Americas

Trade War Fallout: How U.S. Tariffs Are Stalling Canada’s Auto Industry -April 2nd, 2025
Canada’s automotive industry faces a pivotal period as escalating U.S. tariffs under President Trump threaten the sector’s stability and long-standing cross-border integration. What was once a model of collaboration, the industry is now facing rising costs, disrupted supply chains, and decreased investor confidence. This article explores the economic, and geopolitical ripple effects of the trade conflict, diving into one of Canada’s most vital manufacturing pillars.

BlackRock's $22.8bn Bet on the Panama Canal: Navigating the Strategic and Geopolitical Dimensions - March 30th 2025
As international tensions reshape global trade, BlackRock’s deal to acquire key ports on the Panama Canal marks a strategic infrastructure play and a step into the geopolitical limelight. Exploring the deal’s financial underpinnings, global ripple effects, and closing risks, this article sheds light on the intricacies of this high-stakes acquisition.

Reading the Storm: Market Signals, Credit Spreads, and the Flight to Safety - March 27th 2025
Economic uncertainty, driven by inflation, geopolitical tensions, and shifting US trade policies, raises critical questions for central banks, resulting in financial markets to signal increased caution. As the Federal Reserve's recent interest rate decisions ripple through bond yields and market stability, what can yield curve dynamics and the investor flight to safety reveal about the road ahead?

The U.S. Election: How Will Trump Influence the American M&A Market? - December 11th 2024
M&As regulatory landscape has evolved significantly under the contrasting leadership of Biden and Trump. Under Biden, the focus was much on antitrust enforcement and sustainability, whereas Trump's past presidency had deregulation and corporate consolidation at its core. As Trump prepares for a return to the presidency, his past policies offer a glimpse into how M&A activity might shift in the coming years. Thus, how could Trump impact the U.S. M&A landscape?

Nearshoring: the Future of the Mexican Economy after the 2024 US Election - December 5th 2024
Amid rising trade tensions following the 2024 U.S. elections, Mexico's economy stands at a crossroads. With nearshoring redefining industrial strategies and potential tariffs looming under Trump's renewed leadership, this atricle dives deep into the economic, financial, and geopolitical impacts shaping Mexico's future. Explore the risks, opportunities, and trade strategies in a dynamic cross-border landscape.

Boeing’s Recent Struggles and The Acquisition of Spirit AeroSystems - November 14th 2024
On the 1st of July of 2024, Boeing announced its $8.3 billion acquisition of Spirit AeroSystems, one of the world's largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. This acquisition comes after several years of struggles and safety scandals, which have deeply negatively impacted the aerospace giant’s reputation. The key question remains the following: can this transaction be a step in the right direction for Boeing?

Wellness Within Reach: Sanofi's Strategic Shift through the Opella and CD&R Partnership - November 11th 2024
Sanofi, a global leader in healthcare based in Paris, is realigning its business strategy by selling a 50% stake in its Consumer Healthcare division, Opella, to private equity firm Clayton, Dubilier & Rice (CD&R). This €16 billion transaction will enable Sanofi to focus on its high-marginality business areas while leveraging CD&R’s expertise to enhance Opella's market position and foster strategic growth.

Cisco's strategic evolution through Splunk acquisition - May 7th 2024
Cisco has acquired Splunk Inc. for $28 billions, in a deal that marks the biggest acquisition in the tech giant’s history. The transaction is a proof of the company’s commitment to leading the AI and cybersecurity revolution, as it is not just a merger of two companies, but a strategic alignment that paves the way for a revolution of the network infrastructure and security landscape. With this in-depth analysis, we delve into the implications of this deal and how it sets the stage for future growth in an increasingly connected and data-driven world.

Getting Paper in the Paper Industry – International Paper to Acquire DS Smith - May 3rd 2024
On March 26th, 2024, International Paper, a leading player in the North American paper and packaging industry, announced its £7.8bn acquisition of DS Smith. This move is part of a broader trend of consolidation in the industry, which follows periods of evolution before, during and after COVID-19. In light of the world’s transition towards a sustainable future, paper and packaging companies fly under the radar as ones to watch.

Inside the Octagon: Silver Lake Takes Endeavor Private in $13bn Deal - 30 April, 2024
Silver Lake’s take-private of Endeavor announced in April 2024 is set to be the largest transaction in the Media & Entertainment sector. The deal comes after Endeavor failed to gain enthusiasm among investors, as its stock price is now barely break-even three years following its public listing. Indeed, this major transaction raises the question as to whether the recently-declining trend of the M&A market is finally set to revert, or if this was merely the result of an acquisition perfectly timed to capitalize on Endeavor’s poor valuation in the stock market.

Capital One to Acquire Discover and Reshape the US Banking Industry – April 16th 2024
Capital One is set to acquire Discover Financial Services in a transformative $35.3 billion deal, potentially creating the largest U.S. credit card issuer. This merger, pending regulatory approval, could reshape the banking landscape, significantly boosting Capital One's market presence and competitive edge against industry giants like Visa and Mastercard.

Beating the Odds: The Sports Betting Industry’s Path to Sustainable Growth – A DraftKings Case Study - April 12th 2024
In recent years, the sports betting industry has undergone a radical change following major deregulation in the US. With capital flowing into the industry and players attempting to gain a share in the market, DraftKings emerged as new leader. Given the high risk associated with such a regulation-dependent and unethically perceived industry, the question arises as to whether DraftKings’ growth prospects are enough to justify the enthusiasm around the stock.

Reddit IPO: profitability uncertainty amidst initial investors optimism - April 9th 2024
In the wake of Reddit's recent IPO, shares initially surged 48%, reflecting investors' enthusiasm. However, beneath the surface of this market optimism a crucial question: can Reddit achieve profitability? This article takes an in-depth look at Reddit's IPO journey, analyzing its financial performance, challenges and prospects for future profitability

Shifts in the Automotive Landscape: Unraveling the UAW Strike and its Ripple Effects on Wages, Industry Dynamics, and Global Economic Outlook - December 2023
The UAW strike has conducted transformative changes in the automotive sector. This article explores the impact on workers, the economy, and the global automotive landscape, touching on wage disputes, evolving labor relations, and implications for the industry's transition to electric vehicles (EVs). We examine the broader economic consequences, outlining the challenges and opportunities ahead for the automotive sector.

Navigating Market Trends: Core CPI Deceleration, Tech Giants' Influence, and Emerging Risks in the Evolving Financial Landscape of 2023-2024
The "Magnificent Seven" tech giants - Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla - drove a 19% S&P 500 increase in 2023, reaching a nearly $4 trillion market cap. Despite a 71% return, concerns about high expectations and market concentration linger. The current P/E ratio is lower than historical norms, indicating financial strength, but caution is urged due to potential 2024 economic risks. Find out more on our in-depth analysis on the Financial Landscape.

Arctos Partners take a turn into F1 with the acquisition of a minority stake in Aston Martin Racing- December 7th 2023
Aston Martin Racing sold a share to Arctos Partners, leveraging Lawrence Stroll's success. Stroll, propelled by a fashion empire, led the purchase of Aston Martin F1 in 2020. This mirrors the brand's historical ties to F1. Arctos' move aligns with Formula One's growing investment allure, promising value amplification for Aston Martin Racing and validating Stroll's strategic foresight.

Cosmic Ambitions to Crumbling Realities: The WeWork Odyssey - December 4th 2023
WeWork Inc., once a trailblazer in the coworking space industry, navigated a tumultuous journey characterized by meteoric growth, financial turbulence, and a dramatic failed initial public offering (IPO). This article delves into the intricate history of WeWork, exploring key events, financial intricacies, and the ultimate demise of a company that once stood at the forefront of the tech industry.

Private Equity in a Changing Economic Environment - November 20th, 2023
In 2023, private equity faces significant hurdles: soaring rates, fewer deals, and surplus uninvested funds. Slow deal closures and extended due diligence worsen the surplus dry powder, worrying stakeholders. The article delves into private equity's dynamics, analyzing ongoing fundraising amid limited investment chances. It also highlights the rising importance of ESG and the shift towards private credit in the evolving economic scene.

