๐Ÿฆถ Sinking Floor

The ground looks solid till your socks get wet.

20 mai 2026

The client thinks he is buying the Eurostoxx 50. The brochure shows ten years of back-tested glory, an 8% annual coupon, capital protected down to a 30% drawdown, and a logo familiar enough to reassure a private banker over coffee. He is not buying the Eurostoxx 50. He is buying the Eurostoxx 50 Decrement 50 Points, a distant cousin cooked up in a Paris structuring desk, identical to its famous relative except for one detail: by design, it loses a slice of itself every year, regardless of what Europe’s listed companies happen to be doing with their shareholders’ money.

The mechanism resembles a thermometer quietly tampered with. Every twelve months, the manufacturer shaves three degrees off the reading. In February it is 22ยฐC outside, the screen says 19ยฐC. Next February, same sunshine, 16ยฐC. By year eight, under an identical Mediterranean sky, the device announces a brisk -2ยฐC and recommends a scarf. So with a decrement structured product: 5% trimmed off the underlying every year, depending on which version of the cosh the bank prefers. Over eight years, more than a third of the index is gone before the market has opened its eyes. The 70% barrier, sold as a sturdy concrete floor, is in fact a parquet sinking 5% annually beneath the client’s feet. A real market down 10% punches straight through the threshold; the genuine Eurostoxx 50 would never have come close. The capital evaporates. The saver receives a polite letter.

The distributor pockets roughly 1.5% per year in structuring margin. The issuer pockets the spread between the coupon advertised and the cost of the options underneath. Volumes climbed from โ‚ฌ23B in 2021 to โ‚ฌ50B in 2024, with 80% tucked inside French life-insurance wrappers, the tax-favoured accounts where households store anything they cannot bring themselves to think about. More than a third are now indexed on these decremented synthetics. France’s market regulator recently published seven good practices for commercial documents, including the daring suggestion that issuers consider mentioning, somewhere on the page, what the contract is actually indexed to. Recommendations, not obligations. No sanctions foreseen. Meanwhile, France’s 2026 social security budget lifted the flat tax on securities accounts to 31.4%, funnelling another wave of savings towards the very wrappers where these contracts sleep.

No other corner of European finance allows this particular sleight of hand: embedding a mathematical loss inside the reference index, then marketing the package under the label capital protection. A roulette wheel at least shows the zero before the bet is placed. Here, the zero has been baked into the felt, the dealer is your cousin’s wealth manager, and the regulator has issued a press release reminding everyone to play responsibly. Most of those clients still believe they own the Eurostoxx 50.

๐Ÿฆถ Sinking Floor

๐Ÿ—ž๏ธ Top Story

  • ๐Ÿ‡ซ๐Ÿ‡ท G7 Nation Army. Donald Trump will attend the G7 summit in France in June, setting the stage for transatlantic friction and diplomatic recalibration. (Ouest-France)
  • ๐Ÿ‡ช๐Ÿ‡ธ Family Feud. Jonathan Andic, son of Mango founder Isak Andic, has been arrested after his fatherโ€™s 2024 mountain death was reclassified as possible homicide. Spanish police now suspect the billionaireโ€™s fatal fall was not just a tragic accident. (Libรฉ)
  • ๐Ÿ‡ช๐Ÿ‡ธ Flight Risk. For the first time, a Spanish ex-PM is under investigation as Josรฉ Luis Zapatero is summoned over alleged influence-peddling in the Plus Ultra bailout. (Le Monde)
  • ๐Ÿ‡ช๐Ÿ‡ช Friendly Fire. A Romanian F-16 on NATO duty shot down a Ukrainian drone over Estonia after it strayed from Russian jamming, making for an awkward alliance moment. (El Pais)
  • ๐Ÿ‡ช๐Ÿ‡บ Putin Whisperer. The is weighing Angela Merkel or Mario Draghi as a possible envoy to open direct talks with Vladimir Putin, hoping a familiar face can break the diplomatic deadlock. (Financial Times)
  • ๐Ÿ‡ช๐Ÿ‡บ Ice Cold War. The ramps up its diplomatic push in Greenland with new funding and high-profile visits as Trump renews his quest to control the island. (El Pais)
  • ๐Ÿ‡ท๐Ÿ‡บ War Games. Russia and Belarus have launched three days of joint nuclear military exercises near the EU border, fielding 64,000 troops and 7,800 pieces of equipment to send a not-so-subtle message to ยซย European warmongers.ย ยป (Le Temps)
  • ๐Ÿ‡บ๐Ÿ‡ธ NATO Light. The trims its European footprint by 4,000 soldiers, slowing deployments and reminding allies that Trump expects them to fund their own security. (Le Monde)
  • ๐Ÿ‡บ๐Ÿ‡ธ Trigger Warning. Cain Clark and Caleb Vazquez, both radicalized online, stormed a San Diego mosque, killing three and nearly causing a far greater tragedy. Authorities found Nazi symbols and โ€œrace warโ€ slogans among their possessions. (Le Parisien)
  • ๐Ÿ‡จ๐Ÿ‡ด Bullet Points. Colombian senator Alexander Lopezโ€™s armored car was riddled with bullets by a narco-guerrilla group just two weeks before the presidential election. The senator was not inside, but his bodyguard was briefly held. (Le Parisien)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Solo Ticket. Andy Burnham secures Labourโ€™s byelection nomination in Makerfield as the party confirms no rivals were considered for the June 18 contest. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Ticket to Ride. Andy Burnham gets Labour’s official nod for the Makerfield by-election, giving him another shot at Westminster. (BBC)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Cash and Carry. Rick Jackson, previously a political nobody, has bought his way into the heart of Georgiaโ€™s governor race by unloading $83M on relentless TV ads, proving you really can pay to play. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Boat Check. The Pentagon inspector general will review whether Southern Command followed proper procedures in its deadly airstrikes on suspected drug-smuggling boats, after at least 192 people were killed. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Primary Directive. Trumpโ€™s chosen candidate, Ed Gallrein, ousted Rep. Thomas Massie in Kentucky, extending Trumpโ€™s streak of picking off Republican dissenters. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Off the Rails. New Yorkโ€™s LIRR trains are running again after a strike-ending agreement, giving stranded riders their usual headaches instead of new ones. (Bloomberg)

