☕ Flight to safety

Good morning. It's been a wild couple of weeks in the financial markets. Let us know if you think the worst is still to come or if we've weather the worst of it already.

March 21, 2023

Good morning. It's been a wild couple of weeks in the financial markets. Let us know if you think the worst is still to come or if we've weather the worst of it already.

--

ps. if this was forwarded to you, you can sign up at >> letterofintent.com.au

LOI Subscriber #TBD

MARKET MOVERS

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

Market news: The flight to safety amid all the banking turmoil has helped St Barbara and most gold stocks rally, with the price of the underlying metal jumping 6% over the last week.

The price of gold is trading near 15-year highs. 

THE QUICK SYNC

  • Credit Suisse aftermath:

    • Boardroom spies, trade debacles: How scandals ended Credit Suisse. (SMH)

    • ‘Shotgun wedding’: What the UBS rescue of Credit Suisse means. (CNBC)

    • Bank shares slide as Credit Suisse rescue fails to quell contagion fears. (RT)

    • Saudi National Bank loses over $1 billion on Credit Suisse investment. (CNBC)

  • Eighty-two Australian children have been abducted in Japan – and it’s legal. (SMH)

  • Latitude cyber attack: Passport copies stolen, historical customers affected, trading suspended. (Australian)

  • Michael Blakiston was the highest-paid director last year as a director at BCI Minerals and chairman of Develop Global. (AFR)

TRADING FLOOR

 M&A:

  • UBS has agreed to buy Credit Suisse for $4.5bn. (AFR | The Australian)

    • UBS is emerging as a rare winner in Credit Suisse's crisis. (AFR)

    • UBS had already been poaching Credit Suisse staff even before its announced acquisition. (The Australian)

    • Credit Suisse's retreat will be felt in institutional equities market. (AFR)

  • Australian Clinical Labs made an all-scrip off to acquire Healius. (AFR | The Australian)

    • ACCC likely to take a close look at ACL’s play for Healius. (AFR)

    • ACL says its takeover bid for fellow pathology tester Healius will improve the medical testing experience for regional patients. (SMH)

  • Ochre Health has Highbury Partnership to find it a buyer willing to take a controlling stake. (AFR)

  • China Molybdenum is mulling an exit of its Northparkes mine in NSW. (AFR)

  • Incitec sells troubled Waggaman ammonia plant in the US for $2.5bn. (Australian)

  • Cosmetique has emerged as a potential owner of collapsed skincare brand Purely Byron. (SMH)

Capital Markets:

  • Evolution Energy Minerals looks to be readying investors for a capital raise. (AFR)

  • Mighty Craft has launched a $7.7m equity raising via Morgans. (AFR)

VC:

  • Co Ventures raises a $5m fund focused on pre-seed investments. (AFR)

  • Lanterne, an e-scooter software startup, raises an $880K seed backed by Skalata Ventures and Rockstart. (AFR)

  • Alex Bank, a Sydney fintech startup, is trying to raise $20m at a $130m valuation. (AFR)

  • Pivot, a Melbourne ed-tech startup, raises $1.4m led by the Catholic Diocese of Maitland-Newcastle. (StartupDaily)

Others:

  • Australian Shareholders’ Association told its members to vote against AMP’s remuneration report. (AFR)

TOGETHER WITH DRIVA

Ain't it just a pain when you spend hours spreading comps to compare vehicle finance options from multiple lenders?

Well, Driva eliminates that pain.

The fintech company simplifies the process of finding the best possible rates. Their advanced technology matches you with personalised options from over 30 top Australian lenders.

That means your end up with the right loan for your unique situation.

If you're looking to to take the stress out of financing your next vehicle, then you've got to use Driva. Learn more here. 

THE WATERCOOLER

THE TRADE

  • Strategy & Corporate Development Manager — OFX (Learn More)

Looking to hire someone that would read LOI?

Post your roles on LOI jobs board.