ExxonMobil's acquisition of Pioneer Natural Resources: Large Expansion In a Volatile Oil Landscape - November 16th, 2023
In early October, oil and gas giant ExxonMobil announced its acquisition of Pioneer Natural Resources in a $59.5bn all-stock deal. This forms part of Exxon’s inorganic growth strategy, with companies in the US oil sector seeking to consolidate amid geopolitical tensions and upward pressure on global oil prices. This article looks at the current context of the global oil market and forms an analysis of the deal’s rationale and implications.

Amgen acquisition of Horizon Therapeutics: A historical mark in the healthcare industry - November 13th, 2023
Amgen's strategic objective of providing innovative medicines while enhancing its leading inflammation portfolio in response to the latest developments and incentives in the pharmaceutical industry has led the acquirer to initiate a deal that could potentially improve the company's efficiency and expand its services.

Argentina's Bond Market Turbulence: An In-Depth Analysis of Economic Challenges and the Role of Bonds - November 9th, 2023
In 2022, global inflation rose due to the pandemic and geopolitical events, impacting Argentina's economy. The nation's elections were marked by inflation concerns and a proposal to adopt the US dollar. An unexpected surge in bond yields added uncertainty. Argentina's political and economic future hinges on the election's second round, with investor outlook and bond prices affected by the country's history of defaults and political uncertainty.

An Update on the 2016 Panama Papers: Panama’s Economy and What’s Changed Since - May 15th, 2023
In 2016, Mossack Fonesca leaked the “Panama Papers,” a database including over 11 million files. The files exposed the world of offshore and its connection to many of the elite. It placed Panama in the center of an investigation concerning fraud, corruption, and money laundering. The leak triggered a series of scandals and had detrimental effects on Panama’s economy. Since then, Panama has worked to reform its financial system.

Regional Banks and Commercial Real Estate - May 10th, 2023
This article examines two macro risks that may impact investors: commercial real estate market vulnerabilities and regional bank stability concerns. The commercial real estate market has investors worried about potential risks for regional banks, while regional banks are facing exposure to commercial real estate. The paper analyzes the relationship between these risks, focusing on lending practices. By delving into these macro risks, the article provides insights into the challenges investors face when navigating these complex market dynamics.

The US Debt Ceiling: Political Debate and Future Outlooks - May 5th, 2023
In January 2023, the US hit its debt ceiling, which represents its borrowing limit. Since then, the Treasury Department implemented extraordinary measures to avoid an immediate default. The Republican-led House of Representatives passed a debt-ceiling bill on 27th April, in which the debt-limit rise is accompanied by sharp spending cuts. The White House responded that “[the bill] has no chance of becoming law”. While the debate is still on, the inability to lift the debt ceiling will trigger catastrophic consequences for the economy.

Apple is changing the American fintech industry. What’s next? - May 2nd 2023
As an established leader of the Big Tech industry, Apple has built a reputation as a game changer in all the industries it has entered. First came the Macintosh in 1984, then was the turn of the iPhone in 2007. But, among many other breakthroughs, the launch of Apple Card in 2019 has marked the entrance in the fintech industry as well. Now, Apple Savings seems to keep pushing in this direction, and the partnership with Goldman is pivotal in this move. What’s next?

A walk through the US labor market - April 26th 2023
Over the last decades, the US labor market has always dealt efficiently with structural changes, reacting to the development of demand and supply patterns. Nowadays, two of the most important considerations to make regard demographic transition and the faster and faster development of technology, which is reaching its current peak with artificial intelligence. The focus of our analysis will be on the performance of the US labor market, as well as on its past, present, and future reaction to the phenomena that influence it.

Towards a New Era of Cryptocurrency Regulation - April 21st 2023
Cryptocurrency has been a buzzword in the financial world, with some coins reaching unprecedented levels of value in recent years. However, with the lack of regulation in the cryptocurrency market, concerns have arisen about the security of crypto exchanges. Instances of crypto exchanges being hacked have resulted in the theft of millions of dollars’ worth of digital currencies, while some have been accused of engaging in fraudulent activities, such as manipulating trading volumes

Money Market Funds’ popularity grew, but what next? - April 18th 2023
Money market funds invest in cash and low-risk / short-term debt securities, such as short-dated US government debt, and are generally considered an ultra-safe cash substitute. The instrument has been introduced in the 70s and has been gaining popularity ever since, but it is only in the recent period of economic uncertainty that it experienced a spike. Indeed, investors are looking for more stable, higher returns as well as for lower systemic risk in a period of high deposit retrievals from regional banks that is freeing a significant amount of liquidity that flew to MMFs.

The Significance of Antitrust Laws in the United States M&A and Banking Sector - April 13th, 2023
Joe Biden’s presidency in the White House has resulted in a major strengthening of antitrust laws in the United States, compared to his predecessor’s more pro-business regulations. The United States’ M&A landscape has been strongly impacted by this, whilst its banking sector finds itself in a peculiar situation. What is the significance of antitrust in these scenarios? And most importantly, what evolutions will we see?

ChatGPT: Could AI change the game in the financial sector? - April 10th, 2023
ChatGPT is currently one of the hottest topics in the world of artificial intelligence - AI - and its use increased exponentially in the last few months. Due to its huge potentialities, it cannot be excluded an implementing of this powerful tool in the financial industry.

Silicon Valley Bank: bank runs and high rates environment - April 5th, 2023
Since the end of the 2008 financial crisis the world has seen a decade-long period of low interest rates, something which recently rapidly changed. For many years, banks held a significant portfolio of long-term bonds that over the past year have lost in market value due to higher interest rates. An example like no other is Silicon Valley Bank and what happened to this major institution.

From Vineyard to the Central Bank: How the Malbec Dollar is Fermenting the Argentinian Economy - 31st March 2023
Argentina is suffering a period of hyperinflation and hyper-devaluation of its currency, the Peso.
However, the Argentine government has in mind an interesting and peculiar method to solve the situation : “The Malbec Dollar”.

CDMOs: The rise of the embedded model in the pharmaceutical industry - March 28th, 2023
The healthcare industry is a crucial sector of the global economy, with healthcare spending accounting for over 10 per cent of the GDP of most developed nations. This industry is highly regulated and requires significant investment in research and development to create new medicines, treatments, and therapies. In recent years companies offering end-to-end services for pharmaceutical development have emerged. They are called CDMOs and their market is expected to keep growing.

The Inflation Reduction Act: Biden's All-In-One Law - December 21st, 2022
With global inflation at unprecedented levels following fiscal and monetary stimulus during the covid-19 pandemic, the post-pandemic economic reopening and the Ukraine war, governments are under pressure to respond decisively to the emerging cost-of-living crisis. On the other hand, they should act in a fiscally responsive way that does not strangle the economy. In the US, this response comes in the form of the Inflation Reduction Act, a landmark legislation passed by Congress in August 2022. In this article, we are going to explain how the law aims to reconcile seemingly contrasting goals of targeted stimulus for innovation, fiscal sustainability, and inflation reduction.

The Citrix Buyout: How the Tightening Credit Market Is Affecting LBO Debt Sale - December 18th, 2022
Over the past year, the Fed has been implementing harsh interest rate hikes. Private equity firms are particularly affected: because of high interest rates, LBOs are getting more expensive and debt underwriters are less inclined to buy debt instruments from these funds, doing so only with larger discounts. This article explores the effects of the macroeconomic environment on the debt market and buyout companies by examining the buyout of Citrix and explores the potential future implications for the industry.

Latin America: The New Frontier of Sustainable Issuances? - December 14th, 2022
Sustainable development is of utmost importance for political and economic decisions. Issuers of green, social, and sustainable bonds are contributing to the fight against climate change and committing to inclusive and sustainable growth. In this article, we aim to highlight the significant evolution of sustainable finance in the Latin American region. Undoubtedly, governments, companies, and investors are aware of the potential for green, social, and sustainable bonds to raise funds for projects that contribute to the economic, social, and environmental development of Latin America.

