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Good Morning,

US wants to tie finance exec pay to risk, PE is vying to get in on low-risk lending, Credit Suisse’s final CEO will depart UBS, banks are seeing lower loan demand, active managers are losing out to index trackers, and MrBeast split from his talent agent.

Summer around the corner means its your time to rejuvenate at the members club that’s good for you. Check out Bond Life Club, the newest private members club opening in East Hampton this summer, co-founded by Litquidity.

Let’s dive in.

Before The Bell

Markets

• US stocks advanced yesterday to build on previous session gains as traders lifted Fed rate cut expectations

Earnings

• Palantir beat Q1 revenue estimates and met on earnings thanks to remarkable success in marketing its AI products but nonetheless issued weak FY guidance (CNBC) 

• Spirit Airlines fell ~10% after reporting a larger-than-expected Q1 loss and forecasting a Q2 loss citing grounding of jets and bloated industry capacity (RT) 

• Lucid beat Q1 revenue estimates as price cuts boosted sales but reiterated below forecast FY production (RT) 

• What we're watching this week:  

  • Today: Walt Disney, Rivian, Reddit

  • Wednesday: Uber, Toyota, Airbnb, Shopify, Robinhood

  • Thursday: Warner Bros Discovery

• Full calendar here

Headline Roundup

• Regulators resume plan to make finance exec pay more sensitive to risk (RT)

• PE steps up plans to edge banks out of low-risk lending (FT)

• Last Credit Suisse CEO Ulrich Körner will depart UBS (FT)

• Macquarie CEO sees deal volumes rising as confidence returns (BBG)

• ECB grows more confident about cutting rates (RT)

• At $2M/min, treasuries mint cash like never before (BBG)

• US active mutual funds are losing out to index trackers (FT)

• US banks report weaker loan demand (RT)

• Cerberus eyes India private credit growth as shadow banks retreat (BBG)

• Medicare insurance fund extends viability to 2036 (BBG)

• Citigroup CEO sees low-income consumers turning extra cautious (CNBC)

• Nomura targets 20% revenue growth from global markets arm (BBG)

• Warren Buffett's fans plot their own course for when he leaves (RT)

• Goldman criminal case over 1MDB formally ends (RT)

• FAA opened a new Boeing inquiry (WSJ)

• Global housing shortages are crushing immigration-fueled growth (BBG)

• MrBeast splits from talent agent (BBG)

• Hamas accepted a Gaza ceasefire proposal (AP)

A Message From Bond Life Club

The members club that’s good for you.

Hey everyone, it’s Hank from Litquidity again.

Bond Life Club, the newest private members club I co-founded, is officially set to open in a few weeks!

Situated in the heart of East Hampton, Bond Life Club will cater to those looking for a break from stuffy country clubs and are seeking a modern, vibrant "third place" to gather, work, exercise, dine and socialize.

Our inaugural club will include a diverse mix of amenities including a diverse range of racquet sports, saunas, cold plunges, gym, wellness / recovery, full service dining, weekly programming, events, tournaments and more.

Memberships are now live and we are curating an exclusive cohort of founding members (early members include notable celebrities, athletes, investors, and entrepreneurs).

As members of the Exec Sum community, we are offering you all the opportunity for priority review when you mention "Litquidity" in the application. Click the button below to apply and learn more.

Deal Flow

M&A / Investments

• Spain-based lender Banco Sabadell rejected a $12.9B takeover proposal from larger rival BBVA (FT) 

• Global Infrastructure Partners and Canada's CPPIB will acquire utility Allete in a  ~$3.9B cash deal (BBG) 

• EQT agreed to buy technology consultant Perficient in a cash deal worth $3B, including debt (BBG) 

• PE firms Clearlake Capital and Francisco Partners will acquire chip-design company Synopsys’ software integrity business for up to $2.1B in cash (BBG) 

• ADNOC will walk away from its $2.1B offer for a stake in troubled Brazilian petrochemicals company Braskem (BBG) 

• Brookfield Asset Management will invest $1.5B in Castlelake for a majority share of the private debt firm’s fee-related earnings (BBG) 

• KKR will acquire Indian medical device maker Healthium Medtech from PE firm Apax Partners in a ~$1B deal (BBG) 

• Saudi Aramco is in talks to acquire Shell's Malaysia gas station business in a potential ~$1B deal (RT) 

• Blue Owl Capital is nearing a deal to acquire a minority stake in healthcare-focused PE firm Linden Capital Partners (BBG) 

VC

• UK AI-powered self-driving startup Wayve raised a $1.05B Series C led by SoftBank (TC)

• Apple cofounder Wozniak's space data startup Privateer raised a $56.5M Series A led by Aero X Ventures (RT)

• Japanese manga localization startup Orange raised a $19.5M pre-Series A led by Shogakukan, Globis Capital Partners, and others (PRN)

• Anetac, a startup protecting against service account attacks in hybrid environments, raised $16M in funding led by Liberty Global (BW)

• Opmed.ai, an AI optimization platform for healthcare, raised a $15M Series A led by NFX and Grove Ventures (FN)

• Mother Science, a biotech beauty brand, raised a $3.5M round led by Greycroft (VC)

• Bitcoin mining infrastructure provider GoMining raised $3M from Bitscale Capital (FN)

IPO / Direct Listings / Issuances / Block Trades

• GM-backed Chinese self-driving firm Momenta confidentially filed for a US IPO to raise up to $300M (BBG) 

Debt

• Morgan Stanley and Barclays are preparing a WBS debt package to finance Roark Capital's $9.6B LBO of Subway (BBG) 

• Texas burger chain Whataburger launched a $2.7B leveraged loan offering to reprice existing debt and redeem preferred equity (BBG) 

• Spanish lender CaixaBank is exploring a sale of $1.2B in non-performing loans (BBG) 

• Adani unit Dhamra LNG Terminal is seeking a ~$600M offshore loan to refinance existing debt  (BBG) 

• Banks including Barclays and UniCredit are lining up $538M in debt financing to back L Catterton’s purchase of a majority stake in Italian beauty brand Kiko (BBG)

• Banks including Citigroup and JPMorgan kicked off a $500M bond deal to support CD&R’s planned purchase of a majority stake in tech-services company Presidio (BBG) 

Bankruptcy / Restructuring

• Creditors including HF Arini are set to take control of building materials firm Consolis from Bain Capital in a debt restructuring to slash $323M of net debt (BBG) 

• Steward Health Care System, the largest US physician-owned hospital operator, filed for one of the largest Chapter 11 hospital bankruptcies in decades (WSJ) 

• Bill Gates-backed liquid metal battery developer Ambri filed for Chapter 11 bankruptcy with plans to sell itself (WSJ) 

• Czech billionaire Daniel Kretinsky and David Layani’s OnePoint submitted offers to rescue embattled French tech company Atos (BBG) 

Fundraising

• MM PE firm Palm Beach Capital closed its sixth fund at over $350M (FN)

Crypto Corner

• SEC warned Robinhood of an enforcement action over its crypto business (BBG) 

Exec’s Picks

• Financial Times published their special edition newsletter exploring Berkshire after Buffett.

Litney Partners - Financial Recruiting 💼💼

If you're currently a junior investment banker looking to break into the buy side, considering lateraling to another investment bank, or have recently been impacted by widespread layoffs, it's time you check out Litney Partners, a partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates at leading private equity, hedge fund, venture capital, growth equity, and credit funds, as well as investment banks.

To get started, simply head over to the Litney website and create your profile by dropping your resume / filling out the form:

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