drawing takeover interest from buyers including Advent International and GTCR (BBG

  • PE firm Hg agreed to acquire risk management SaaS firm AuditBoard at an over $3B valuation, including debt (BBG)

  • Electric components maker TE Connectivity is considering options including a sale for its medical contract manufacturing business at an over $2B valuation (BBG

  • Iberdrola is looking for an investor to buy a 50% stake in a portfolio of US renewable-energy assets for up to $1.8B (BBG

  • Singapore insurer Great Eastern appointed EY to advise on Oversea-Chinese Banking Corp.'s $1B offer to buy the remaining stake it does not currently own (BBG)

  • German packaging and medical equipment maker Gerresheimer will acquire peer Blitz LuxCo for an EV of $866M (RT

  • Merck’s life science business MilliporeSigma agreed to acquire transfection solutions firm Mirus Bio from Gamma Biosciences in a $600M deal (YH)

  • JPMorgan is seeking to acquire a private credit shop to augment its $3.6T asset management arm (BBG

  • UK energy infrastructure operator National Grid is looking to sell its Grain LNG terminal in Britain, Europe’s largest such facility (RT


  • Lumos, a software firm centralizing management of apps and identities for IT and security teams, raised a $35M Series B led by Scale Venture Partners (BW)

  • Praktika, a language learning app using personalized AI-powered avatars, raised a $32.5M Series A led by Blossom Capital (FN)

  • Finout, an enterprise-grade FinOps solution, raised a $26.3M Series B led by Red Dot Capital (BW)

  • Dora Factory, a decentralized governance infrastructure company, raised a $10M round led by Nomad Capital, Sky9 Capital, and more (FN)

  • Fiberwood, a startup developing fossil-free insulation and packaging materials, raised a $8M round from Metsa Spring, Stephen Industries, and others (BW)

  • Cloud security startup Averlon raised a $8M seed round led by Voyager Capital (FN)

  • Userfront, an authentication and identity platform for SaaS firms, raised a $5.3M seed round led by Heavybit (FN)

  • ZeroPoint Technologies, a hardware-accelerated memory compression technology, raised a $5.5M Series A led by Matterwave Ventures (PRN)

  • Zest Protocol, a lending protocol built for Bitcoin, raised a $3.5M seed round led by Draper Associates (FN)

IPO / Direct Listings / Issuances / Block Trades

  • SpaceX is weighing plans to sell existing shares at a ~$200B valuation (BBG

  • Specialty property and casualty insurer Bowhead Specialty raised $128M in an upsized, above-range US IPO (BBG

  • French AI startup LightOn is considering funding options including a Paris IPO (BBG)


  • Alibaba is seeking to raise $4.5B from a convertible bond sale to fund stock buybacks (BBG

  • KKR signed a deal with private credit lenders for a ~$133M loan for Australian accounting software firm MYOB (BBG

Bankruptcy / Restructuring / Distressed

  • Struggling developer China Vanke received a $2.8B syndicated loan facility from lenders including banks led by state-owned ICBC (RT)


  • Investment group Eurazeo launched an $813M thematic impact buyout fund (ESG

Crypto Corner

  • SEC approved spot Ether ETFs (RT)

  • FTX is selling SBF's $30M Bahamas penthouse (BBG

Exec’s Picks

  • With Nvidia reporting yet another blockbuster earnings, WSJ published an article exploring wherein lies its biggest threats.

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