From the New J.P. Morgan to the Next Lehman Brothers: The Fall of FTX and Its Controversial Leader - December 11th, 2022
How do you go from steadily climbing Bloomberg Billionaires Index to a humiliating bankruptcy? The fall of FTX, one of the world's largest cryptocurrency exchanges, has been in every newspaper since November 11th. But who is Sam Bankman-Fried, the 30-year-old founder of FTX? And was it all only a "$8bn accident"?

Brazil's presidential election: the direct and future consequences of Lula's term - November 23th, 2022
Historically, Brazil has dealt with different economic and political challenges. Recently, the country has been facing rising inflation, unemployment, alongside a turnover in government. In this complex environment, Brazil’s new government as well as its central bank will need to carefully navigate this volatile environment. Investors will closely monitor the economic situation as well as the direction that the newly appointed President Lula will take.

Another Large Hit for Big Tech in Q3: Here’s Why - November 20th, 2022
Following a disappointing Q3 earnings season for Big Tech, this article dives into the effects of the recent macroeconomic activity on the industry. In particular, it focuses on why two names, Apple and Meta, deviated from the group, with Apple posting better earnings than its peers and Meta reporting earnings even worse than the rest.

Tech Giants Becoming Health Giants: Amazon's Acquisition of One Medical - November 16th, 2022
As announced by the end of July 2022, One Medical has accepted Amazon’s offer of $18 per share to acquire the company in an all-cash transaction, which will evaluate the San Francisco-based company approximately $3.9 billion. The deal highlights Amazon’s willingness to strengthen its position in the healthcare market and become a key player in the industry in the years to come. In the article we will first collocate the deal in the broader picture of U.S. healthcare M&A, then analyze in detail its rationale and financials, and finally offer a perspective on its potential impact on healthcare services and society.

How US Banks are reacting to the current Macro Environment - November 11th, 2022
Almost three years after the beginning of the covid pandemic, epidemiological and geopolitical events have reshaped the macro environment. Banks are among the players most affected by these changes: after reporting record profits in 2021, both earnings and stock prices suffered a setback. How are the different divisions trying to adapt to the new scenario?

Dynamic Portfolios - May 23rd, 2022
For decades, investors have been relying on the same "cookie-cutter" approach to investing - the 60/40 strategy at the foundation of every well-diversified portfolio. Now, as markets tremble, inflation reaches 40-year highs, and rates rise at generationally unprecedented levels, investors seek greater dynamism in their portfolios to fight off uncertainty.

The Hydrogen rush: prospects of Green Hydrogen in South America - May 20th, 2022
Sustainability will be a defining theme for financial markets and the global economy over the next decade. Awareness among investors and companies is rapidly shifting, and alternative fuel sources such as hydrogen are being investigated further for future implementation. While significant progress has been made along with many oil companies investing in hydrogen projects, many obstacles remain before hydrogen is readily adopted.

Friendly and Hostile Takeovers: It all began with some Tweets - May 11th, 2022
In corporate finance, takeovers fall under the umbrella of Mergers and Acquisitions (M&A) and occur when a company, called acquirer, assumes control of another, usually smaller company, referred to as target. There can be a multitude of ways in which a takeover is structured, depending on, among other things, on whether the target is publicly listed or private, and whether it welcomes the acquisition attempt or not. Different types of takeovers will be examined in this article, before focusing on a very recent and massively publicized one: Elon Musk’s ongoing acquisition of Twitter.

The Fall of the Pandemic Winners: Netflix - May 8th, 2022
Following a period of unwavering growth in part due to the large-scale quantitative easing undertaken during the pandemic, Netflix has reached a decisive point in their company’s history. The unexpected drop in the number of subscriptions and the consequent panic in the markets posed serious doubt about the sustainability of their business model.

Clash of Tech Titans: the history of Microsoft and IBM - May 5th, 2022
Microsoft (MSFT) and IBM (IBM) are two of the largest technology companies in the world, with a market cap of 2075 and 120 billion dollars respectively. Even though Microsoft has imposed itself as one of the most important players in the sector, the rivalry between the two brands has been long standing. In this article, we will have a closer look at the historical performance of the two companies in the last thirty years, how the performed during crises and how they evolved and remained relevant throughout the years.

Amazon reshapes the streaming industry through the acquisition of MGM - April 14th, 2022
On the 17th of March Amazon closed an $8.5 billion deal for the acquisition of Metro-Goldwyn-Mayer, the iconic movie studio behind the James Bond series and the Rocky franchise. The move has certainly got the attention of movie studios and streaming services, as one of the biggest companies in the world now becomes a much stronger competitor, through one of the largest deals of the last 15 years in the movie industry.

US Energy: Stability and Transformation - April 11th, 2022
In the light of Russia’s declaration of war on Ukraine, the importance of Putin’s most significant geopolitical asset has come to the forefront of technocratic debate. This issue is pronounced in Europe whereby its former dependence on Russian oil must be re-evaluated within the context of a re-defined political climate. In the US, however, the availability of natural resources offers some alleviation. Thus its intertwinement with Europe is key to better understand the energy crisis in a global setting.

War is the next obstacle to the FED taming inflation - April 8th, 2022
In conformity with expectations, at its last meeting on March 16, the Federal Open Market Committee raised the target range for the federal funds rate for the first time since the start of the pandemic by 25 basis points to 25-50 bp. We will analyse the reasons behind this decision, the market reaction and the future macroeconomic outlook for the US.

Microsoft acquisition of Activision Blizzard: the massive deal that is going to upset the gaming industry - April 5th, 2022
On January 18th, Microsoft announced the acquisition of Activision Blizzard in a massive and historical deal of $68.7bn, creating the third largest gaming company by revenue, only behind Tencent and Sony. The all-cash transaction will boost Microsoft growth in the gaming business across all platforms, including mobile, console, PC and cloud, and would lay the foundation for innovation in the metaverse. The deal is expected to close in 2023 after regulatory review and closing conditions.

A Threatened Supremacy: The Role of the US Dollar as the Global Reserve Currency - April 4th, 2022
Despite the lack of an official title, the US dollar has de facto been the world reserve currency for over 60 years, currently accounting for almost 60% of all known central bank foreign currency reserves. With the recent emergence of other global economic powers, China comes to mind, several forecasts of the dollar's endangerment as the principal reserve currency have been made.

Rising Prices Fuel Commodity Market M&A Boom in LatAm Market - April 1st, 2022
The debate surrounding inflation and whether it is simply transitory, or more permanent and deeply rooted, has taken on added importance in Latin America where a number of countries have had to reevaluate the implementation of their economic policies. It is in these peculiar market conditions that the Latam mining market is thriving, leading to a booming M&A period in the sector due to the expansion necessities of big traditional energy players as well as the urgency to switch to a low carbon economy.

Tech IPOs Boom: are they really worth the hype? - January 10th, 2022
Over the past five decades, we have experienced the rapid growth of the technology sector and all of its consequences. Since the dotcom bubble, tech-based firms have often earned above average valuations in the markets for their growth potential, but this has raised concern among both large-scale and retail investors alike. In this article, we will analyse technology IPOs market trends, some recent successful cases and present some arguments as to whether or not these tech firms are worth the hype.

The emerging trends from a (post) pandemic world - December 29th, 2021
Besides its devastating effects all over the globe, Covid-19 crisis has paved the way for a renaissance, stimulating new ideas and creating new opportunities. In an economic and social scenario drastically changed, many consumers have modified their habits and preferences, and Healthcare, Fintech and Food have distuinguished themselves for being the fastest- growing industries, worthy of a further analysis.

Pharma Giant Johnson & Johnson's Breakup - December 5th, 2021
On November 12th 2021, pharma giant Johnson & Johnson announced a split up that would see its corporation spin off its consumer-products division into a separate firm. The 135-year-old firm currently known as Johnson & Johnson will maintain control of its pharmaceutical and medical device business, which saw a lot of scrutiny since its release of a COVID-19 vaccine. The following article provides a comprehensive overview of the company and the industry in which it operates, while placing a special focus on the recently announced spin off, the possible reasons behind it and the subsequent effects on the market.

