☕ Contagion continues

Good morning. The European Central Bank followed suit and raised rates by 25bps, while over in the US, the regional banking contagion continues to spread. Attention is mostly on the 59th largest bank, PacWest — but Zions Bancorp (40th), Comerica (41st) and Western Alliance (44th) were also massively sold off by investors too.

Good morning. The European Central Bank followed suit and raised rates by 25bps, while over in the US, the regional banking contagion continues to spread.

Attention is mostly on the 59th largest bank, PacWest — but Zions Bancorp (40th), Comerica (41st) and Western Alliance (44th) were also massively sold off by investors too.

—

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: Super Retail Group was chipped by investors on Thursday on the back of the trading update it released after market the night before.

The trading update showed that like-for-like revenue growth for the group in H2 (+6%) was about a third of what it was in H1 (+15%). They also flagged inflationary pressures on its margins which were off 10bps in H2. 

THE QUICK SYNC

  • How the HWL Ebsworth hack unfolded. (AFR)

  • The next Justin Hemmes? Young gun swoops on $29m trophy pub. (AFR)

  • Jenny Craig ‘continues to operate’ in Australia despite looming US bankruptcy. (SMH)

  • Hate passwords? Google has taken a big step towards getting rid of them. (SMH)

  • US banking contagion spreads as PacWest shares tumble. (RT)

  • European Central Bank raises rates by 25 basis points, slowing the pace of hikes. (CNBC)

  • Messi is reportedly set to be offered almost £‎500m to move to Al-Hilal. (Sun)

TRADING FLOOR

 M&A:

  • Coca-Cola Europacific Partners has sold its Queensland coal royalties to Czech firm Sev.en Global Investments for $65m. (AFR)

  • Malaysia’s Tenaga Nasional wins Spark Renewables auction. (AFR)

  • Silver Lake Resources tried to break the St Barbara-Genesis deal but was rejected by the target board. (AFR | The Australian)

  • Brett Blundy is speculated as the likely buyer of City Chic stock. (AFR)

  • BP is looking to run at Alinta Energy’s up-for-sale remote power assets in Pilbara. (AFR)

  • Betr has put itself up for sale after receiving inbound interest. (AFR)

  • Myprosperity has been acquired by listed financial services platform HUB24. (BNA)

  • PPK Group has taken majority ownership of PowerPlus Energy. (BNA)

  • Bain Capital is believed to be cooling on its plans to buy aged care provider Estia. (The Australian)

 Capital Markets:

  • Vulcan Energy Resources launched a $109m raising (AFR)

  • NAB opened a book build for a three-year and five-year senior unsecured benchmark bond deal. (AFR)

  • Ramsay Health Care mandated ANZ, CBA and Westpac to organise a series of meetings with potential backers. (AFR)

  • Ventia’s IPO vendors, Apollo and CIMIC, chipped off 14% of the company via a $300m block trade. (AFR | The Australian)

VC:

  • Safewill, an end-of-life planning platform, has raised $5.5m in what it's calling a Series A. (StartupDaily)

  • Mercu, an employee engagement platform, raised $2.4m from Sequoia, TEN13, 500 Global, Flying Fox Ventures, Archangel Ventures and XA Network. (StartupDaily)

  • BoozeBud is placed in voluntary administration and shutting down sales. (StartupDaily)

  • MadeComfy, a short-term rental management startup, has raised $10m in venture capital and debt. (StartupDaily)

Others:

  • White & Case poaches Clayton Utz partner Timothy Sackar. (AFR)

  • Argonaut co-founder Eddie Rigg has set his sights on the harbour city for the company's next leg of growth. (AFR)

  • Regis Healthcare has welcomed the announced pay rises for aged care workers. (The Australian)

  • Trevor Gerber has stepped down as the chairman of Jarden Group. (The Australian)

TOGETHER WITH ALLIANCE ADVISORS

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We go beyond, from development to execution of bold, client-first strategies, resulting in winning outcomes.

For more information, please contact Brendan Henry on [email protected]

THE WATERCOOLER

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