๐ฅBurn After Issuing
Also available:๐ซ๐ท รdition franรงaise
Good morning!
Every indebted democracy keeps a fireplace in its political imagination, with a man in front of it feeding government bonds to the flames. France’s comes with a declared candidacy and 16% in the polls. Jean-Luc Mรฉlenchon, the hard-left veteran who took 21.95% in 2022 and now sits a point from the runoff slot, spent part of August explaining on video that a government could take the 18% of French debt held by its central bank, some โฌ630B out of โฌ3,536B, feed the securities to the flames, and nobody would notice. The riposte assembled itself in minutes: if the state can burn what it owes, why should a taxpayer facing 70% not burn his own notice, servers included? That symmetry is satisfying and false. A cancelled tax bill is money already promised to a nurse’s salary, a coupon or a frigate, and its loss leaves a real creditor empty-handed. A central bank has no widows clipping coupons: its capital and its dividend belong to the state, and the interest on those โฌ630B leaves the French Treasury only to come back with a delay and a haircut.
The bonds were paid for in central bank reserves, which the banking system still holds and which earn the deposit rate nightly: easing swapped a 10-year fixed coupon for a floating rate reset every 24 hours, and burning the asset leaves the liability untouched. The Banque de France booked an operating loss of โฌ17.9B in 2024 and raided โฌ10.1B from its risk fund; its return to โฌ8.1B of profit in 2025 owed much to selling 129 tonnes of gold stored in New York, an โฌ11B one-off. An institution that restores profitability by liquidating bullion has the merit of resourcefulness, and no miracle to distribute.
Article 123 forbids monetary financing because 12 governments decided in 1992 that it should be, after two decades of finance ministries treating the central bank as an overdraft facility. Asked in February 2021 about the 100 economists demanding precisely this, Christine Lagarde pronounced it unthinkable, a violation of the treaty, one of the founding pillars of the euro. Pillars are load-bearing beliefs rather than laws of thermodynamics. Japan runs the polite version already, its central bank holding roughly half the national debt with no intention of selling it, which is cancellation with better manners.
The bad faith belongs to the lecturers, who defend a convention while claiming to defend arithmetic. The case for keeping the rule is strong: credibility costs less to maintain than to rebuild, and a government that finds the central bank window open rarely closes it again. That case deserves making out loud, as a political choice, by people willing to sign it. Passing it off as a physical impossibility is how conventions stop being examined, and unexamined conventions give way in the least convenient decade.
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๐๏ธ Top Story
- ๐ฉ๐ช Spy Hard. The German government’s overhaul of intelligence laws draws fire from Greens, Left, and privacy watchdogs for weakening oversight and expanding surveillance powers with little transparency. (Die Zeit)
- ๐ฆ๐น Export Control. Austrian authorities dismantled a Vienna-based network accused of secretly shipping โฌ3.3M in sanctioned military equipment to Russia via shell companies, all in violation of EU rules. (Le Figaro)
- ๐ช๐บ Total Eclipse of the Art. A partial solar eclipse swept across Europe, dazzling millions from France to Spain as crowds donned special glasses for a midday spectacle. (Le Parisien)
- ๐ช๐บ Fact-Check Mate. Brussels launches a dedicated communication channel with Meta and TikTok to speed up removal of false migration posts after the Ceuta surge, hinting more rules may follow. (Le Monde)
