☕️Credit Dis(h)closure

Good morning.

Chair of the Australian Securities and Investments Commission (ASIC), Joe Longo, told Capital Brief that the private credit sector should expect to be forced to disclose more data about their deals by year-end – “probably by November.”

Adding that the sector is only going to get hotter, Longo acknowledged that the popularity of private markets is driven by confidentiality and discretion, but that “there probably will need to be some standard setting or best practice acceptance…in order to encourage fair and efficient markets.”

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Market movers

Zip shares soared Wednesday to close 13% higher at $2.21, with the stock rebounding 35% this month alone, after a US trade war sell-off.

The quick sync

• As Elaine Stead writes, deep tech delivers higher returns without higher risk, and bold investment now could define Australia's economic future. (Capital Brief)

• Wilson Asset Management eyes return to Virgin Australia as Bain launches $685m IPO at 30% discount to Qantas. (Capital Brief)

• Economists are warning US inflation data may be less reliable as staffing shortages force the use of rougher estimates, risking misinformed policy and market moves. (WSJ)

• Yale plans its first major private equity sale (up to US$2.5b) as it reshapes its endowment before looming tax changes. (Bloomberg)

Trading floor

M&A

• Cosette ends $672m Mayne Pharma deal, citing breach of agreement. (Capital Brief)

• Chemist Warehouse sells $200m more Sigma shares amid ongoing block trades. (AFR)

• Eagers sold $62m McMillan Shakespeare stake, likely to fund more dealership buys. (The Australian)

• BDO backs Ramelius’ $2.4b Spartan takeover as fair and in shareholders’ interest. (Capital Brief)

Capital Markets

• West African Resources agrees to raise Burkina Faso’s stake in its gold projects to 15%. (Capital Brief)

• Wesfarmers issues €600m in bonds to diversify debt, backed by strong investor demand. (Capital Brief)

• Coronado secures $150m loan from Oaktree to enhance liquidity and manage coal market challenges. (Capital Brief)

• BetMakers launches $10m raise to fund Nevada acquisition. (AFR)

• Soul Patts confirms bondholder rights amid Brickworks merger and ASX delisting plan. (Capital Brief)

• National Storage to gain $140m from fund asset sale to cut debt and strengthen finances. (Capital Brief)

• Melbourne Airport targets $500m+ junior debt to fund expansion despite shareholder disputes. (AFR)

• ANZ to launch AI chatbot “amie” for real-time market insights and better client engagement. (Capital Brief)

• Ex-Macquarie boss’s Factory Capital seeks $100m from family offices and HNWIs. (AFR)

• Brookfield to invest $15b in a large AI data centre in Sweden. (Capital Brief)

• ASIC to enforce greater disclosure of private credit deal details by year-end. (Capital Brief)

• Permira aims for $3b I-MED IPO on ASX after sale talks fall through. (The Australian)

• Virgin raises $685m in ASX float, cutting Bain’s stake as demand heats up. (AFR)

• Freshwater Strategy likely keeps key offshore media partners despite election polling backlash. (Capital Brief)

• Robinhood is tipped for S&P 500 entry in Friday’s rebalancing, with Bank of America predicting a surge in passive fund buying if it makes the cut. (Bloomberg)

• Apollo urges ASIC to tailor private markets rules to asset-specific risks, warning broad regulations could stifle low-risk investments like investment-grade credit. (Bloomberg)

VC

• Amber Electric raises $45m to expand globally, boosting smart energy tech ahead of Australia’s battery rebate. (Capital Brief)

People moves

• Lovisa appoints Mark McInnes as executive deputy chair and John Cheston as global CEO. (Capital Brief)

• Airwallex appoints new board, including Kelly Bayer Rosmarin, as it nears Australian banking licence. (Capital Brief)

• M&A star Tony Damian joins Ashurst to strengthen its corporate practice and compete with top rivals. (AFR)

• Ex-Perpetual fundie Nathan Parkin joins Australian Ethical as head of equities. (AFR)

• Michelle Simmons joins Tech Council of Australia board to boost quantum tech leadership. (Capital Brief)

• Country Road CEO Raju Vuppalapati to leave in August, no replacement named. (AFR)

The watercooler