๐Ÿ›๏ธ Economy

  • ๐Ÿ‡ฉ๐Ÿ‡ช Palantirgeist. Germany’s domestic intelligence agency picks French firm ChapsVision for its data analysis software, opting for European code over Palantir’s American algorithms. (Le Monde)
  • ๐Ÿ‡ฎ๐Ÿ‡น Flex Appeal. Italy’s Finance Minister Giorgetti confirms Rome is in talks with the EU for more budget wiggle room, hoping Brussels will bend before breaking. (Bloomberg)
  • ๐Ÿ‡ช๐Ÿ‡บ Margin Call. The eurozoneโ€™s trade surplus fell to โ‚ฌ3.5B in March from โ‚ฌ6.5B in February, as pricier imported energy tightened the gap. (Wall Street Journal)
  • ๐Ÿ‡ช๐Ÿ‡บ Action Figures. ECB board members Nagel and Villeroy hint at a possible June move as persistent energy shocks push inflation beyond their baseline scenario. (Bloomberg)
  • ๐Ÿ‡ณ๐Ÿ‡ด Current Affairs. Statkraft, Norway’s state-owned energy giant, will pour $8.6B into upgrading hydropower plants over the next decade to boost electricity output. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Sanction Intermission. The extends a 30-day exemption for Russian oil stored at sea, hoping to keep prices in check while the Strait of Hormuz bottleneck persists. (Le Figaro)
  • ๐Ÿ‡ฒ๐Ÿ‡พ Licence to Bill. Malaysia is seeking โ‚ฌ216M from Norwayโ€™s Kongsberg Defence & Aerospace ๐Ÿ‡ณ๐Ÿ‡ด, insisting the scrapped missile deal deserves more than just regrets and polite statements. (Le Parisien)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Job Stoppers. The U.K.’s unemployment rate edged up to 5.0% in March, with the Middle East conflict threatening to push it higher in the coming months. (Wall Street Journal)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Track Record. The UK government now admits HS2 will cost up to ยฃ102.7B and London-Birmingham trains may not run until 2039, making delays the only punctual thing. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Future Shock. The Pensions Commission warns that millions across the UK are facing a retirement savings cliff, unless the system gets a radical overhaul. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Gilt Trip. UK gilt yields surge past 5 percent, exposing how rising debt, shorter maturities, and leveraged hedge funds have made the entire bond market far less shockproof than before. (Financial Times)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Charge Included. A proposed House bill would add a $130 yearly fee for electric vehicle owners, aiming to make up for lost gas tax revenue on roads. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Bond Voyage. 30-year Treasury yields climbed to a near 19-year high above 5.18% as inflation jitters and runaway spending send investors running. (Cnbc)
  • ๐Ÿ‡จ๐Ÿ‡ฆ Pump Fiction. Canadaโ€™s inflation jumped to 2.8% in April, with rising gasoline prices fueling the surge while core inflation remains in check. (Wall Street Journal)