The new fashion in the world of Fintech: Buy Now Pay Later - Dicember 2nd, 2021
The combination of the recent surge in prices, together with the accelerated growth of online shopping, has paved the way for the expanding popularity among consumers of Buy Now Pay Later purchasing options. While these services may allow some consumers to improve the management of their finances, they also expose the public to a number of risks.

COP26: Article 6 implications and the industrial impact in U.S. - November 30th, 2021
The Article 6 analyzed during the recent COP26 conference has addressed the complexities of establishing an international carbon market, and will probably have a transversal impact on many sectors of the U.S. industry. What are the most discussed industries, and what is the potential impact on their business?

Inflation in Brazil: what's next? - November 12th, 2021
In a scenario where the low inflation-era seems to have come to an end for many global economies, the reopening of the economy and global supply issues particularly burden Brazil, an economy which has historically suffered from inflation problems.
Banco Central do Brasil has already intervened with a tightening of the monetary policy, but will it be enough to prevent the country from falling in the inflation nightmare, again?

Not all that glitters is gold: beneath the surface of US Covid-19 recovery - November 9th, 2021
The pandemic brought to their knees not only many households but also the overall US economy. To limit the devastating effect, a combined interventation by both the US government and the Federal Reserve was indispensable: while the monetary policies resemble those of 2007-2009 financial crisis, the fiscal policies implemented a series of relief and support plans. The rationale was simple: pour liquidity into the economy. While at first sight it could seem a winning strategy, many have envisaged a no-return catastrophe. How did it go?

A deeper look into BlackRock: the Goliath of Asset Managment - November 4th, 2021
Despite a volatile third quarter, BlackRock Inc., a leading company in the sectors of investment management, risk management and advisory services with institutional and retail clients worldwide, had achieved record-breaking results. Its revenues had climbed to record highs and its assets under management (AUM) slightly declined but is still close to an industry peak of $9.5tn.

An introduction to Stellar and its application in cross-border payments - May 7th, 2021
Stellar’s Lumens have been one of the hottest cryptocurrencies in 2021. Behind the price fluctuation, it is possible to find a truly innovative endeavour. The platform aims at disrupting the world of cross-border payments, by providing a cheaper and quicker alternative to bank transfers.

Climate risk: a “greener” investment world with ETF portfolios - May 4th, 2021
Climate change has become a key aspect in most companies’ long-term prospects. As awareness of the lasting impact of climate action on the economic growth rises, we are witnessing a fundamental reshaping of the financial world. An increasing number of investors is being challenged to reassess their core assumptions, and climate-oriented ETFs represent one of the most convenient ways to access an investment strategy that captures the new green trend. As ETFs spread in popularity, the world largest asset manager BlackRock has entered the scene through what has become the largest ETF launch of the last three decades.

What happened with Netflix’s earnings? An overview of the video streaming industry - May 2nd, 2021
According to the 15th Deloitte media trend report published in February, the average streaming video subscriber is currently paying for 4 streaming services, down from the average of 5 just a year ago. Overall, as content increases and platforms’ availability proliferate, cancellation rates among major streamers are up. Since Netflix’s stock plummeted by 7.40% after their Q1 earnings release, the question arises spontaneously: is the platform losing its title of absolute king in the video streaming industry?

Tax rises from Biden’s new infrastructure stimulus plan: Is the US Equity Market reacting to it? - April 30th, 2021
On 31st March 2021, US President Joe Biden presented his plan to increase government spending by $2tn with a focus on infrastructure in order to boost the reshape of US economy. The intention to finance the government spending with corporate tax proposal has given rise to divergent reactions from the several parties as US corporates will be particularly affected. This article investingates which companies will be suffering the most from the tax reform and how the US equity market has reacted to this announcement.

The Green Bonds Fever - April 23rd, 2021
The demand for Green bonds, financial instruments used to finance ESG related projects, is hitting an all-time high. Always more states and companies are exploiting their lower borrowing costs, creating however some concerns about possible mispricing. This growing market is currently dominated by the European Union, however, the United States may become the biggest player thanks to Biden’s ambitious plan.

Is gold's price drop an opportunity for investors - April 16, 2021
Just a few months ago gold was at record highs, trading at more than 2000$ per ounce. Low interest rates and expectations on future inflation rise made its rally seem unstoppable. However, since August gold price has started dropping, and now the price is below 1700$. Is it the moment to "buy the dip"?

Lucid Motors and Churchill Capital: the 4th chapter of a successful SPACs saga - April 7th, 2021
It was February, 22nd when Atieva Inc. (dba, Lucid Motors) and Churchill Capital Corp IV announced that they had entered into a definitive merger agreement. CCIV, a special-purpose acquisition company (SPAC), and Lucid Motors, a start-up that is setting new standards for sustainable mobility with its advanced luxury EVs, are combining at a transaction equity value of $11.75bn and an implied pro forma equity valuation of $24bn.

Gecas-AerCap: the world’s two largest lessors decide to join forces and merge - March 30th, 2021
On March 10 it was announced that AerCap Holdings, via AerCap US Aviation LLC, has entered into a definitive agreement to acquire 100% stake in GECAS from GE, via GE Capital US Holdings Inc. As consideration, AerCap will issue 111.5 million shares worth approximately $6 billion, pay cash of about $24 billion and a further $1 billion to be settled in notes, cash or a combination of both.

Is a Market Correction Unavoidable? - March 26th, 2021
2020 was a defining year in human history for many reasons. The pandemic led to a sharp downturn in markets and the economy in March, followed by a historic and unprecedented rebound, subsequently leading to all-time highs in the markets and record valuations. Despite the valuations and apparent disconnect between the real economy and markets, many investors remain bullish on the outlook for 2021.

“The appetite for yields”: The Rise of US Corporate Junk Bonds in today ultra-low interest rates world - March 21st, 2021
The ultra-low level of interest rates determined by the extraordinary measures implemented by the Fed and the US government through monetary and fiscal policies have led to the new phenomenon of “The appetite for yields”. In this regard, US Corporate Junk Bonds seem to play a significant role, thanks to their strong and increasing involvement in investment decisions.

The economic value of a Bitcoin: beyond the tweets - March 11th, 2021
During the last weeks, Tesla’s announcements have turned the spotlight on the Bitcoin, one of the most debated instruments in the financial industry.
But is there an economic value behind Bitcoin? In this article, we try to look at it from an Asset Portfolio Theory’s perspective, analysing the diversification benefits arising from the inclusion of this asset in a portfolio of different asset classes: the surprise is that even a risk-averse investor should not be so scared about its huge volatility.

Texas freeze: what’s next? - March 7th, 2021
In the past weeks the Texas deep freeze left the state in crisis. This dramatic situation was driven by the power producers and has had a transversal impact across different sectors, leaving open the investors’ question:” What’s next?”

AstraZeneca to acquire Alexion Pharmaceuticals in $39 billion deal - March 2nd, 2021
After successfully developing in record time the Covid-19 vaccine with Oxford University and planning the distribution of over 3.9bn doses at the lowest price on the market, AstraZeneca is ready to further expand its portfolio with the acquisition of the American pharmaceutical company Alexion and take on the challenging rare diseases treatment industry

Semiconductor shortage drags down the automotive industry’s rally - February 25th, 2021
The semiconductors cover a fundamental role in many industries, among which the automotive one is one of the most strategical. Therefore, due to the current shortages of supplies, policymakers in Washington are considering federal incentives and investments to meet the current sky-high demand and reinforce the U.S. leadership in chip manufacturing, to avoid future crises.

Microsoft to acquire one of the largest privately held game developers: ZeniMax Media- December 27th, 2020
On September 21st, Microsoft announced its plan to acquire ZeniMax Media, one of the largest privately held game developers, the parent company of several industry-leading companies.

The Rise of Passive Investing in America- December 12th, 2020
Passive investing has gone from 5% of the total US market to over 50%. In this article we discuss the impact this dynamic may have on the functioning of the stock market. The article also discusses the future for the market as a whole.

