PwC-ee you later

Key clients are ditching PwC China, ratings agencies are cautious on private credit loans, blacklisted Chinese firms are rebranding as American, a European fintech blamed regulations for slow growth, and a top quant fund’s key bet is a curve steepener.

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Key clients are ditching PwC China, ratings agencies are cautious on private credit loans, blacklisted Chinese firms are rebranding as American, a European fintech blamed regulations for slow growth, and a top quant fund’s key bet is a curve steepener.

Let’s dive in.

Before The Bell

As of 05/28/2024 market close.


  • US stocks closed mixed yesterday as investors weighed rate cut doubts against Nvidia-driven AI hype

    • The Nasdaq closed above 17,000 at an ATH 

  • US yields spiked after weak US 5Y and 2Y Treasury auctions

  • Crude rose for a fourth day to a four-week high


  • CAVA issued a Q1 beat-and-raise despite declining same-store sales growth as consumers reduce spending on dining out (BRN)

  • What we're watching this week:  

    • Today: Salesforce, HP

    • Thursday: Costco, Dell, Dollar General, Kohl’s

  • Full calendar here

Headline Roundup

  • Wall Street shifts to faster settlements; bumps seen ahead (RT)

  • Catalyst quant fund shorts US 10Y as key macro bet (BBG)

  • Rating firms stay cautious in ratifying private credit loans (RT)

  • Key clients desert PwC China as Big Four rivals circle (FT)

  • Blacklisted Chinese firms rebrand as American to dodge crackdown (WSJ)

  • China financial firms unusually cash-rich as savers pile in (BBG)

  • UBS was Europe’s worst-selling fund house in April (FT)

  • European fintech N26 says regulations cost it billions in growth (FT)

  • Japan external assets hit record high to remain world's top creditor (RT)

  • US consumer confidence unexpectedly improved in May (RT)

  • IMF upgraded China's 2024/25 GDP forecasts after 'strong' Q1 (RT)

  • Mongolia defends plan to tap mining riches for new SWF (BBG)

  • Exxon's CEO lashed out at CalPERS for stoking shareholder revolt (FT)

  • Activist Elliott disclosed a $2.5B stake in Texas Instruments (RT)

  • UK fund manager Nick Train apologized for poor investment performance (FT)

  • Major proxy firms recommended voting against Toyota chairman (RT)

  • Robinhood launched a maiden $1B stock buyback (RT)

  • Chicago to offer most generous subsidies to save downtown (WSJ)

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Deal Flow

M&A / Investments

  • Hess shareholders approved Chevron's $53B takeover despite a dispute with ExxonMobil over a key asset (BBG

  • Google-parent Alphabet is considering an all-stock bid for $32.5B marketing software firm HubSpot (CNBC

  • T-Mobile agreed to acquire almost all of US Cellular's wireless operations in a $4.4B deal (RT

  • Canada's OMERS is exploring selling a stake in Leeward Renewable Energy that may value the company at ~$3.5B, including debt (BBG

  • Midstream energy company Energy Transfer agreed to acquire WTG Midstream Holdings in a ~$3.25B cash-and-stock deal (RT

  • PE firm Energy Capital Partners will acquire Atlantica Sustainable Infrastructure for $2.6B cash (RT

  • Prague-based defense firm Czechoslovak Group will acquire Vista Outdoor’s sporting products business for ~$2B (RT

  • Johnson & Johnson agreed to acquire rights to a drug from privately held Numab Therapeutics for ~$1.3B (RT

  • Pharma giant Merck is nearing a $1.3B cash deal for eye-drug company EyeBio (WSJ)

  • Japanese industrial group Asahi Kasei will acquire Swedish biotech Calliditas Therapeutics for ~$1.1B (BBG

  • A consortium of KKR and Singtel are frontrunners to buy a $1B minority stake in STT Telemedia Global Data Centres (RT)

  • Bitcoin mining firm Riot Platforms offered to acquire all outstanding shares of smaller peer Bitfarms for ~$950M (RT

  • Precision engineering company Nordson agreed to acquire medical device maker Atrion for ~$800M (BW