- ๐บ๐ธ Vice-Royalty. Marco Rubio, dubbed ยซย vice-roiย ยป by the New York Times, is now effectively running Venezuela from Washington after Maduro’s fall, with Delcy Rodriguez acting as his daily WhatsApp liaison. (Le Figaro)
- ๐บ๐ธ Press Pass. Karoline Leavitt will leave her post as White House press secretary at the end of the month to focus on family, with Trump promising she will remain a key outside advisor. (Bbc)
- ๐บ๐ธ Primary Colors. Six states held primaries, but results only deepened party uncertainty as Democrats and Republicans struggle to define their November strategies. (Le Temps)
- ๐บ๐ธ Shot Caller. The WHO blasts Donald Trumpโs new order slashing recommended childhood vaccines in the, warning it ignores scientific evidence and endangers public health. (Spiegel)
- ๐ป๐ช Order in the Court. Both sides in Venezuelaโs political standoff pledge to reform the judiciary, but transparency and trust remain in short supply. (Le Monde)
- ๐ Heat Wave Theory. Scientists warn that this year’s El Niรฑo is arriving early and strong, sparking extreme temperatures and dry spells from Panama to Ethiopia to India. (New York Times)
- ๐พ๐ช Collateral Damage. A Pentagon report reveals that 153 civilians were killed and 243 injured in three military strikes in Yemen in 2025, a sharp rise from previous years. (Die Zeit)
๐ฌ๐ง United Kingdom
- ๐ด๓ ง๓ ข๓ ณ๓ ฃ๓ ด๓ ฟ Red Alert. At their first hustings, Scottish Labourโs three leadership candidates urge unity and warn that internal feuds and factionalism risk pushing the party into political oblivion. (Bbc)
- ๐ฌ๐ง Grill Seekers. Prime Minister Andy Burnham is considering a ban on disposable barbecues to curb wildfires as the UK faces record-breaking heat and emergency talks. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Tax and the City. After a triumphant start, Mayor Mamdani now faces public anger and City Council friction as his luxury property tax plan falters. (Wall Street Journal)
- ๐บ๐ธ Hong Out. Francesca Hong, the progressive favorite, lost Wisconsinโs Democratic primary for governor to establishment-backed David Crowley, exposing the leftโs limits in swing states. (New York Times)
๐๏ธ Economy
- ๐ช๐บ Crude Awakening. The IEA lowers its global oil outlook, blaming the Strait of Hormuz impasse for stalling both supply and demand recovery. (Les Echos)
- ๐ช๐บ Wind Breakers. Vestas CEO warns that strict merger rules are holding back European wind turbine makers from competing with global giants, gusts of frustration included. (Bloomberg)
- ๐จ๐ญ Too Big to Bail. The Swiss government proposes new laws to rein in big banks after Credit Suisse’s collapse, including bonus clawbacks and expanded Finma oversight, as UBS braces for stricter capital demands. (Financial Times)
- ๐ท๐บ Cage Match. Sanctioned Russian tankers are sailing out of the Black Sea draped in nets and water tanks, hoping DIY defenses will keep Ukraineโs drones at bay. (Financial Times)
- ๐ท๐บ Growth Sanctions. Russia’s economy grew 1.3% in Q2 2026, beating forecasts despite Western sanctions and Ukrainian strikes on its energy infrastructure. (Les Echos)
- ๐บ๐ธ Machine Unlearning. A former OpenAI employeeโs warning about AI models going rogue by 2027 is gaining traction, turning science fiction into a calendar alert. (Le Figaro)
- ๐บ๐ธ Squeeze Play. Trump pivots from failed military tactics to economic sanctions and a naval blockade, hoping to force Iranโs hand on its nuclear ambitions. (Bloomberg)
- ๐บ๐ธ Flatliners. The 10-year Treasury yield held steady at 4.68% while Wall Street paused for July CPI figures that could jolt rate expectations. (Cnbc)
- ๐บ๐ธ Yield Signs. The Federal Reserve’s updated approach shifts credit market focus from spreads to rates, making every Fed statement a market-moving event. (Bloomberg)
- ๐บ๐ธ Truth for Sale. Media organizations are suing Donald Trump over his plan to sell premium access to his Truth Social posts, charging financial firms up to $100K monthly for a head start on market-moving content. (Spiegel)
