☕️ Loans record

US leveraged finance braking seasonal records

Good morning.

Leveraged loan issuance in the northern hemisphere is sizzling, with announced deals in the US breaking summer records as borrowers rush to capitalise on reportedly “cheap” financing thanks to the seemingly insatiable appetite for high yield debt from debt funds.

At least nine new leveraged loans deals launched Monday, along with five in the US high-yield bond market, according to data compiled by Bloomberg.

With over US$190b ($286b) already raised in June and July, the market seems more than vibrant as investors flock to buy high-yield bonds and loans.

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

DroneShield’s first-half revenue soared to a record $24m, up 110% from last year. Yet, the company’s shares took a nosedive, dropping 21% in on Monday after the result.

Investors seemed put off by the 54.9% fall in the same gauge compared to the previous quarter, although shares are still over three times their price late last year.

Intrigued? Tune in for the call with CEO Oleg Vornik and technology boss Angus Bean at 2pm this arvo.

The quick sync

  • CrowdStrike’s Australian customers have forgone their rights to pursue compensation in the Australian courts. (The Australian)

  • Danny Gilbert details the strategies and philosophies that helped Gilbert + Tobin become one of Australia's top players, and why it would be hard to do it now. (Capital Brief)

  • CrowdStrike outage shows the extent of 'single point of failure' risks and its consequences. (Capital Brief)

  • ANU Professor Peter Yu wants the government to more specifically consider the opportunities for Indigenous Australians in the new economy, calls for a First Nations seat at the Future Made in Australia table. (Capital Brief)

  • Sam Kroonenburg, an Aussie who sold cloud start-up for $2b jumps on AI for ads. (AFR)

Trading floor

M&A

  • South32 will write down its Worsley Alumina business due to delays and difficult conditions imposed by the WA EPA for new bauxite mining approvals. (Capital Brief)

  • Haben is raising $263m to acquire a 50% stake in QIC's Westpoint Shopping Centre. (AFR)

  • Stonepeak, using Goldman Sachs for its $1.3bn Arvida acquisition, may shift focus to Australian infrastructure opportunities next. (The Australian)

  • Suitors prepare bids for Anglo American's $7.5bn Queensland coal assets, awaiting details on Grosvenor mine fire's impact. (AFR)

  • Woodside Energy will acquire Tellurian, including its Driftwood LNG project. (Capital Brief)

  • Crescent Capital is bidding $1.90 per share for Pacific Smiles, facing competition from Genesis Capital, but has gained support from influential proxy adviser ISS. (AFR)

  • Monoova has partnered with global insurance platform Guidewire to enhance real-time payment options like PayTo and PayID.(Capital Brief)

  • EY seeks investors for Hive Battery Development's first portfolio of ten 4.98 MW battery projects in the Hunter Valley, totaling 200 MWh of storage. (AFR)

  • Jonathon Pearce is returning to dealmaking by acquiring Everest Ice Cream, with backing from James Packer’s Consolidated Press Holdings. (AFR)

  • Barrenjoey is preparing to sell a $2bn stake in CDC Data Centres amid strong data center demand. (The Australian)

  • Luke Cummings’ fund Harvest Lane avoids boards that frequently reject takeover bids, like those involved in the $8.8bn Chemist Warehouse-Sigma merger. (AFR)

  • Perpetual will soon update on its funds and the $2.18bn sale of its corporate trust unit to KKR. (The Australian)

Capital Markets

  • Cromwell Property Group's Australian portfolio value fell by $115.5 million over six months due to challenging conditions and higher interest rate. (Capital Brief)

  • LTR Pharma launches an $8m capital raise after positive trial results, with Alpine Capital managing the process. (AFR)

  • Insignia Financial shares rose after it upgraded its profit guidance due to strong revenue and higher funds under management. (Capital Brief)

  • Anteris Technologies is raising $40m to develop its DurAVR THV heart valve product. (AFR)

  • Whitehaven Coal shares dropped after mixed analyst reactions to its Q4 results, despite improved production and sales. (Capital Brief)

VC

  • Blossom aims to hit $100m in funds under management by year-end, reaching $75m so far. (Startup Daily)

People moves

  • Michael Stutchbury steps down as editor-in-chief of the Australian Financial Review after 13 years, succeeded by James Chessell. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

Together with Silversea

$6,000 savings on ultra-luxury Silversea voyages

There are thousands of reasons to discover the world with Silversea’s ultra-luxury voyages, from immersive polar expeditions and authentic experiences in the Mediterranean, to the most personalised service at sea.

Best of all, from now through 31 July 2024 we think you’ll like $6,000 savings per suite on Silversea’s extraordinary collection of global voyages from June 2024 to August 2026.

The watercooler

/