๐Ÿข Real Estate

  • ๐Ÿ‡บ๐Ÿ‡ธ Rent and the City. The median rent in Manhattan just hit $5,099 per month, making it four times higher than Paris and setting a new record for the borough. (Le Figaro)
  • ๐Ÿ‡บ๐Ÿ‡ธ Monroe Doctrine. The owners of Marilyn Monroeโ€™s former home sue Los Angeles after the city blocked their planned demolition by declaring it a historic monument. (Le Figaro)
  • ๐Ÿ‡บ๐Ÿ‡ธ Hyperion Hyperbole. Meta plans to spend $200B on a Louisiana AI data center, setting an American record for private infrastructure excess. (Thenextweb)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Blame Tower. Scotland Yard says 77 companies and individuals may face criminal charges over the 2017 Grenfell fire, citing โ€œstrong evidenceโ€ after years of investigation. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง House of Pain. The Iran conflict has wiped ยฃ8B from the UKโ€™s biggest housebuilders, with investors fleeing as costs spike and profits shrink. (Financial Times)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Closing Time. Despite economic uncertainty, the number of homes under contract in the U.S. rose 1.4% in April, according to new data. (Wall Street Journal)

๐Ÿ”— On-chain

  • ๐Ÿ‡ฌ๐Ÿ‡ง Dogepay. Revolut launches a physical debit card emblazoned with Dogecoin, offering UK and EU users a flashy new way to spend crypto in real life. (FinExtra)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Bet Off. Governor Tim Walz signed a law making it a felony to operate prediction markets in Minnesota, prompting a quick federal challenge from regulators. (New York Times)

๐Ÿ’ฑ Listed Markets

  • ๐Ÿ‡ฌ๐Ÿ‡ง Screen Test. Deutsche Bank ๐Ÿ‡ฉ๐Ÿ‡ช faces a ยฃ165K penalty from the UK for failing to catch Russian sanctions violations, blaming a third-partyโ€™s faulty screening but staying on the hook. (Financial Times)
  • ๐Ÿ‡ฎ๐Ÿ‡น Tiny Dancer. Stellantis ๐Ÿ‡ณ๐Ÿ‡ฑ will produce a new range of small, affordable electric cars at its Pomigliano dโ€™Arco plant in Naples starting in 2028. (Wall Street Journal)
  • ๐Ÿ‡ธ๐Ÿ‡ช Fleet Street. Sweden orders four new frigates from Franceโ€™s Naval Group for over โ‚ฌ3.6B, marking its biggest defense buy since the 1980s fighter jets. (Le Parisien)
  • ๐Ÿ‡ช๐Ÿ‡บ Trading Places. Euronext beat Q1 profit forecasts, boosted by surging trading activity and the full integration of Athens Stock Exchange into its portfolio. (Boursier)
  • ๐Ÿ‡บ๐Ÿ‡ธ Cash of the Titans. Nvidia, led by Jensen Huang, has unleashed $90B in deals and investments since early 2023, turning its cash pile into AI industry dominance and raising fresh antitrust questions. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Agent Provocateur. Googleโ€™s Antigravity 2.0 debuts with multi-agent orchestration, voice commands, and a new SDK, inviting coders to ditch the old Gemini CLI. (TechCrunch)
  • ๐Ÿ‡บ๐Ÿ‡ธ CPU See Me. Intercontinental Exchange unveils its blueprint for a computing power futures market, betting that server time is the new oil for traders. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ TPU or Not TPU. Blackstone and Google launch a $5B AI venture using Google’s own chips, with one clear target: making Nvidia sweat. (Cnbc)

๐Ÿ›Ž๏ธ Big Deals (M&A)