- ๐ฏ๐ต Soft Serve. Japanโs producer prices rose 7.2% in July, coming in below expectations and offering a rare moment of relief for policymakers. (Cnbc)
- ๐ฐ๐ต Remote Control. North Korean operatives have infiltrated companies by posing as remote workers, using stolen identities and AI tools to funnel money back to Pyongyang. (Wall Street Journal)
- ๐ธ๐ฆ Pump It Up. Saudi Arabia claims a 1M barrel daily production rebound for July, letting OPEC know the taps are open again. (Bloomberg)
- ๐ Metal Gear Tokens. Mining and tech firms are launching crypto tokens tied to gold, copper, and uranium, hoping to lure retail investors with a blend of digital hype and commodity fever. (Financial Times)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Cocoa Britannia. Scientists at the University of Reading have crafted the first all-British chocolate bar since 1932 using UK-grown cocoa, proving local chocolate is no longer just a royal memory. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Shell Game. The Treasury Department will stop collecting ownership data on shell companies, rolling back a key anti-money laundering measure from the 2021 transparency law. (New York Times)
๐ข Real Estate
- ๐บ๐ธ House of Cards. Donald Trumpโs White House renovations will cost at least $900M, with the administration quietly rerouting funds and dodging Congressional approval for the priciest makeover in decades. (Le Figaro)
- ๐บ๐ธ Rate Break. mortgage rates finally paused their climb, nudging home loan demand up 3.6% last week as buyers and refinancers peeked back in. (Cnbc)
- ๐จ๐ณ Current Affairs. The Pinglu Canal, set to open in September, lets Chinese goods flow to ASEAN markets while dodging American trade obstacles. (Les Echos)
- ๐ฆ๐บ Rate Expectations. RBAโs Kent credits sliding home values with helping slow Australiaโs economy, making property the new lever for policy patience. (Bloomberg)
๐บ๐ธ United States
- ๐บ๐ธ Lease Anatomy. A real estate fund faces the loss of its Boston life science building, offering a harsh lesson in the risks of biotech property bets. (Bloomberg)
๐ On-chain
- ๐บ๐ธ Insiderโs Game. Kalshi alerted regulators to 32 possible insider traders in just three months, but the CFTC has charged only three people so far. (New York Times)
- ๐บ๐ธ Odds and Ends. Polymarket and Kalshi face a sweeping inquiry from New York City Council over accusations of deceptive practices and marketing to minors, putting prediction markets under the spotlight. (Wall Street Journal)
- ๐ฆ๐ช Token City. Coinbase ๐บ๐ธ picks Abu Dhabi for its new international tokenisation hub after securing a license to launch tokenised securities in the region. (FinExtra)
๐ฑ Listed Markets
- ๐ฌ๐ง Encore Une Fois. Aviva’s turnaround under Amanda Blanc has impressed the market, yet the big question is what comes after the revival. (Cnbc)
- ๐ฉ๐ช Sub Prime. Shares of German submarine builder TKMS surged over 14% in Frankfurt after the company raised its 2026 outlook for the second time in six months. (Les Echos)
- ๐บ๐ธ Through the Floor. CEO Andrew Feldman says AI demand is ยซย through the roof,ย ยป but Cerebras shares fell 14% after its latest earnings report. (Cnbc)
- ๐บ๐ธ Switch Hit. Cisco ๐บ๐ธ posts a $3.86B profit for the July quarter as AI hyperscaler orders flood in, leaving last yearโs $2.55B in the dust. (Wall Street Journal)
- ๐บ๐ธ Twitchcraft. Twitch streamers are automatically enrolled in Amazonโs AI training program using their own content, unless they find and flip the opt-out switch. (TechCrunch)
- ๐บ๐ธ Post Malone. Meta unveils an AI-powered Creator Studio app that tells creators exactly when and what to post, and even drafts their replies for them. Because who needs spontaneity? (TechCrunch)