March Liquidity Crunch: The Role of Hedge Funds - December 9th, 2020
March 2020 represented an important challenge for the global financial market. The spread of the Coronavirus outside China generated the usual flight to safety of the market operators who mainly bought US Government bonds. However, when uncertainty became too much to handle, investors started to sell their positions to hoard dollars. In this stressful scenario, the US Treasuries market experienced an unusual malfunction, everybody wanted to sell but nobody was willing to buy.
What was the role of non-banking institution?

Varo Money has become the first fintech start-up to receive a US federal banking charter. What does this mean for the banking sector?- December 7th, 2020
Varo Money has recently been granted a national banking charter by the OCC, becoming the first fintech company to get one. This is a further boost to a flourishing industry, which is growing download by download, and could lead to many other start-ups following its footsteps. Up to now the increase in competition for consumer deposits has not resulted to a reduction of those held in traditional banks. Can this be a step towards it?

PNC Financial Services to buy BBVA USA: the second-largest U.S. banking deal since the 2008 financial crisis - December 5th, 2020
The Spanish financial group BBVA has reached an agreement to sell its activities in the US to PNC Financial Services for $11.6 billion in cash. The deal will be concluded by mid-2021. This deal represents the second biggest transaction in the US for financial companies since the crisis and will make of PNC the fifth biggest bank by assets.

Are we looking at another dot-com bubble?- December 3rd, 2020
Almost a year after the outburst of the Covid-19 pandemic, the US stock market is well over pre-Covid levels. Companies like Facebook, Apple, Amazon, Netflix, and Google (the so called FAANGs) have done much better than the rest of the market, making some analysts fear the optimisms of investors is fuelled by irrational expectations. Are we facing another bubble in the technology sector or is this time different?

The US Department of Justice Against Google: what is happening with the antitrust lawsuit? - November 24, 2020
The recent antitrust action against Google could become the most aggressive lawsuit against a strong technology company since the case that opposed the DoJ and Microsoft in 1998, which some argue laid the foundation for Google’s growth and success. What is at stake?

Dry Pow(d)er: The dynamic role of PE in the Covid eraDry Pow(d)er: The Dynamic Role PE in the Covid Era - November 20, 2020
Even before the pandemic, throughout 2019 and in the first quarter of 2020, economies around the globe were slowing down.
A growing expectation of a global recession among private equity fund general partners (GPs) lead them to alter their investment strategies by accelerating exits and assessing recession-related risks with caution. Furthermore, overheated asset valuations pushed by aggressive corporate buyers and a crowded marketplace cut investment opportunities. However, the COVID crisis has totally changed the landscape, leading to many new challenges as well as opportunities for PE firms.

How did the US REIT industry enter the COVID-19 crisis?- November 9, 2020
REITs’ structural characteristics raise concerns about the potential exacerbated impact that recessionary periods, such as the unprecedented crisis we are experiencing today, may have on them. However, the stronger balance sheets, the ample sources of liquidity and the significant diversification with which REITs entered this recession, may provide greater confidence in their ability to navigate this crisis.

Acceleration of China stock listening on Wall Street- November 7, 2020
Despite the Trump decision of threatening to ban Chinese groups from US stock market, by delating many Chinese companies, the effect is totally the opposite. Always more Chinese firms are going public in Nasdaq and in the NYSE.

Which challenges does COVID-19 pose for the US aviation industry? - November 6, 2020
With the COVID-19 outbreak, travel restrictions and social distancing, US aviation industry is facing vey difficult challenges, seeing almost its whole revenues plummeting. What should it do to ride out this storm?

The history behind Silicon Valley most mysterious tech company
Palantir is not the traditional Silicon Valley tech company. Its unique business model, its ground-breaking products and its secretive approach have made it one of the most interesting companies in the US market, valued at around 20 billion. Contrary to expectations, though, last month Palantir decided to list on the NYSE, and in its filings to the S.E.C, some of the shadows were cast out.

Investing ahead of the 2020 US Presidential elections
In the current environment with COVID-19 cases reaching record levels in the USA, strong quantitative easing, considerable fiscal stimulus, and an approaching presidential election, the US stock market is looking for direction.

US banks outshine their foreign peers throughout the pandemic, but with substantially lower leverage - October 26, 2020
What stands behind the gap between US banks and foreign ones? Leverage is not the answer. What really gives US institutions their edge is their activities in trading, underwriting and asset management, which result in a higher risk density of their assets, but also higher resilience through the pandemic.

How is the Federal Reserve reacting to the Coronavirus pandemic? - May 11, 2020
This is an extremely difficult and crucial time for every country, but in particular for the US. The role and every decision of the Fed are immensely important for the American and global economy. This is why officials are constantly meeting so to be regularly updated and informed about the situation and, moreover, decide which solutions are needed to best address the problems brought by the pandemic.

Plunging stock prices may not solve the desperate search for excess return - May 9, 2020
For almost 10 years private equity and hedge fund houses and traditional asset managers have faced increasingly turbulent periods in the desperate search for significant excess returns to remunerate their demanding investors. The incapacity to find attractive investment opportunities has been justified in a variety of ways ranging from structural problems of the industry to excessively inflated asset prices. Will this correction in asset prices be enough to solve this problem?

How will Covid-19 reshape the fashion luxury market? - May 6, 2020
The disruption caused by Covid-19 has little precedent. The pandemic has had a severe impact on the globally integrated luxury good industry. As the fashion sales fall off millions of jobs are at risk. In an increasingly challenging environment, how will Covid-19 reshape the fashion luxury market?

US SMEs are struggling to get PPP relief, and fintech isn’t helping either - May 4, 2020
After the first lockdowns in the US, the government decided to create a program to help small businesses, which were heavily hit by the quarantine measures. The program, called Paycheck Protection Program (PPP), was inside the Coronavirus Aid, Relief, and Economic Security (CARES) Act on the 27th March 2020, and it was provided with $349 billion. The program is meant to provide liquidity for up to $10 million for 8 weeks to small businesses through federally guaranteed loans, backed by the Small Business Administration (SBA), with a 1% interest rate. The idea is helping small businesses, as their disruption would have harsh effects on the overall economy.

How are U.S. Banks responding to the crisis? - May 2, 2020
The Sars-Cov-2 virus pandemic almost reached every corner of the world and is particularly touching the United States and many European countries. Governments are taking severe and drastic precautions that will cause unquantifiable damage to the economy. The possible consequences of this crisis should make us worry.

PPD Inc 2020’s biggest U.S. IPO: rationale and comparison with the CROs industry - April 30, 2020
Big Pharma and Biotech rank as the business sectors with the highest expenses in R&D. Over the last decade, they have outsourced a share of their research services to CROs, a trend expected to increase in the foreseeable future. PPD Inc’s growth strategy needs fundings to be implemented, so the firm decided to successfully debut on Nasdaq on the 5th February as 2020’s biggest U.S. IPO. What risks are entailed in the industry? How will the stock perform at the time of the Covid-19?

Coronavirus war: dollar king or monetary system revolution? - April 29, 2020
China now seems in control of its Covid-19 outbreak and its economy starting to recover while the US is still experiencing rising fatalities. As a result, there are more and more concerns among economists on whether Covid-19 crisis will herald the end of the dollar century and the beginning of the Chinese one. But are these mere speculations or is there enough data supporting these theories?

Will renewable energy ever substitute fossil fuel companies? - April 28, 2020
The portion of renewable energy amid sources of electricity in the U.S. has been spreading over 10% in the last decade, reaching almost 21% for the first time in 2020. Industry executives and analysts forecast that renewable business will continue to grow in 2020 and afterwards, as oil, gas and coal companies will struggle financially and seek bankruptcy protection to sustain the damages brought by the current crisis.

How did the crisis affect the payout’s strategy of US corporations? - April 23, 2020
As the fast-growing pandemic spreads around the world causing major problems to the healthcare systems of most of the countries of the planet, a threatening economic crisis is just around the corner and both Government and Central Banks are making every effort to narrow its effects.
One of the first moves to avoid coronavirus triggering a credit crunch in Europe has been taken by Europe’s banking regulator, which has demanded that all EU lenders stop their planned dividend payments and share buybacks, but will US banks and big corporates ever take the same decision?

