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Good Morning,

SBF was released on a mere $250M bond, Musk promised not to sell any more Tesla stock for two years, US Q3 GDP was revised up to 3.2% growth, US short-sellers are up $304B YTD, LBO activity is down 40% YoY, global PE dry powder is at $1.96T, YouTube signed a $2B/year deal with NFL's Sunday Ticket, and Florida became the fastest growing state by population in 2022.

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Let's dive in.

Before The Bell

Markets

• US stocks effectively reversed Wednesday's sharp gains as strong economic data suggested the Fed could remain hawkish for longer

• The pan-European Stoxx 600 slid 1% on the same news

• The dollar rose against most major peers

Earnings

• CarMax missed Q3 EPS and revenue estimates on an 86% drop in Q3 profit caused by excess inventory and waning demand; the firm will pause some hiring, halt share buybacks and cut expenses (RT)

• Full calendar here

Headline Roundup

• US Q3 GDP growth was revised higher to 3.2% (WSJ)

• US continuing unemployment claims remain lower than same-time 2019 levels (RT)

• US short sellers are up ~$304B YTD, a 4x increase since their last profitable year in 2018 (RT)

• Global PE dry powder is at $1.96T (S&P)

• LBO activity is down 40% YoY (RT) 

• Eurozone governments will have to sell $424B of additional debt in 2023 (RT)

• New York and London banker bonuses may be up to 50% lower (RT)

• Russia will likely buy yuan on FX market in 2023 (RT)

• YouTube signed a seven year $2B/year deal to offer NFL's Sunday Ticket (CNBC)

• TikTok is offering US government concessions to allow it to remain under Chinese ownership (RT)

• Musk will not sell any more Tesla stock for two years (RT)

• EU ruled Airbnb must provide rental info to tax authorities (RT)

• Florida became the fastest-growing state by population in 2022 (AX)

• US life expectancy fell again in 2021 amid pandemic and opioid woes (AX)

• Guggenheim Partners CIO Scott Minerd died at 63 (RT)

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Deal Flow

M&A / Investments

• Propane company Superior Plus agreed to buy green energy supplier Certarus in a $626.2M deal (RT)

• EQT is exploring strategic options, including a potential sale, for its stake in prosthesis firm Ottobock (BBG)

• European lottery operator Allwyn agreed to buy the US-based Camelot Lottery Solutions group of companies, which operate the Illinois Lottery (RT)

• Nigeria plans to sell five electricity generation companies in Q1 2023 to help fund next year’s budget (BBG)

VC

• Event technology startup Events.com raised $100M in financing from GEM (PRN)

• Energy Dome, a startup building a CO2 battery, received an $18.55M investment from the European Innovation Council (BW)

• Automotus, an automated curb management platform, raised a $9M seed round led by CityRock Venture Partners, Quake Capital, Bridge Investments, and others (TC)

• Qualytics, a data quality platform for enterprises, raised a $2.5M round led by TechSquareVentures (PRN)

IPO / Direct Listings / Issuances / Block Trades

• CI Financial started the process for the IPO of its $134B AUM US wealth-management unit (BBG)

• South Korean energy company SK E&S plans to issue new redeemable convertible preferred shares "RCPS" worth $576M through KKR (RT)

• Antara Capital will invest $110M in preferred AMC Entertainment stock and exchange $100M in debt for ~91M APE units; AMC also proposed a reverse stock split (RT)

SPAC

• Cryptocurrency exchange Bullish and Far Peak Acquisition Corp. called off their planned $9B merger (BBG)

Debt

• Japan Industrial Partners, the preferred bidder to buy out Japanese conglomerate Toshiba, is expected to sign a $10.6B loan agreement with lenders this week (RT)

• Goldman Sachs is in talks with investors to sell ~$4B of subordinated debt used to back the buyout of Citrix Systems (BBG)

Bankruptcy / Restructuring

• US bitcoin miner Core Scientific was approved for a $37.5M loan from existing creditors to fund its chapter 11 case (RT)

Fundraising

• P101, an Italy-based VC firm focused on early-stage digital and tech-driven companies,  closed its new fund Programma, 103 at $159M (SC)

• Canada-based PE manager BTG Capital closed its inaugural BTG Energy Infrastructures Partners LP Fund I at $54.6M (MMG)

Crypto Corner

• SBF was released on a $250M bond, the largest ever financial crime bond, secured by SBF's parents home (AX)

• SEC is heightening scrutiny of auditors' crypto work (WSJ)

• North Korea has hacked $1.2B in crypto and other assets for its economy (NPR)

• Brazil's president signed a bill aimed at legalizing the use of crypto as a payment method (CT)

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• Coinbase's CEO Armstrong published a blog post on how crypto regulation should move forward here.

• Austin Rief joined My First Million's Sam Parr and Shaan Puri to talk about all things newsletters, side hustles, and more earlier this week. Check out their convo here.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

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