- ๐บ๐ธ Exit Strategy. After California sues to block the $111B Warner Bros takeover, Paramount ๐บ๐ธ floats moving out of Hollywood, prompting the state to call it blackmail, not business. (France Info)
- ๐จ๐ณ Profit and Loss. Tencent ๐จ๐ณ reported Q2 revenue in line with forecasts at $30.4B, but net profit missed estimates as heavy AI spending left investors unimpressed. (Boursier)
- ๐ฐ๐ท Chip Happens. South Koreaโs Kospi has surged back into bull market territory with a 20% rebound, powered by renewed faith in its semiconductor giants and AI optimism. (Cnbc)
- ๐น๐ผ Cloud Nine to Five. Foxconn is ramping up global AI server production to cash in on booming cloud investment, proving that the real gold rush is hardware. (Wall Street Journal)
- ๐ฎ๐ฉ Grace Period Over. MSCI ejects GoTo ๐ฎ๐ฉ from its indexes as the tech giant’s stock keeps falling, leaving little room for optimism among backers. (Bloomberg)
- ๐ฎ๐ณ Exit Strategy. Tata Group ๐ฎ๐ณ shed $4.5B value as Chairman N. Chandrasekaran revealed his exit plans, reminding everyone how fragile confidence can be. (Bloomberg)
๐บ๐ธ United States
- ๐บ๐ธ Home Lincoln. Ford will boost production of Lincoln vehicles in the starting in 2030, phasing out Chinese imports and promising thousands of new American jobs. (Cnbc)
- ๐บ๐ธ Board of Governors. Paramount is considering a special editorial board for CNN to reassure critics that its $81B takeover will not compromise newsroom independence. (Wall Street Journal)
- ๐บ๐ธ Ship Shape. Carnival CFO David Bernstein says the company has cut $10B in debt since 2022 and restored dividends, steering the cruise giant back to investment-grade waters. (Wall Street Journal)
- ๐บ๐ธ Assembly Required. General Motors unveils a $4.5B safety net to pre-fund key parts, betting cash up front will keep production on track. (Wall Street Journal)
๐๏ธ Big Deals (M&A)
- Lewis family ๐ฌ๐ง invests $135M in a share sale of Tottenham Hotspur ๐ฌ๐ง. Minority shareholder and former chairman Daniel Levy missed a deadline to participate.
- Giorgio Armani ๐ฎ๐น’s planned 15% stake sale may be delayed past the March 2027 deadline set in late founder Giorgio Armani’s will.
- MARI ๐บ๐ธ acquires ATG Entertainment ๐ฌ๐ง for $6B including debt, an events platform buying a UK theatre giant.
- Phillips 66 ๐บ๐ธ, Kinder Morgan ๐บ๐ธ and HF Sinclair ๐บ๐ธ proceed with a $5B Western Gateway Pipeline project in a three-way JV.
- Francisco Partners ๐บ๐ธ acquires Moneris Solutions ๐จ๐ฆ, a commerce solutions provider, for $1.45B from Royal Bank of Canada and BMO Financial.
- ACV Auctions ๐บ๐ธ, a $1.2B-listed online car marketplace, explores a sale after receiving takeover interest.
- TPG Capital ๐บ๐ธ acquires a 61.2% stake in Lotte Rental ๐ฐ๐ท from conglomerate Lotte for $925M at a 32% premium, months after regulators blocked an earlier takeover.
- Joby ๐บ๐ธ acquires Resonant Sciences ๐บ๐ธ for $500M, a defense tech firm.
- Curaleaf ๐บ๐ธ offers $270M for Aurora Cannabis ๐จ๐ฆ in an unsolicited bid at a 45% premium.
- Uber ๐บ๐ธ divests from long-time robot delivery partner Serve Robotics ๐บ๐ธ.
- Bob Iger & Joshua Kushner ๐บ๐ธ buy Los Angeles Lakers ๐บ๐ธ at a $12.5B valuation. Mark Walter sells his majority equity.
- Fortuna Mining ๐จ๐ฆ acquires Bambadji gold project ๐ธ๐ณ from Barrick Mining ๐จ๐ฆ and IAMGOLD ๐จ๐ฆ for $200M.
- GO Residential REIT ๐จ๐ฆ acquires H&R REIT ๐จ๐ฆ’s US residential portfolio for $4.8B.
- Hanwha Aerospace ๐ฐ๐ท makes a preliminary offer to acquire Austal ๐ฆ๐บ’s US operations for $1.2B.
- eToro ๐ฎ๐ฑ acquires TradeZero ๐บ๐ธ for $230M in a cash-and-stock deal, combining rival trading platforms.
๐บ๐ธ United States
- Optimum Energy Co. ๐บ๐ธ acquires Hussung Mechanical Contractors and HMC Service Company ๐บ๐ธ (Bernhard Capital-backed. Leading mechanical contractor with a 60-year history, serving healthcare, higher education, manufacturing and mission-critical facilities).