  • Schroders ๐Ÿ‡ฌ๐Ÿ‡ง to sell its China subsidiary to Neuberger Berman ๐Ÿ‡บ๐Ÿ‡ธ.
  • Dhilmar ๐Ÿ‡ฌ๐Ÿ‡ง acquires Anglo American ๐Ÿ‡ฆ๐Ÿ‡บ’s steelmaking coal mines for $3.9B after a previous deal with Peabody Energy fell through.
  • Standard Chartered ๐Ÿ‡ฌ๐Ÿ‡ง acquires the crypto custody business of its majority-owned subsidiary Zodia Custody ๐Ÿ‡ฌ๐Ÿ‡ง.
  • Hg ๐Ÿ‡ฌ๐Ÿ‡ง spins out โ‚ฌ500M worth of assets from its โ‚ฌ19B software group Visma ๐Ÿ‡ณ๐Ÿ‡ด into a new vehicle called Norvato.
  • Mistral ๐Ÿ‡ซ๐Ÿ‡ท to acquire Emmi ๐Ÿ‡ฆ๐Ÿ‡น, an AI startup specializing in foundational models for engineering simulations.
  • Singulier ๐Ÿ‡ซ๐Ÿ‡ท merges with Ommax ๐Ÿ‡ฉ๐Ÿ‡ช to create a European AI consulting giant.
  • Indy ๐Ÿ‡ซ๐Ÿ‡ท acquires Mon-AutoEntreprise.fr ๐Ÿ‡ซ๐Ÿ‡ท.
  • Worldline ๐Ÿ‡ซ๐Ÿ‡ท acquires the remaining 20% stake in Eurobank ๐Ÿ‡ฌ๐Ÿ‡ท for โ‚ฌ72M in their joint venture, Worldline Greece.
  • Emosia ๐Ÿ‡ซ๐Ÿ‡ท acquires Culti Milano ๐Ÿ‡ฎ๐Ÿ‡น for โ‚ฌ45.8M, marking its first international acquisition.
  • Eurazeo ๐Ÿ‡ซ๐Ÿ‡ท to acquire a majority stake in Nextron Systems ๐Ÿ‡ฉ๐Ÿ‡ช, a cybersecurity software company.
  • Nexans ๐Ÿ‡ซ๐Ÿ‡ท participates in the Rhodรฉ consortium with Chantiers de l’Atlantique ๐Ÿ‡ซ๐Ÿ‡ท, France Energies Marines ๐Ÿ‡ซ๐Ÿ‡ท, Fondation OPENC ๐Ÿ‡ซ๐Ÿ‡ท, GE Vernova ๐Ÿ‡บ๐Ÿ‡ธ, RTE ๐Ÿ‡ซ๐Ÿ‡ท, and SuperGrid Institute ๐Ÿ‡ซ๐Ÿ‡ท for a project valued at โ‚ฌ16M.
  • Factorial ๐Ÿ‡ช๐Ÿ‡ธ acquires YepCode ๐Ÿ‡ช๐Ÿ‡ธ.
  • ArcelorMittal ๐Ÿ‡ง๐Ÿ‡ช sells a $667M stake in Vallourec ๐Ÿ‡ซ๐Ÿ‡ท, reducing its shareholding to 18.4%.
  • Copenhagen Infrastructure Partners ๐Ÿ‡ฉ๐Ÿ‡ฐ and Global Power Synergy ๐Ÿ‡น๐Ÿ‡ญ are considering the sale of their offshore wind farm in Taiwan.
  • NMI ๐Ÿ‡บ๐Ÿ‡ธ acquires Dwolla ๐Ÿ‡บ๐Ÿ‡ธ.
  • NextEra Energy ๐Ÿ‡บ๐Ÿ‡ธ acquires Dominion Energy ๐Ÿ‡บ๐Ÿ‡ธ in a $67B all-stock deal.
  • Google ๐Ÿ‡บ๐Ÿ‡ธ and Blackstone ๐Ÿ‡บ๐Ÿ‡ธ to create an AI cloud company with Blackstone committing $5B equity as majority owner.
  • Intel ๐Ÿ‡บ๐Ÿ‡ธ and Qualcomm ๐Ÿ‡บ๐Ÿ‡ธ show early takeover interest in AI chip startup Tenstorrent ๐Ÿ‡จ๐Ÿ‡ฆ, potentially valued at $5B.
  • Analog Devices ๐Ÿ‡บ๐Ÿ‡ธ in advanced talks to acquire Empower Semiconductor ๐Ÿ‡บ๐Ÿ‡ธ for $1.5B cash.
  • Cohere ๐Ÿ‡จ๐Ÿ‡ฆ acquires Reliant AI ๐Ÿ‡ฉ๐Ÿ‡ช for an undisclosed sum, marking its second acquisition in Germany within weeks.
  • Shein ๐Ÿ‡จ๐Ÿ‡ณ acquires Everlane ๐Ÿ‡บ๐Ÿ‡ธ for $100M, known for its focus on sustainability.
  • Panasonic ๐Ÿ‡ฏ๐Ÿ‡ต acquires HIVE Media Control ๐Ÿ‡ฌ๐Ÿ‡ง, the company behind the BeeBlade media server platform.
  • Mizuho ๐Ÿ‡ฏ๐Ÿ‡ต is considering investing in Rakuten Bank ๐Ÿ‡ฏ๐Ÿ‡ต.
  • India explores reviving a divestment of its majority stake in IDBI Bank ๐Ÿ‡ฎ๐Ÿ‡ณ for $8B.
  • SIMBA Telecom ๐Ÿ‡ฆ๐Ÿ‡บ’s $1.1B acquisition of M1 ๐Ÿ‡ธ๐Ÿ‡ฌ collapses after regulators suspend assessment.
  • Australia orders five major Chinese shareholders to sell their stakes in Northern Minerals ๐Ÿ‡ฆ๐Ÿ‡บ, a rare earths firm valued at $150M.

