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Much Needed European Charity

US credit spreads widened amid political uncertainty, Asian L/S strategies are beating out global peers, emerging market currencies are struggling, Carlyle is betting on a slow energy transition, and American tourists are driving Europe's economic engine.

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Good Morning,

US credit spreads widened amid political uncertainty, Asian L/S strategies are beating out global peers, emerging market currencies are struggling, Carlyle is betting on a slow energy transition, and American tourists are driving Europe's economic engine.

Seeking access to private market investments alongside a decorated group of Wall Street veterans? Check out today’s sponsor, 10 East.

Let's dive in.

Before The Bell

As of 06/21/2024 market close.


  • US stocks indexes closed marginally lower weighed by a decline in tech stocks

    • The Dow had its best week since May

    • The S&P has avoided a 2% sell-off or rally for the longest stretch since 2008

  • US 10Y yields posted its first weekly climb in three

  • Ghana dollar bonds rallied to their highest since 2022 on restructuring talks

  • Chinese yuan fell to seven-month lows on investment outflows


  • CarMax beat Q1 earnings estimates but missed on revenue amid recovering new vehicle competition, inflation, and high rates (CNBC

  • What we're watching this week:  

    • Tuesday: FedEx

    • Wednesday: Micron, Jefferies, General Mills

    • Thursday: Nike

  • Full calendar here

Headline Roundup

  • US business activity rose to a two-year high (RT)

  • US corporate credit spreads jumped to a three-month high (RT)

  • US borrowing binge is risking market strains (FT)

  • Asian L/S hedge funds are leading global gains this year (RT)

  • Emerging market currencies are seeing their worst H1 since 2020 (FT)

  • Emerging market duration bets are back in fashion (BBG)

  • Equity funds saw a second-straight week of outflows (RT)

  • European companies cut jobs as economy sputters (RT)

  • Japan inflation growth fuels hopes for BOJ rate hike (WSJ)

  • ​​JPMorgan wealth CEO sees China economic outlook improving (RT)

  • Investors wary on Mexico following peso rout (FT)

  • PE roll-ups bet energy transition will go slow (FT)

  • Fed chides bulge brackets for flawed 'living wills' (RT)

  • Apple to delay AI launch in Europe due to regulations (RT)

  • Invesco bucks trend with European China-focused ETF (FT)

  • Nvidia launched its first large-scale operation in the Mideast (RT)

  • Apple and Meta discussed an AI partnership (WSJ)

  • Yaccarino shakes up X amid pressure from Musk (FT)

  • US tourism boom is lifting Europe (WSJ)

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Deal Flow

M&A / Investments

  • Airbus is nearing a deal to acquire some of aerospace supplier Spirit AeroSystems' projects, paving way for Boeing's $3.9B purchase of Spirit (FT

  • UK soft drinks maker Britvic rejected a $3.9B takeover proposal from Danish brewer Carlsberg (RT

  • KKR agreed to acquire European music festivals owner Superstruct Entertainment in a $1.4B deal (FT

  • Sony Music is reportedly acquiring Queen's music catalog for ~$1.3B (YH)

  • Logistics service provider RXO will acquire UPS’ asset-light freight brokerage business Coyote Logistics for over $1B (BBG

  • Media-focused investment firm RedBird IMI began the auction of UK's Telegraph newspaper and Spectator magazine to recoup $760M spent in earlier acquisition efforts (FT

  • State Street, BNP Paribas, and Caceis are potential bidders for HSBC Germany's fund administration unit INKA and custody business, which could be valued at over $751M (RT)  

  • Healthcare-focused PE firm Altaris will acquire digital health company Sharecare for $518M (MW

  • American Express will acquire Squarespace-owned restaurant booking platform Tock for $400M (RT)  

  • Carlyle is seeking to sell Italian fashion brand Twinset for up to $375M (RT)

  • OpenAI acquired enterprise search and analytics startup Rockset in a nine-figure stock deal (RT

  • Germany-based chemical manufacturer OQ Chemicals will kick of a sales process (BBG

  • French telecom Orange is weighing a sale of its 40% stake in Mauritius Telecom (BBG

  • Dutch bank ABN Amro is nearing a deal to acquire HSBC's Germany wealth business (RT

  • Italian insurance firm Generali is seeking to sell its Turkey and Philippines units (BBG

  • Healthcare giant Kaiser Permanente plans to acquire North Carolina hospital system Cone Health (WSJ


  • Zepto, an Indian 10-minute delivery app, raised a $665M Series F at a $3.6B valuation led by Glade Brook, Nexus and others (TC)

  • Molecular diagnostics company BillionToOne raised a $130M Series D led by Premji Invest (PRN)

  • HeyGen, an AI video generation platform for businesses, raised a $60M Series A at a $500M valuation led by Benchmark (FN)

  • AI powered language learning app Speak raised a $20M Series B extension led by Buckley Ventures (TC)

  • Amplify Life Insurance, a permanent life insurance platform for wealth-building, raised a $20M Series B led by Crosslink Capital and Anthemis (FN)

  • Verituity, an intelligent verified payouts solutions, raised an $18.8M round led by Sandbox Industries and Forgepoint Capital (BW)

  • Zing Coach, a German health tech startup, raised a $10M Series A led by Zubr Capital and Triple Point Capital (FN)

  • Material science startup Maxterial raised an $8M Series A led by Helios Climate Ventures (FN)

  • QpiAI, an Indian quantum computing and GenAI startup, raised a $6.5M pre-Series A led by Yournest and SVCL (BW)

  • Classroom well-being and behavioral risk detection startup MEandMine raised a $4.5M round led by K5 Global (FN)

  • OmniAI, a platform to extract value from data, raised a $3.2M seed round at a $30M valuation led by FundersClub (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Latam's biggest water utility Sabesp launched a $3B share sale as part of a privatization effort (BBG

  • Asian digital payments provider Pine Labs is considering a $1B India IPO (BBG

  • Indian real estate developer Prestige Estates Projects will raise $599M in a share issuance (RT

  • Indian education loan financier Avanse Financial Services filed for a local IPO to raise $419M (RT

  • Hospital operator Ardent Health Partners filed for an IPO after abandoning a previous attempt four years ago (BBG)

Bankruptcy / Restructuring / Distressed

  • Ghana reached an agreement in principle to restructure $13B worth of international debt (RT

  • American Lease, a NYC car lessor, is in talks to acquire bankrupt EV startup Fisker's entire fleet of ~4.3k cars (WSJ

  • Rocca Group and Auchan Retail France agreed to acquire French grocery store operator Casino's Corsica unit as part of a debt restructuring (BBG)

  • Chinese developer Road King Infrastructure warned of default risk if maturities are not extended (BBG


  • Investment firm Hamilton Lane raised $5.6B for its sixth secondaries fund (RT)

Crypto Corner

  • Michael Dell expressed interest in Bitcoin (CT)

  • Standard Chartered will set up a trading desk for Bitcoin and Ether (BBG)

Exec’s Picks

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