- Baymark Partners ๐บ๐ธ acquires Meal Prep Sunday ๐บ๐ธ, a Southern California meal prep & delivery company. Marks Baymark’s 66th acquisition and founder Abtin Naderi will remain leading the business.
- Trian Fund Management ๐บ๐ธ prepares a takeover bid to take Wendy’s ๐บ๐ธ private. Owns a 7.85% stake and shares jumped >14% after the report.
๐งณ Private Markets & VC
- ๐ช๐ธ Quantum Leap. Spanish startup Multiverse Computing is close to raising โฌ500M to scale its AI technology that slashes computing demands, aiming for European dominance. (Sifted)
- ๐ธ๐ช Vibe Check. Lovable, the Stockholm AI darling, secures a $13.3B valuation for its plain-language coding tool, as investors catch feelings for the latest trend. (Wall Street Journal)
- ๐ณ๐ด Crown Jewel. Norwayโs sovereign wealth fund posted a record โฌ160B profit in the first half of 2024, riding a global tech rally to historic gains. (Le Figaro)
- ๐ณ๐ด Piggy Bank Shot. Norway’s giant fund scored a $184B profit and quietly joined the SpaceX club with a $1.2B stake now on display. (Cnbc)
- ๐บ๐ธ Paper Chase. With OpenAI and Anthropic set to mint thousands of new millionaires, Morgan Stanley and rivals are cutting fees and staffing up to grab a piece of the AI equity gold rush. (Financial Times)
- ๐บ๐ธ Portfolio Shuffle. Insurers Delaware Life and Clear Spring, controlled by Mark Walter, rush to shed related-party assets under regulatory pressure, with billions on the line and ratings at stake. (Financial Times)
- ๐บ๐ธ Cash Under the Table. Forbes ousted Randall Lane after learning he received a $6M payment from RJ Shook, whose firm collaborates with the magazine on rankings. (New York Times)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Cocoa Local. For the first time in nearly a century, a chocolate bar made entirely from UK ingredients debuts, thanks to Readingโs homegrown cocoa. (Bbc)
๐บ๐ธ United States
- ๐บ๐ธ Love Interest. Heidi Beirich, once the SPLCโs hate group tracker, now faces charges for allegedly sending $140K to an informant boyfriend while on the job. (Wall Street Journal)
- ๐บ๐ธ Gotham Gains. New York Cityโs public pensions notched a 13% increase this year, riding the wave of booming American equities. (Bloomberg)
- ๐บ๐ธ Tip-Off. The FTC is distributing $23.8M to Grubhub customers and drivers after exposing the companyโs misleading earnings claims and unauthorized restaurant listings. (TechCrunch)
- ๐ฆ๐บ Current Affairs. The Australian government will spend $1.8B to bail out Rio Tintoโs Tomago aluminium smelter, securing 1,000 jobs and 10 percent of NSWโs electricity demand for another decade. (Financial Times)
Fundraising
- Thrive Holdings ๐บ๐ธ (AI): $2B (SoftBank, D1 Capital Partners, Altimeter Capital)
- River AI ๐บ๐ธ (AI): $1.1B (General Catalyst, AMP)
- Cognition ๐บ๐ธ (AI): $1B
- Form Energy ๐บ๐ธ (Energy storage): $750M (T. Rowe Price, Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricornโs Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz, Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, M&G Catalyst Fund)
- Unwell ๐บ๐ธ (Media): $500M (Patrick Whitesell)
- Lovable ๐ธ๐ช (AI): $400M (Menlo Ventures, Scaleup Europe Fund, Regent) – Valuation $13.3B
- HALO AirFinance ๐บ๐ธ (Aviation): $390.2M
- Neros Technologies ๐บ๐ธ (Defense): $250M (Sequoia)
- Moove (Mobility): $250M (Mubadala Investment Company, Woven Capital, Toyota’s Growth Fund, Ion Pacific, BlueCrest Capital Management, Sona Capital, The Raptor Group, BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Square Associates, The Latest Ventures, Ontario Power Generation Pension Plan)
