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Analysis: U.S. IPO market faces first big test of 2021
January 11, 2021--At least eight businesses are set to price initial public offerings (IPOs) in New York in the next three days, seeking to raise a total of nearly $5 billion in what could be the biggest week for new listings in more than five years.
The companies are seeking to capitalize on what has been the strongest IPO market in two decades. Some $83 billion was raised across 203 IPOs in 2020, excluding listings of special purpose acquisition vehicles (SPACs), on U.S. stock exchanges, according to Refinitiv data.
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Source: reuters.com
CBO-Monthly Budget Review: December 2020
January 11, 2021--Summary: The federal budget deficit was $572 billion in the first quarter of fiscal year 2021, the Congressional Budget Office estimates-$215 billion more than the deficit recorded during the same period last year. Revenues were about the same and outlays were 18 percent higher from October through December than during the same perod in fiscal year 2020.
As was the case in fiscal year 2020, outlays increased in the first quarter of 2021 because certain payments that otherwise would have been due on January 1, a holiday, were instead made in December. In addition, unlike last year, certain payments, totaling $24 billion, that normally are made on the third of the month were shifted from January 2021 into December 2020 because January 3 fell on a Sunday. If not for those shifts, the first-quarter deficit (through December 2020) would have been $525 billion, or $191 billion more than the first-quarter deficit of $334 billion in fiscal year 2020.
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Source: CB0 (Congressional Budget Office)
BlackRock and Vanguard face heavy burden of US sanctions on China
January 12, 2021--The Vanguard FTSE Emerging Markets ETF/Index Fund is among the top three mutual fund shareholders in five blacklisted Chinese firms.
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Source: FT.com
Credit Suisse's Former CEO Thiam to Start Blank-Check Firm
January 11, 2021--JPMorgan is helping with fundraising of the investment vehicle
Thiam left Credit Suisse early last year after spying scandal.
Ex-Credit Suisse Group Inc. Chief Executive Officer Tidjane Thiam is planning a $250 million vehicle to invest in financial services in developed and emerging markets, according to a person with knowledge of the matter.
The special purpose acquisition vehicle will be listed in New York, according to the person, who asked not to be identified because the matter is private. JPMorgan Chase & Co. is helping with the fundraising, the person said.
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Source: bloomberg.com
TikTok and Discord Are the New Wall Street Trading Desks
January 11, 2021-Pandemic has led to surge of day trading, helping push stocks like NIO and Tesla to records amid online buzz
A new army of social media-enabled day traders is helping push stocks to records and turning companies into market sensations.
As trading by individual investors boomed during the coronavirus pandemic, so has the popularity of online communities where they gather. Platforms including TikTok, Twitter, YouTube, Reddit, Instagram, Facebook and messaging platform Discord have become the new Wall Street trading desks. Individual investors gather to talk about hot stocks like Tesla Inc., boast of gains and commiserate about losses.
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Source: wsj.com
State Street to insist companies disclose diversity data
January 10, 2021-Asset manager will vote against those who do not reveal racial and ethnic make-up of boards.
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Source: FT.com
Deutsche Bank to Pay Nearly $125M to Resolve US Bribery, Metals Charges
January 8, 2021-Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets, the latest blow for a bank trying to rebound from a series of scandals.
Germany's largest lender agreed to the payout as it entered a three-year deferred prosecution agreement with the U.S. Department of Justice, and a related civil settlement with the U.S. Securities and Exchange Commission.
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Source: voanews.com
Active non-transparent ETF provider hits distribution hurdle
January 7, 2021--Platforms are taking their time to evaluate the new structures, ETF executives say.
Concerns about limited uptake by distributors of non-transparent exchange traded funds in the near term drove AdvisorShares to change its mind about using the structure for two recently launched ETFs, the company’s chief executive has said.
AdvisorShares, an active ETF specialist, launched the Q Dynamic Growth and Q Portfolio Blended Allocation ETFs at the end of December. The products had received the green light to use Precidian Investments' ActiveShares methodology that allows active non-transparent ETFs to skirt daily full portfolio disclosure requirements. However, instead the ETFs launched as fully transparent active ETFs.
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Source: FT.com
Fintech start-up SoFi to go public via SPAC backed by Chamath Palihapitiya
January 7, 2021-- Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya.
The merger with Palihapitiya's SPAC values SoFi at $8.65 billion.
Palihapitiya has taken multiple companies public through SPACs, including Virgin Galactic.
Online finance start-up SoFi is set to go public by merging with a blank-check company run by venture capital investor Chamath Palihapitiya, the companies announced Thursday.
The merger with Palihapitiya's SPAC, Social Capital Hedosophia Corp V, will value SoFi at $8.65 billion.
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Source: cnbc.com
NYSE Reverses Course Again, Will Delist Three Chinese Telecom Stocks
January 6, 2021--New guidance from Treasury Department spurs exchange to delist shares to comply with Trump executive order
The New York Stock Exchange will move forward with delisting three Chinese telecommunications companies targeted by an executive order from President Trump, reversing course yet again after the NYSE said earlier this week that it wouldn’t delist them.
The NYSE said Wednesday that trading of the U.S.-listed shares of China Mobile Ltd, China Telecom Corp. and China Unicom (Hong Kong) Ltd. would be suspended at 4 a.m. ET on Monday. Mr. Trump's order seeks to ban trading in securities of companies that the administration says have links to the Chinese military.
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Source: wsj.com