  • KKR will acquire Canadian energy firm Emera's indirect minority stake in the Labrador Island Link clean energy transmission project for $872M (RT

  • Dutch bank ABN Amro will acquire German private bank Hauck Aufhäuser Lampe from China’s Fosun International for $730M (RT

  • Aerospace components maker TransDigm will acquire test manufacturer Raptor Scientific from PE firm L Squared Capital Partners for $655M (PRN)

  • The parent of Brazilian airline Gol started potential merger talks with rival Azul (RT)

  • Blue Owl Capital and Lunate Capital acquired a minority stake in healthcare PE firm Linden Capital Partners (BBG


  • German climate technology startup Cloover raised a $114M seed round led by Lowercarbon Capital (RT

  • Transcend, a next-gen data privacy platform, raised a $40M Series B led by StepStone (BW)

  • Supervizor, a plug and play QA platform for finance teams, raised a $22M funding round led by Orange Ventures (BW)

  • Grubtech, a SaaS integration and unified commerce platform, raised $15M in funding led by Jahez Group (FN)

  • Realtime Robotics, a collision-free autonomous motion planning startup for industrial robots, raised a $30M Series B led by Mitsubishi Electric (BW)

  • Switchboard, a customizable oracle network for users to plug into the on-chain economy, raised a $7.5M Series A led by Tribe Capital and RockawayX (FN)

  • Sagetap, an AI-driven marketplace matching SaaS buyers and sellers, raised $6.8M in funding from NFX, Uncorrelated Ventures, and more (PRN)

  • OpenSocial Protocol, a composable infrastructure layer for building social applications, raised a $5M seed round led by Portal Ventures and SNZ Capital (PRN)

  • Braavo Capital, a startup providing financing for consumer subscription apps, raised a $5M Series B led by existing insiders (PRN)

  • NodeOps, a provider of a blockchain node orchestration platform, raised a $5M seed round led by L1D (FN)

  • Revolv Space, a space tech startup, raised a $2.8M round led by Primo Ventures (FN)

  • Coinflow Labs, an instant settlement payment provider, raised a $2.3M seed round led by CMT Digital (FN)

IPO / Direct Listings / Issuances / Block Trades

  • India’s Adani Enterprises secured board approval to raise up to $2B (BBG

  • Health-care payments software maker Waystar is seeking to raise up to $1.04B at a $3.8B valuation in a US IPO (RT

  • Aluminum producer Novelis is seeking to raise up to $945M at a $12.6B valuation in a US IPO (BBG

  • Abu Dhabi-based edtech Alef Education is seeking to raise $515M in Abu Dhabi’s first IPO of 2024 (BBG

  • German wheelchair maker Sunrise Medical is seeking to raise $261M in a Frankfurt IPO (BBG


  • Sandwich chain Subway is selling $3.35B of ABS's to help fund its LBO, the largest securitization of its kind (BBG

  • Lenovo plans to sell $2B worth of zero-coupon convertibles to Saudi Arabia's PIF (BBG

  • Blackstone acquired a $1B mortgage portfolio from German real estate lender Deutsche Pfandbriefbank (BBG

  • Construction firm Owens Corning is testing investor appetite for bonds to refinance a portion of its $3.9B acquisition of doormaker Masonite International (BBG

Bankruptcy / Restructuring / Distressed

  • Fulcrum BioEnergy, a clean-fuels pioneer that raised over $1B, is on the verge of collapse (BBG

  • Zambia will exit sovereign default as bondholders back restructuring (FT)

  • Adam Neumann ended his bid to reacquire WeWork (RT


  • PE firm Energy Capital Partners raised $6.7B for its fifth energy infrastructure-focused fund to invest in clean energy (WSJ

  • Real assets investment firm Pennybacker closed its sixth value opportunity series fund at $1.6B (PRN)

Crypto Corner

  • Crypto VC and hedge funds are launching at the fastest pace since 2021 (BBG

  • Ex-FTX exec Ryan Salame was sentenced to 7.5 years in prison (BBG

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