๐Ÿงณ Private Markets & VC

  • ๐Ÿ‡ซ๐Ÿ‡ท Fund and Furious. French private equity group Astorg is struggling to raise enough cash for its new flagship fund, as investors hold back and the sector prepares for a shakeout that could leave many firms stranded. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Alpha Males. The SpaceX IPO is fueling a Silicon Valley โ€œgenius bubbleโ€ where being a founder is now the hottest asset class in tech. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Rowanโ€™s Rulebook. Apollo CEO Marc Rowan faces union allegations that he used company emails and assistants to lobby for conservative campus policies, potentially violating the firm’s own code of conduct. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Neural Defection. OpenAI co-founder Andrej Karpathy joins Anthropic, suggesting even AI loyalty is subject to sudden rewiring. (Venturebeat)
  • ๐Ÿ‡บ๐Ÿ‡ธ T Minus Two. SpaceX rescheduled its Starship mega-rocket flight to May 21, putting lunar dreams on pause for a last-minute systems review. (Il Sole 24 Ore)
  • ๐Ÿ‡บ๐Ÿ‡ธ Rocket Docket. SpaceX has tapped Goldman Sachs to lead its record-breaking IPO, setting the stage for a Wall Street launch like no other. (Cnbc)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Chair Force. Former UK defence secretary Grant Shapps broke post-ministerial rules by joining Cambridge Aerospace, a military tech start-up that later landed a government missile contract. (Financial Times)