The largest oil supply cut agreement in history was not enough - April 21, 2020
On Sunday 12th April 2020, the U.S, Saudi Arabia and Russia led a coalition of 23 countries to reach a historic agreement to stabilize the oil market, by collectively cutting crude oil production by 9.7 million barrels a day. The global settlement put an end to the 2020 oil price war and represents the largest oil supply cut in history, withholding more than 13% of crude production from the market. However, despite the remarkable deal, the reduction was not enough to guarantee sustainable support to prices and on Monday 20th April 2020 the price of a barrel of the US benchmark, West Texas Intermediate crude, to be delivered in May dropped into negative territory for the first time in history after oil storage capacity reached its limit.

Blue Apron: should investors invest or not? - April 14, 2020
In these past few weeks, the entire world is going through a challenging time facing this bulletproof virus, COVID-19. Among the many out of the ordinary phenomena that we are witnessing, it might be interesting to highlight the case of Blue Apron.

How the coronavirus is changing the fate of the hedge fund industry - April 8, 2020
The coronavirus outbreak has put in severe doubt the ability of the hedge fund industry to overcome any financial unfavorable situation. Pessimistic ideas already emerged in 2008, when losses for the industry were on average 18%, despite delivering a better performance with respect to equity markets. However, in the decade following the financial crisis, strategies focused on bets on volatility shocks, low interest rates and bull markets have guaranteed outstanding performance, especially to passive funds.

A Black Swan Pierces a Bubble: Where We’ve Come From, Where We Are and Where We Might End Up - April, 7 2020
The low interest rates that the Federal Reserve implemented to revive the economy from the depths of the 2008 Global Financial Crisis contributed to solving the United States’ grave short-term ails but triggered the explosive growth of a problem that is only now coming back to haunt us – a $13.5 trillion global corporate debt binge. A study conducted by the Organisation for Economic Cooperation and Development (OECD) on emerging risks in the corporate bond market, concluded that this massive pool of corporate debt suffers from lower overall credit quality, higher payback requirements, longer maturities, and inferior covenants. Specifically, in the post-crisis low rate environment, the percentage of BBB rated bonds as a proportion of total investment-grade bonds has risen substantially – from 38.9% in 2000-2017 to 51% in 2019.

How investors are reacting to the pandemic? An analysis of the VIX index as a market indicator - April 01, 2020
The coronavirus pandemic is a terrible issue that is affecting national and private health systems across the world: the number of deaths is continuously increasing and intensive care units are running out. On the other side, there are horrible economic news, which imply solvency and liquidity problems for many firms and the unemployment rate spiking in U.S. and Canada. Fluctuations in the equity stock market clearly reflects the uncertainty and the approaching recession, providing also many insights to investors.

Food Retailers in The Crisis: A Real Victory? - March 30, 2020
As markets experience one of their most volatile periods in its history, plunging into a new bear market, there are several losers and few winners. In particular, the consumer staple sector belongs to the second group, along with telecommunications. However, does this reflect the short and long term problems faced by the industry?

COVID-19’s Current Impact on the Global Real Estate Market - March 29, 2020
Office buildings, sports arenas, casinos, hotels and conference centers (just to name a few) were all built to accommodate large numbers of people. Their valuations heavily rely on projected occupancies, with the ideal scenario being to reach maximum capacity to maximize revenue. Yet, this week and for an indefinite amount of weeks, many of these assets will sit empty, burning holes in owner's pockets, as they continue to experience the effects of a slowing US economy. As many Americans are urged to work from home and the government tightens restrictions on social gatherings, it is important to understand how “social-distancing” has, and will continue to affect the world’s largest asset class; Real Estate.

Neobanks: bubble or paradigm shift for the banking industry? - March 27, 2020
On Tuesday 12th March, ex Inuit CEO and PayPal founding CEO Bill Harris announced his San Francisco based neobank One had just raised $ 17 million in Series A founding. Just like One, in the last decade the appearance and the spread of these new 100% digital financial institutions called ‘neobanks’ have certainly had a huge impact on both consumer banking and small business lending, shaking up the conventional form of banking. However, one of the biggest questions to answer remains whether their success is only temporary, or they will fully overtake traditional banking in the upcoming years.

Disney CEO Bob Iger steps aside and his new role in the Mouse House - March 26, 2020
The announcement of Bob Iger’s retirement was unexpected and seemed somewhat hastily arranged; he has postponed his retirement several times, most recently extending his contract until the end of 2021, but this time, with nearly two years left on his contract, he has been replaced by Bob Chapek, who was head of the parks and resort division from 2015.

How U.S. Airlines are dealing with Trump’s travel ban and coronavirus outbreak - March 23, 2020
On March 13th 2020, President Trump held a conference where he announced a ban on flights from European Countries to the United States for a 30-day period, as a precautionary measure in order to protect the U.S. from the coronavirus outbreak already widespread in the Schengen area. However, after Mr. Trump’s declaration, confusion started to reign among travellers, who were struggling to better understand the consequences of this ban.

A Primer on Opportunity Zone Funds - March 21, 2020
The 2017 Tax Cuts and Jobs Act created the Qualified Opportunity Zone program to provide a tax incentive for private, long-term investment in economically distressed communities. Although the program was enacted a couple of years ago, money managers and investors alike are still fumbling to figure out how exactly to take advantage of the new investing strategy as confusing rules and stipulations surround the legislation.

The Tumble of European Investment Banks in the US Market - March 19, 2020
In the last decade, the fast-paced Investment Banking sector has been facing critical changes that have reshaped its structure around the world. The years following the global financial crisis revealed the largest and most solid US banks as great winners, being able to more than double their profits and pose a substantial gap between all the other worldwide competitors.

Killing the virus, Fed's anti-infective guide: unleash crisis-era lending programmes against US treasury vanishing liquidity. What’s next? - March 17, 2020
In the wake of the WHO’s recognition of Coronavirus as a “global pandemic”, including over 3.045 confirmed cases and 60 linked deaths in 49 out of 50 American states, Trump administration declares the state of National Emergency. How are markets reacting and how can the Fed intervene?

Back to normal? Precedent for changes to central bank balance sheets - March 16, 2020
After the Great Financial Crisis (GFC) the US Federal Reserve implemented measures to spur growth in the then sputtering engine of the US economy. These measures mainly revolved around implementing a multi-phased quantitative easing program which followed the steps taken in the Great Depression of the 1930s and Japan in the 1990s – though, over time, the program undertaken after the GFC far exceeded previous programs in terms of expansion of the central bank’s balance sheet.

There's a lot of wealth out there - March 15, 2020
American households held an average of over $98trilliion of wealth in the last years. Wealth, or net worth, is defined as total assets minus total liabilities. This wealth, however, isn’t equally distributed, meaning that the impressive amount of average $692.100 net worth per person is, in the facts, skewed by the so-called “super-wealthy” components.

Morgan Stanley to acquire E-Trade - March 12, 2020
Morgan Stanley (NYSE: MS) announced on Thursday 20th of February that it is acquiring E-TRADE Financial Corporation (NASDAQ: ETFC), a leading financial brokerage company, in an all-stock transaction valued $13 billion. The definitive agreement conveys E-Trade shareholders will receive 1.0432 Morgan Stanley shares for each E-Trade share.

The 5G cold war between USA and China - March 10, 2020
For many decades, the USA held the title of the most thriving environment to develop new technologies within the TMT market. However, during the last few years, new companies have grown up and threatened U.S. primacy. One example is certainly provided by Huawei, a company that was able to emerge as one of the major drivers in the growth of 5G technologies worldwide.

Argentina: what is going on? - March 08,2020
Once again, Argentina is going through a very delicate period. The country has already defaulted 8 times since its independence and now the government is looking for a debt restructuring to avoid a messy default. Moody’s rating for the country stands at Caa2, reflecting “years of unpredictable and unsustainable macroeconomic and fiscal policymaking”.