- AmCap Ventures ๐บ๐ธ (Real Estate): $250M (Almanac Realty Investors, Australian Retirement Trust)
- Bridge to Lifeโข Ltd. ๐บ๐ธ (Medtech): $110M (Soleus Capital, Lauxera Capital Partners, Bridge to Life directors/officers/employees, Soleus Capital Credit Opportunities Fund)
- Revman International ๐บ๐ธ (Household): $87M (First Citizens Bank, CIT Commercial Services)
- MarginEdge ๐บ๐ธ (Hospitality): $80M (Schooner Capital, Ten Coves Capital, Osage Venture Partners, Derive Ventures, Western Alliance Bank)
- InduPro ๐บ๐ธ (Biotech): $77M (The Column Group, Vida Ventures, MRL Ventures Fund, Emerson Collective (advised by Yosemite), Euclidean Capital, Solasta Ventures, Sanofi, Eli Lilly and Company)
- Boulevard Bio ๐บ๐ธ (Immunology): $65M (Deerfield Management and affiliates)
- Skan AI ๐บ๐ธ (AI): $63M (Cathay Innovation, Dell Technologies Capital, Citi Ventures, Bloomberg Beta, State Farm Ventures, Wipro Ventures)
- Heaviside Industries ๐บ๐ธ (Defense): $60M (Felicis, Hedosophia, Menlo Ventures, Cantos, Flume Ventures, Qstar Capital, Friends & Family Capital, Anorak Ventures, MVP Ventures)
- Blacksmith ๐บ๐ธ (DevTools): $45M (Peak XV Partners, Y Combinator, GV)
- Trajectory ๐บ๐ธ (AI): $40M (Sequoia)
- Remepy ๐บ๐ธ (Biotech): $36M (O.G. Venture Partners, M Ventures, NFX, Vine Ventures, Qumra Capital, TechAviv, 97212 Ventures, Fresh Fund, PsyMed Ventures, Tadmor Group, Key1 Capital, IT-Farm Corp)
- Silicon Data ๐บ๐ธ (AI infrastructure): $30.5M (Valor Atreides AI Fund, CME Group, DRW, F-Prime, Samsung, VanEck, Further, Jump, Tectonic, Wintermute, Breed, Hack, Blank VC, Sancus Ventures, SoGal Ventures)
- Mindgard ๐ฌ๐ง (AI security): $30M (Album VC, Karma Ventures,.406 Ventures, Atlantic Bridge, IQ Capital, Lakestar)
- Beyang Therapeutics ๐จ๐ณ (Biotech): nearly $30M (Legend Capital, Shanghai Healthcare Capital, China Medical System Holdings, Fenglei Capital, Shanghai Sci-Tech Innovation Center Capital, Harbor & Canton Capital, Root Venture Partners, YuanBio Venture Capital)
- Amplifica Holdings Group, Inc. ๐บ๐ธ (Biotech): $26M (Tasso Partners, Eli Lilly and Company, principals of Scopia Capital Management, other investors)
- ClearJet ๐บ๐ธ (Logistics): $25M (Edison Partners, Venture53, Origin Ventures, Salt VC, SpringTime Ventures, Sky VC, Tandem Ventures)
- Partiful ๐บ๐ธ (Events): $20M (a16z)
- Axle ๐บ๐ธ (Insurtech): $17.5M (Base10 Partners, Y Combinator, Gradient Ventures, Stage2 Capital, Chris Bayley, early team at Plaid, other industry angel investors)
- Entravel Group ๐บ๐ณ (Travel): $7.5M (Ethereal Ventures, Finality Capital)
- STRGY AI ๐ซ๐ฎ (AI): โฌ1M (Maryne Lemvik, Innovestor’s Angel CoFund, Business Finland, private investors from the UK, Norway, Switzerland, Finland)
Fund Watch
- Accel ๐บ๐ธ: $3.5B (four funds, global early-stage)
- Craft Ventures (David Sacks) ๐บ๐ธ: $1B (first fund since leaving the Trump administration, venture fund)
- Exponent ๐ฌ๐ง: $865M (carve-out vehicle for H&MV Engineering, backed by Apollo’s Pantheon and SQ Capital)
- Accel ๐บ๐ธ: $800M (+$2.7B) (9th Europe & Israel early-stage VC fund. Also raised $2.7B across 3 other funds)
- Continuim Equity Partners ๐บ๐ธ: $550M (3rd industrial private equity fund, raised in 32 days)
- WovenEarth Ventures ๐บ๐ธ: $155M (WovenEarth Fund II, 2nd cleantech fund. Early-stage fund-of-funds & co-investments)
- 224 Ventures ๐บ๐ธ: $100M (AI-focused. Early-stage core fund raising $80M+, Yann LeCun joined)
๐IPO
- Tonner Drones ๐ซ๐ท (Drones): converted โฌ2M of debt into equity via BSA at โฌ0.0300, issuing 66,666,720 shares.