Fundraising

  • Sinomine ๐Ÿ‡จ๐Ÿ‡ณ (Mining): $760M
  • Decart ๐Ÿ‡จ๐Ÿ‡ฆ (Software): $300M
  • Armada ๐Ÿ‡บ๐Ÿ‡ธ (AI): $230M (Overmatch, BlackRock, 8090 Industries, Johnson Controls, NightDragon, Mitsui, Singtel Innov8)
  • RADAR ๐Ÿ‡บ๐Ÿ‡ธ (Retail): $170M (Gideon Strategic Partners, Nimble Partners, Align Ventures)
  • EOS-X Space ๐Ÿ‡ช๐Ÿ‡ธ (Aerospace): โ‚ฌ120M
  • Elliptic ๐Ÿ‡ฌ๐Ÿ‡ง (Fintech): $120M
  • Nourish ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $100M (Menlo Ventures, Thrive Capital, Index Ventures, J.P. Morgan Growth Equity Partners, Maverick Ventures, Y Combinator, BoxGroup, Atomico, Daybreak, Operator Partners)
  • Primer ๐Ÿ‡ฌ๐Ÿ‡ง (Payments): $100M (Sofina, Peak XV Partners, Balderton, Accel, ICONIQ, Tencent, Speedinvest)
  • Viktor.com ๐Ÿ‡ต๐Ÿ‡ฑ (AI): $75M
  • Multiverse ๐Ÿ‡ฌ๐Ÿ‡ง (EdTech): $70M (Schroders Capital, Index Ventures, General Catalyst, Lightspeed Venture Partners, D1 Capital)
  • UroMems ๐Ÿ‡ซ๐Ÿ‡ท (Medtech): $60M
  • Lexroom ๐Ÿ‡ฎ๐Ÿ‡น (Legal AI): $50M (Left Lane Capital, Base10 Partners, Eurazeo, Acurio Ventures, Entourage, View Different)
  • Relay ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $50M
  • Dust ๐Ÿ‡บ๐Ÿ‡ธ (AI): $40M (Abstract, Sequoia, Snowflake, Datadog)
  • Titre ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $35M
  • bunch ๐Ÿ‡ฉ๐Ÿ‡ช (Fintech): $35M (Portage, Illuminate Financial, Motive Partners, Cherry Ventures, Fintech Collective)
  • BRAMI ๐Ÿ‡ฎ๐Ÿ‡น (Food): $33M (VMG Partners, La Molisana, Pentland Ventures, Lerer Hippeau, Gather Ventures)
  • Nectar Social ๐Ÿ‡บ๐Ÿ‡ธ (Marketing Tech): $30M (Menlo Ventures, Anthology Fund, Kinship Ventures, GV, True Ventures)
  • Ocean ๐Ÿ‡ฎ๐Ÿ‡ฑ (Cybersecurity): $28M (Lightspeed Venture Partners, Picture Capital, Cerca Partners, Assaf Rappaport, Yevgeny Dibrov, Nadir Izrael)
  • Wirestock ๐Ÿ‡บ๐Ÿ‡ธ (AI): $23M (Nava Ventures, SBVP, Formula VC, I2BF Ventures)
  • Sรชmeia ๐Ÿ‡ซ๐Ÿ‡ท (Healthcare): โ‚ฌ21M (Acton Capital, Mutuelles Impact, Citizen Capital, Banque des Territoires, Oranges Ventures)
  • LetinAR ๐Ÿ‡ฐ๐Ÿ‡ท (Optics): $18.5M (KDB, Lotte Ventures)
  • Eisen ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $18.5M (MissionOG, Index Ventures, Cowboy Ventures, First Round Capital, Homebrew, Restive Ventures)
  • Xpanner ๐Ÿ‡ฐ๐Ÿ‡ท (Construction): $18M
  • Sound Wave Innovation ๐Ÿ‡ฏ๐Ÿ‡ต (Healthcare): $17M
  • Status AI ๐Ÿ‡บ๐Ÿ‡ธ (Social Media): $17M (General Catalyst, Y Combinator, LightShed Partners, Abstract)
  • Vital Signals ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $15M
  • Nof1 ๐Ÿ‡บ๐Ÿ‡ธ (AI): $15M (SUI Group, Karatage Opportunities)
  • Hellbender ๐Ÿ‡บ๐Ÿ‡ธ (Robotics): $12.5M (Magarac Venture Partners, Veredas Partners, Mana Ventures, Gaingels, Sum VC, Active Angels Network)
  • Cosmico ๐Ÿ‡ฎ๐Ÿ‡น (Future of Work): โ‚ฌ12M (P101 SGR, Prana Ventures)
  • Vortex Imaging Inc. ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $12M (10D Ventures, Entrรฉe Capital, Harel T.E.C Partnership, Connecticut Innovations, PhiFund Ventures)
  • Searchable ๐Ÿ‡ฌ๐Ÿ‡ง (Marketing): ยฃ10.3M
  • Kin Health ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $9M (Maveron, Town Hall Ventures, Flex Capital, Eniac Ventures, The Family Fund, Pear VC, Watershed Ventures, Foundry Square Capital, individual investors)
  • Resurrect Bio ๐Ÿ‡ฌ๐Ÿ‡ง (AgriBioTech): โ‚ฌ8.8M
  • AEON ๐Ÿ‡บ๐Ÿ‡ธ (Settlement): $8M
  • Checker ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $8M (Galaxy Ventures, Al Mada Ventures, Framework Ventures)
  • LawX ๐Ÿ‡ฉ๐Ÿ‡ช (LegalTech): โ‚ฌ7.5M (Motive Partners, WENVEST Capital, xdeck, SIVentures)
  • Dealinka ๐Ÿ‡ซ๐Ÿ‡ท (Tech for Good): โ‚ฌ6.5M
  • Benji ๐Ÿ‡บ๐Ÿ‡ธ (Loyalty): $6.25M (Preface Ventures, Atinc, Great North Ventures, M25, Hyde Park Venture Partners)
  • GEEIQ ๐Ÿ‡ฌ๐Ÿ‡ง (Analytics): ยฃ5M (YFM Equity Partners, GFR, Haymarket)
  • Elephant Company ๐Ÿ‡ฉ๐Ÿ‡ช (AI): โ‚ฌ5M (EnBW New Ventures, Wepa)
  • Century Health ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $5M (Origin Ventures, InnovateHealth Ventures, 25madison, Next Play Ventures, 2048 Ventures, Alumni Ventures)
  • Greenpixie ๐Ÿ‡ฌ๐Ÿ‡ง (Energy SaaS): ยฃ4.7M (VERBUND X Ventures, Octopus Ventures, Armajaro Holdings, Green Angel Ventures)
  • DesignVerse ๐Ÿ‡ท๐Ÿ‡ด (Software): โ‚ฌ4.6M (Begin Capital, Gapminder VC, Underline Ventures, Adobe, LSEG, UiPath)
  • DigitalC ๐Ÿ‡บ๐Ÿ‡ธ (Nonprofit): $4.35M
  • LEADBAY ๐Ÿ‡ซ๐Ÿ‡ท (Sales Intelligence): โ‚ฌ3.8M
  • KD ๐Ÿ‡ช๐Ÿ‡ธ (Microelectronics): โ‚ฌ3.67M
  • PANTA ๐Ÿ‡ฌ๐Ÿ‡ง (Fintech): โ‚ฌ3.4M
  • Rightbrain ๐Ÿ‡ฌ๐Ÿ‡ง (AI): ยฃ3M
  • MEDIADS ๐Ÿ‡ซ๐Ÿ‡ท (Advertising): โ‚ฌ3M
  • Fresh People ๐Ÿ‡ช๐Ÿ‡ธ (Technology): โ‚ฌ2.6M (Inveready, Archipiรฉlago Next, Successful Fund, Paloma Tejada)
  • Dolfin ๐Ÿ‡ช๐Ÿ‡ธ (AI): โ‚ฌ2.1M (Swanlaab, Archipelago Next, Inveready, Dozen)
  • Objow ๐Ÿ‡ซ๐Ÿ‡ท (Tech): โ‚ฌ2M
  • Invertix ๐Ÿ‡ฉ๐Ÿ‡ช (Climate-Tech): โ‚ฌ1.7M (Vireo Ventures, Italian Founders Fund)
  • Zerops ๐Ÿ‡จ๐Ÿ‡ฟ (Cloud): โ‚ฌ1.7M (Gi21 Capital)
  • Alcolase ๐Ÿ‡ฉ๐Ÿ‡ฐ (Biotech): โ‚ฌ1.5M (Ada Ventures, Delphinus Venture Capital, Antler, Manigoff Invest, a group of business angels)
  • CRACI ๐Ÿ‡ซ๐Ÿ‡ฎ (Cybersecurity): โ‚ฌ1.4M (Lifeline Ventures, First Fellow Partners, Wave Ventures)
  • Exhibitly ๐Ÿ‡ง๐Ÿ‡ช (Events): โ‚ฌ1.4M (New School VC, 100IN, Allusion Ventures, angel investors)
  • Tolemy Bio ๐Ÿ‡ช๐Ÿ‡ธ (Biotech): โ‚ฌ1.4M (Norrsken Evolve, Big Sur Ventures, JME Ventures, Masia, Redbus Ventures, David Ola, Marcel Hedman, Simon Franks, Amar Shah)
  • Gyver ๐Ÿ‡ฎ๐Ÿ‡น (Tech): โ‚ฌ1.4M (Brighteye, ฤltitude, Vento Ventures, Zanichelli Venture)
  • DDD Invoices ๐Ÿ‡ธ๐Ÿ‡ฎ (Fintech): โ‚ฌ1.31M (Fil Rouge Capital, 500 Global)
  • Wio ๐Ÿ‡ช๐Ÿ‡ธ (Wealth Management): โ‚ฌ1.2M (Next Tier Ventures, Bynd VC)
  • NEX Health Intelligence ๐Ÿ‡ช๐Ÿ‡ธ (Healthcare): โ‚ฌ1M (Brighteye Ventures, Adeline Arts & Science, AFI Ventures, Momentous Ventures, Conception X Angel Syndicate, industry angel investors)
  • Rasa Legal ๐Ÿ‡บ๐Ÿ‡ธ (Legal Tech): $1M
  • Salt & Fiber ๐Ÿ‡ธ๐Ÿ‡ช (ClimateTech): โ‚ฌ300k
  • Inretrn ๐Ÿ‡ธ๐Ÿ‡ช (E-commerce): 100M SEK
  • Stilta ๐Ÿ‡ธ๐Ÿ‡ช (AI): 99M SEK