The billionaires' space race - February 24, 2020
It is widely recognized that 2019 has been a record year for private investments in space companies, topping 5.8B$ across 198 investments. We expect 2020 to score historical IPOs from companies which have been increasing in the last 10 years and are prospected to become profitable in the short term.

The IMO 2020 reform and its impact over the oil market - February 13, 2020
From January 2020 the International Maritime Organization has imposed the largest reduction in the Sulphur contained in fuel consumed by shippers. The forthcoming measures are set to impose shipping vessels a maximum content of fuel equal to 0.5%, an enormous shifting compared to the current 3,5 wt%. The implementation is a result of a recommendation proposed by a subcommittee more than a decade ago at the United Nations, designing rules for shipping security and pollution.

Sugar is sweet, honey is sweeter: PayPal acquires Honey Science for $4bn - January 4, 2020
On Wednesday, November 20th, PayPal announced it would acquire Honey Science at $4 billion valuation, immediately adding a new tool to their already coveted fintech platform. This acquisition is the largest that PayPal has completed.

Investment flows as Streaming Services revive music industry - December 31, 2019
In recent weeks, the American cultural zeitgeist has had a rather peculiar and specific thing on its mind: the role of private equity in the music industry. This all started on November 14, 2019, when American artist Taylor Swift posted about a recent acquisition partially financed by the private equity firm The Carlyle Group.

Will Grubhub survive the food delivery price war? - December 30, 2019
In August 2018, Grubhub Inc.’s (NYSE:GRUB) share price had reached a peak of $149. Since then, shares in the American food-ordering and delivery company have witnessed a significant downfall and are now trading at $49.0. This downfall in the stock price reflects growing skepticism regarding the company’s business plan, which investors believe will be unable to defend the company’s market share vis-à-vis competitors such as Postmates, Doordash and Uber Eats.

Time to cry over spilled milk? Dean Foods filing for Chapter 11 - 29 December, 2019
The US largest milk producer files for bankruptcy, following a nationwide and global change in the way humans consume and perceive milk. There is a number of reasons explaining this, ethical and environmental are two. This event makes you wonder which is the next company to fall following the same shift in consumer demand.

Recent performance of Latin American sovereign bonds. More volatility to come? - 28 December, 2019
Latin America is no safe place for investors who are not used to risk taking. In such markets, one would be well advised to, as the old saying goes, “sleep with one eye open”, so as not to get caught by the sudden changes in market sentiment, caused so frequently by political and economic outbursts.

Google’s Project Cache for Consumer Dominance: Flirting with Banks to Avoid Getting into Banking - December 4, 2019
Google announced that it will offer personal checking accounts through its Google Pay app, starting from next year. The project, code-named Cache, will be launched in partnership with Citigroup and Stanford Federal Credit Union.

The first no-fee exchange-traded note - December 3, 2019
On the 8th of October, the first zero-fee ETN for gold and silver was launched in New York City by the English Bank Barclays. This launch adds to the existing family of 45 iPath products offered by Barclays, two exposures tracking the Barclays Gold 3 Month Index Total Return, and the Barclays Silver 3 Month Index Total Return, waiving the minimum fee of 0,30% of ETRACS UBS Bloomberg CMCI Gold Total Return ETN (UBG).

Cocoa Investments in South America, an investment opportunity? - December 1, 2019
Over the years, possibilities for investors to engage in alternative and obscure bets on businesses and commodities have only become more plentiful. These opportunities are not only limited to professional investors, like Hedge- and Private Equity Funds, but also presented themselves to private investors. Cocoa investments are one of those.

Interest rates in Brazil: new rules in the game? - November 24, 2019
In the past couple of months, we have seen Central Banks from all over the world assume a more dovish tone, with a series of quantitative easing policies and cuts in interest rates, in an attempt to revert the threat of a global economic slowdown. Brazil, was no exception to the rule, with three 50bps cuts in 2019, lowering rates (called “Selic rates”) from 6.50% to 5.00% (in nominal terms). Investors are pricing even more cuts in the next year, with real interest rates expected to drop to almost 0% in 2020.

Investors may be the planet’s best hope - Novermber 22, 2019
Environmental, Social and Governance (ESG) factors, previously considered optional supplementary information, are progressively becoming a driver to a company’s bottom line and potential investors. Even though the U.S. is withdrawing from the Paris Climate Agreement, U.S. companies will still need to regulate and improve their ESG ratings as sustainability becomes increasingly more important to the global investor pool.

Tesla's unexpected 3rd quarter performance: a sustainable trend? - November 20, 2019
During the first three quarters of the year, Tesla Inc. shares have strongly underperformed both the market and its competitors. However, after announcing its 3rd quarter results in October, which highlighted a surprising $143 million in net income, the stock signed an incredible 30% gain. This performance helped offset its previous losses, apparently setting bears and critics aside.

The Robinhood disruption: the zero-fee war and its implications - November 18, 2019
Robinhood is a mobile stock trading app characterized by a zero-fee system “on a mission to democratize the financial system” – as quoted by the two founders. The platform, with its friendly graphic and the tutoring that it offers both for beginners and expert, has made stock trading really simple and at the most affordable price: zero.

US markets’ funding glitches: an overview on the Fed’s recent monetary policy - November 11, 2019
Since mid-September’s rate crisis, the Fed has been injecting hundreds of billions of dollars into US money markets in order to restore the normal process of borrowing and lending among banks and other firms alleviating funding pressure and ensuring that the financial system has enough liquidity to work smoothly. This article wants to walk us through the logic and the reasons that lead to this type of intervention and describe the actual monetary stance of the american central bank.

After Rapid Growth through Acquisitions, Walmart Looks to Shift its e-Commerce Strategy - November 9, 2019
In recent years, Walmart has invested heavily in acquiring e-commerce companies in an attempt to compete with online retail giant Amazon. However, after spending a few years to expand its online presence with very impressive results, but suffering heavy losses in the process, Walmart will refocus its e-commerce strategy on what it does best - being the store in which Americans can reliably find groceries and basics at an affordable price.

The incredible growth of the Jamaican Stock Market - November 3, 2019
The Jamaican Stock Market has been one of the best performer stock indexes in 2019. Its performance is even more impressive if we look over the last five years, with capital gains above 500%. But what are the reasons behind this incredible stock market boom? How was it possible for a market with a total capitalization smaller than the one of Chipotle Mexican Grill Inc. to become one of the hottest markets in the world?

CBS and Viacom to merge again in a $12bn deal - November 1, 2019
On August 13, 2019, CBS and Viacom, which used to be the same company, agreed to recombine in an all-stock merger. The aim is to be able to compete with the biggest players, such as Apple, AT&T and Disney, which in turn are all engaged in the TV streaming war against the $123 bn market cap giant Netflix. The resulting $47 bn entity will be called ViacomCBS and will have more than $28 bn in combined annual revenues.

US Private Equity: a political matter? - October 30, 2019
PE is the talk of the town around the globe, especially in the US. However, criticisms are rising following some high-profile failed transactions and bankruptcies that left employees without employment, and families without money. All while the investors brush it off and move on to the next investment. Political pressure is rising, especially with an upcoming election next year. Here is an overview.

Peloton: Will the “Netflix of Fitness” succeed despite disappointing IPO? - October 27, 2019
On the 26th of September, Peloton Interactive Inc. (PTON) went public on Nasdaq by securing a $8 billion equity valuation. The company offered 40m shares at a price of $29 per share, raising a total of $1.2bn in equity financing. The company’s valuation largely outstripped the $4.2bn price tag reached after its last round of private fundraising in August 2018. However, as public trading began, the $29 IPO price seemed not to enthusiasm investors.

WeWork: the story behind the IPO debacle of the year - October 20, 2019
Just before WeWork's S-1 registration for an initial public offering to the Securities and Exchange Commission (SEC) on August 14th, WeWork was the US's most valuable tech startup. Yet as the investors looked at the prospectus, they seemed to be less excited about the enterprise. They were concerned that the coworking space business model of the group may not be feasible. Most investors were worried about how long-term debt in the form of acquiring or leasing real estate would mix with short-term subscription revenue and whether this model could survive economic downturns. In less than two months, WeWork spiraled from a $47 billion valuation to talk about possible bankruptcy.