- Royal Philips ๐ณ๐ฑ (Medtech): Exor raised its stake to 22% in the $26B-listed company.
- Anthropic ๐บ๐ธ (AI): investors expect a record IPO valuing the company at $2tn+ in October.
- Unitree Technology ๐จ๐ณ (Robotics): retail portion of its $900M China IPO was 5,500x oversubscribed.
- Shein ๐ญ๐ฐ (E-commerce): is said to eye Aug. 28 for its Hong Kong trading debut.
- DayOne Data Centers ๐ธ๐ฌ (Data centers): confidentially filed for a $5B US IPO.
- LEAP India ๐ฎ๐ณ (Supply chain): backed by KKR, raised $260M a fully subscribed India IPO.
๐งณ Debt
- Gainwell Technologies ๐บ๐ธ: seeking $5.8B in junk debt to refinance its entire capital structure.
- General Motors ๐บ๐ธ: secured $4.5B financing to avoid parts shortages.
- ICE ๐บ๐ธ: sold $3.75B of investment-grade bonds to fund its $6B MarketAxess acquisition.
- CoreWeave ๐บ๐ธ: raised $2.6B DDTL.
- New York Yankees ๐บ๐ธ: raised $2.6B in financing from Apollo Sports Capital.
- Hartsfield-Jackson Atlanta International Airport ๐บ๐ธ: plans a $1.1B muni sale.
- Blue Owl ๐บ๐ธ: sold $750M of high-grade debt to pay down credit lines.
- Adani Group ๐ฎ๐ณ: secured an $800M loan from overseas lenders to fund expansion of its AdaniConneX data center JV.
- Which country flag should I use for Radiant World. I can update the line once you tell me.
๐บ๐ธ United States
- GACCโข ๐บ๐ธ: closed a $34M credit facility for a flexible packaging manufacturer.
- Achieve ๐บ๐ธ: closed a $261.5M AAA-rated HELOC securitization.
โ Failures
- Air Baltic ๐ฑ๐ป: outlined plans for a $440M debt-for-equity swap.
- Bitwise Asset Management ๐บ๐ธ: cut about 14% of staff (from ~180 to 155) while managing $9B in client assets.
- CSN ๐ง๐ท: secured bondholder support to complete a $1B debt exchange at its CSN Inova Ventures unit.
- Braskem ๐ง๐ท: bondholders press state-owned Petrobras to inject capital to avert a looming bankruptcy filing.
๐ฏ For a Few More Minutesโฆ
- ๐ซ๐ท Night Falls. Kavinsky, the DJ behind ยซย Nightcall,ย ยป is laid to rest in Montmartre after his sudden death at 50, leaving fans in silence. (Le Parisien)
- ๐ช๐บ War Is Over. Eurovision updates its rules so that any country involved in armed conflict cannot host the contest if it wins, a move clearly aimed at Israel and Ukraine. (Bbc)
- ๐ฏ๐ต Mario Kart, MD. Japanโs health regulators have authorized EndeavorRide, a Mario Kartโstyle video game, as a treatment for children with attention disorders. (France Info)
- ๐ฐ๐ท Mic Drop, Ear Drop. V from BTS disclosed heโs lost about 70 percent of hearing in his right ear and is receiving treatment, yet the tour goes on. (Bbc)
- ๐ฎ๐ฉ Light Out. The sacred fireflies of Bali are disappearing fast, as chemical farming and development snuff out a tradition that once lit up the islandโs nights. (New York Times)
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