Fund Watch

  • Bain Capital ๐Ÿ‡บ๐Ÿ‡ธ: $10.5B (6th Asia PE fund)
  • Lauxera Capital Partners ๐Ÿ‡ซ๐Ÿ‡ท: $520M (Lauxera Growth II, medtech fund for European companies in the US)
  • Playground Global ๐Ÿ‡บ๐Ÿ‡ธ: $475M (4th fund, deep tech VC)
  • Mouro Capital ๐Ÿ‡ฌ๐Ÿ‡ง: โ‚ฌ343.4M (3rd fund, backed by Santander, FinTech focus)
  • Lansdowne Partners ๐Ÿ‡ฌ๐Ÿ‡ง: $150M (VC fund, focusing on UK university startups)
  • Spearhead Africa Asset Management ๐Ÿ‡ฐ๐Ÿ‡ช: $116M (infrastructure fund, currently raising)
  • Veriten ๐Ÿ‡บ๐Ÿ‡ธ: $105M (2nd energy venture fund, initial close)
  • Asabys Partners ๐Ÿ‡ช๐Ÿ‡ธ: $80M (Asabys Innvierte Tech Transfer FCRE, biotech fund)

๐Ÿ””IPO

  • Whitbread ๐Ÿ‡ฌ๐Ÿ‡ง (Hospitality): Activist Corvex Management acquired a 7% stake in the ยฃ5.3B UK-listed owner of Premier Inn and is advocating for a sale.
  • Vallourec ๐Ÿ‡ซ๐Ÿ‡ท (Steel): ArcelorMittal raised $667M by selling approximately 10% of its stake in Vallourec.
  • Club Med ๐Ÿ‡ซ๐Ÿ‡ท (Leisure): planning an IPO in Hong Kong aiming to raise at least $500M.
  • Uniper ๐Ÿ‡ฉ๐Ÿ‡ช (Energy): the German government begins selling its 99% stake, valued at โ‚ฌ18B, following a โ‚ฌ13.5B bailout.
  • Delivery Hero ๐Ÿ‡ฉ๐Ÿ‡ช (Food Delivery): Uber increases its stake to up to 25% in the $11B company but isn’t planning a takeover.
  • ACS Group ๐Ÿ‡ช๐Ÿ‡ธ (Construction): aiming to sell 6% of shares for $2.6B to finance data centers and AI infrastructure.
  • Bio-Rad Laboratories ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): activist Elliott has acquired a significant stake in the $7.6B company.
  • Clear Street ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): replaced its CEO after abandoning plans for a $365M IPO.
  • CXMT ๐Ÿ‡จ๐Ÿ‡ณ (Semiconductors): seeking to raise $3.4B in a China IPO.
  • Kioxia ๐Ÿ‡ฏ๐Ÿ‡ต (Memory): preparing to list ADSs in the US with a target valuation of $180B.
  • Bao Tin Manh Hai ๐Ÿ‡ป๐Ÿ‡ณ (Retail): preparing a Q4 IPO in Vietnam.