Beyond Airbnb rumored direct listing: evidence of IPO game-changing momentum in Silicon Valley? - October 18, 2019
In a very brief statement on September 19, Airbnb announced its plan to become a public-traded company in 2020. The Company has not specified whether it has already filed its S-1 IPO paperwork and has not declared yet how it is planning to list its shares. However, according to many market rumors that followed first Reuters insights, it is widely expected that the home rental giant will opt for the direct-listing route.

Beyond Meat IPO: Investors like it, but will consumers agree? - June 11, 2019
Beyond Meat Inc., the plant-based meat start-up from California, debut on NASDAQ on the 2nd of May under the symbol “BYND”. The Initial public offering price was set at $25 a share, at the high hand of its expected range ($23-$25), and with 9.63 million shares sold the company raised $240.6 million, reaching a $1.5 billion valuation.

Interest-only loans and the threat of massive write-downs - June 8, 2019
An interest-only loan is simply a loan that collects interest-only payments, rather than amortizing (paying down the principal). Interest-only payments may be applied to a specific period of a loan, usually at the beginning, or may apply for the entire life of the loan. Many bridge lenders and debt funds typically only require interest to be paid on the loan until maturity, when they will collect on the entire loan principal. This is referred to as “full-term interest only”. These risky offerings fall under the umbrella of non-qualifying loans, meaning they do not conform to standards set by the Consumer Financial Protection Bureau.

US-China trade wars: a threat to a bullish view on global markets - June 5, 2019
On Sunday and Monday US president Donald Trump published a number of tweets threatening to raise tariffs from 10% to 25% on $200bn of Chinese goods and impose a 25% tariff on another $325bn of currently untaxed goods. The tweets breached the calm and optimism of investors that had been seeing a positive outlook on the trade talks since December. The effects on global capital markets didn’t leave us waiting.

Luckin coffee: Roasting Starbucks - June 2, 2019
Luckin Coffee, an upcoming Chinese rival to Starbucks plans to raise up to US$586.5 million at its IPO on May 17th 2019 on the NASDAQ. Adding an additional 2,900 stores in 2019, Luckin aims to overtake Starbucks and become the largest coffee network in China via number of stores. Luckin Coffee operates on a tech-based model focusing on on-demand delivery and digital orders, and uses a controversial aggressive growth strategy of free coffees and promotions that resulted in a loss of US$475 million in 2018.

Is Papa John's looking for a buyer? - May 30, 2019
On 6th May 2019, Papa John’s founder, John Schnatter, announced that he intends to sell his stake in the company. Papa John's pizza is an American restaurant that functions in the franchise regime, the fourth largest pizza delivery restaurant chain in the US. Its headquarter is located in Jeffersontown, Kentucky, although it is present at an international level.

What Apple's wearables business is telling us about the corporation - May 27, 2019
Released on April 30, Apple’s second quarter report revealed that Apple’s wearables business has seen its best quarter yet. In recent years, Apple was able to develop an extremely fast-growing business segment - the Wearables, Home and Accessories sector - that was previously considered an inconsequential contributor to total revenues. With its approximate quarterly turnover of $5 billion, this segment alone can now be considered a Fortune 200 company, according to Apple’s CEO Tim Cook.

What’s going on with Tesla? - May 24, 2019
Tesla warned shareholders that the results of the first quarter would be disappointing. Either way, the grim reality unveiled on April 24th should shock investors. On an adjusted basis, the electric car maker lost $ 2.90 a share in the quarter. Revenue of $ 4.5 billion from the fourth quarter tally fell 37 percent. After entering it with $ 3.7 billion, the company ended the quarter with $ 2.2 billion in cash.

Apple & Qualcomm finally at ease - May 21, 2019
On April 15th 2019, one of the biggest corporate law suits of recent years was ready to put itself into motion in a four-week trial that would’ve seen 30$Bn and much more put at stake. The underlying law suit is the one between Apple and Qualcomm, tech giants who have now been at war with one another since 2017.

Uber: the most anticipated IPO in years is almost here - May 18, 2019
Uber is a ride-hailing company that is set to go public in early May 2019 and will be traded in the New York Stock Exchange under the symbol “UBER”. The company offers many other services by which food-delivery, electric bikes and is developing self-driving cars. The world’s largest ride-hailing company plans an initial public offering that values the firm between $80.5 billion and $91.5 billion.

A creative deal structure that will boost marijuana M&A: Canopy Growth to buy Acreage - May 16, 2019
On April 18th 2019, Canopy Growth Corp announced it would buy Acreage Holdings for a total consideration of $ 3.4 billion, upon federal legalization of marijuana in the US. Canopy Growth is a cannabis company based in Ontario listed on both the Toronto and the New York Stock exchange. The company’s main activities are the growing, possession and sale of cannabis.

Facebook moves closer to its Chinese counterpart: a super-app with cryptocurrency and a dating section - May 14, 2019
Facebook is aiming at launching in the following years a “stablecoin”, a type of cryptocurrency pegged to the US dollar which could reduce the volatility normally seen in virtual assets. The main goal of a future “FaceCoin” or “FBCoin” (the name still stays locked-in) is to facilitate the transfer of money among the users of the Facebook ecosystem, primarily through the messaging app WhatsApp.

Unicorns Trot to Market: Pinterest Down Round IPO - May 13, 2019
This year has been widely expected to be a blockbuster year for IPOs and as several startups are entering the public markets. Tech “unicorns” - privately held firms worth over $1bn - are getting the center of the attention. The venture capital darling, founded in 2010 and known for its loyal fan base that posts food home decor and wedding collages, launched its “down round” IPO earlier this month.

Brazil's Bradesco to expand its horizons - May 8, 2019
On May 5th, it was announced that Banco Bradesco SA, Brazilian bank based in St. Paulo, will start the acquisition of BAC Florida Bank paying $500 million. This will stand as the first international acquisition for them, but it has still to be approved by competent regulatory authorities of Brazil and US.

The battle for Anadarko: Chevron vs. Occidental - May 7, 2019
On April 12th, the Chevron Corporation (NYSE: CVX) announced a deal to acquire Anadarko Petroleum, an American oil exploration company. However, although Chevron and Anadarko had come to a definitive agreement, rivalling oil producer Occidental Petroleum (NYSE: OXY) announced on April 24th a similar bid to acquire Anadarko.

The Triumph of Boring Banking: Retail Saves Wall Street Banks First Quarter - May 2, 2019
“U.S. banks notched a record quarterly profit, newly released data show, a result of the new tax law, rising interest rates and an improving economy”. This was the opening line of last year’s WSJ article after the release of major Wall Street banks’ first quarter reports. One year later, the economic situation has changed and we are assisting at the triumph of boring banking.

The week after Lyft's IPO: a bumpy ride - April 25, 2019
On 29th March, the San Francisco based ride-hailing company, Lyft, went public on NASDAQ in New York, with an initial public offer of $72 per share. After a first-day 8.7% increase, the share price decreased on the following days: the article analyses the main causes behind these fluctuations.

FIS and Worldpay, another merger between two major financial technology companies. - April 24, 2019
The FinTech industry has been surely one of the most dynamic industries last year with huge investments in start-ups on record reaching a total value of $41.7 BN. Only in 2018, this industry faced a total of 349 M&A transactions and this trend does not seem to end soon. FinTech start-ups offer technology which can revolutionize how companies operate and how people interact with their bank. This business is fundamentally changing how financial services work.

Merck KGaA breaks-up Versum Materials & Entegris merger of equals - April 19, 2019
On January 28, Entegris announced its plan to merge with Versum Materials through an all-stock deal for a total value of $4Bn. The deal is structured as an exchange of old shares of the two pre-existing companies for shares of the new company (newco).

Houston, we don't have a problem here - April 18, 2019
On March 10, 2019, a Boeing 737 Max of Ethiopian Airlines from Addis Ababa to Nairobi crashed few minutes after the departure, killing 157 people. Similarities have been found with another 737 Max flight that 5 months before crashed near Indonesia. What could be the effects on such an aerospace giant?