๐Ÿงณ Debt

  • Lifeways Group ๐Ÿ‡ฌ๐Ÿ‡ง: secured a ยฃ90M unitranche term loan facility for refinancing.
  • Haffner Energy ๐Ÿ‡ซ๐Ÿ‡ท: raised โ‚ฌ1.09M from the drawdown of 218 convertible bonds in a total bond financing of up to โ‚ฌ4.8M.
  • Feldwerke ๐Ÿ‡ฉ๐Ÿ‡ช: secured โ‚ฌ12M revolving credit facility for a 100 MW agri-PV portfolio.
  • Elvy ๐Ÿ‡ธ๐Ÿ‡ช: closed a โ‚ฌ5.9M round to accelerate growth after securing a โ‚ฌ500M credit facility.
  • Relay ๐Ÿ‡บ๐Ÿ‡ธ: secured $50M in financing from General Catalyst to enhance small business banking services.
  • Eurasian Development Bank (EDB) ๐Ÿ‡บ๐Ÿ‡ธ: signed a $70M investment loan agreement with Uzum to expand its FinTech business.
  • BIG Fiber ๐Ÿ‡บ๐Ÿ‡ธ: secured $250M in financing led by Stonepeak Credit and La Caisse to expand its digital infrastructure.
  • Armada ๐Ÿ‡บ๐Ÿ‡ธ: raised $230M in Series B funding to build a new factory in Arizona with Johnson Controls.
  • Warner Bros. ๐Ÿ‡บ๐Ÿ‡ธ: kicking off a $6.2B junk loan sale.
  • Ecolab ๐Ÿ‡บ๐Ÿ‡ธ: starting a five-part bond sale to fund the acquisition of CoolIT.
  • Merck ๐Ÿ‡บ๐Ÿ‡ธ: seeking to sell $6B in investment-grade bonds to finance its $6.7B acquisition of Terns Pharmaceuticals.
  • S&P ๐Ÿ‡บ๐Ÿ‡ธ: will sell $2B of notes ahead of a planned spinoff.
  • Blue Owl ๐Ÿ‡บ๐Ÿ‡ธ: sold a $400M investment grade bond at a 230 bps premium.
  • Eurasian Development Bank (BED) ๐Ÿ‡บ๐Ÿ‡ฟ: signed a $70M investment loan agreement with Uzum to boost its fintech expansion.

โŒ Failures

  • Hutchinson ๐Ÿ‡ซ๐Ÿ‡ท: facing a significant restructuring, the factory may see its revenue halved to โ‚ฌ2.4B by 2028, with fears of reducing staff to 350.
  • Aike Media ๐Ÿ‡ธ๐Ÿ‡ช: the influencer marketing company filed for bankruptcy, unable to secure necessary working capital after a revenue drop from approximately 145M to 31M SEK.
  • West Marine ๐Ÿ‡บ๐Ÿ‡ธ: the boating supply retailer filed for Chapter 11 bankruptcy with $251M owed to lenders while seeking a buyer.
  • Brightline Florida ๐Ÿ‡บ๐Ÿ‡ธ: investors holding senior bonds may receive only 44ยข in a bankruptcy or restructuring.
  • Frigorรญfico Concepciรณn ๐Ÿ‡ต๐Ÿ‡พ: $300M in bonds are trading for just 19ยข due to an imminent default.
  • China Evergrande ๐Ÿ‡จ๐Ÿ‡ณ: liquidators are pursuing $8.4B from PwC for negligence in auditing.

๐ŸŽฏ For a Few More Minutesโ€ฆ

  • ๐Ÿ‡ซ๐Ÿ‡ท Paper Chase. Didier Raoult racks up 58 scientific article retractions, earning a top 10 spot globally for most retracted studies and a two-year medical ban to match. (Libรฉ)
  • ๐Ÿ‡บ๐Ÿ‡ธ Whale Traffic. San Francisco scientists are installing AI-powered cameras in the Bay to prevent ships from colliding with whales, because congestion is now a multi-species problem. (Wall Street Journal)
  • ๐Ÿ‡ฎ๐Ÿ‡ท Hazard Pay. Filipino sailors trapped in the Persian Gulf finally voted to run the Strait of Hormuz, dodging bullets and mines for two monthsโ€™ extra wages and the hope of not being blacklisted. (Washington Post)
  • ๐Ÿ‡ฑ๐Ÿ‡ง Borders Crossed. Israeli troops have seized control of villages in southern Lebanon, with Christian residents left uncertain how long the occupation will last. (Financial Times)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Primary Colors. Kentuckyโ€™s GOP House primary between Rep. Thomas Massie and Trump-backed Ed Gallrein has drawn $33M, making it the most expensive House primary on record and a test of Trumpโ€™s power to punish dissent. (New York Times)

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