Every Banker in the World Is Chasing the Saudi Aramco Deal (Bloomberg, earlier)
Investment banks around the world are clamoring to join what promises to be a bonanza, and not just the IPO of Saudi Arabian Oil Co., or Aramco, which could be valued at upward of $2 trillion. The kingdom is planning to sell hundreds of state assets to bolster its finances and reduce its dependence on oil. That includes as much as $15 billion of bonds. Saudi Arabia looks even more promising with investment banking in a global slump and Britain’s vote to exit the European Union set to deter deal-making for months to come. “Saudi Arabia is close to the top, if not at the top, of the agenda for banks,” said Christopher Wheeler, a London-based analyst with Atlantic Equities LLP in London. “Where else is there at the moment?"
Moody's changes outlook on 12 UK banks following Brexit (CNBC)
Eight of the 12 banks, including Barclays, HSBC, Santander UK and TSB Bank, were downgraded to negative from stable. Lloyds Bank and Principality Building Society were downgraded to stable from positive. The agency also changed the outlook on the U.K. government-guaranteed senior unsecured debt instruments, as well as Bradford & Bingley and NRAM, to negative from stable.
Trump Channels Brexit in Anti-Trade Speech in Pennsylvania (Bloomberg)
"Our friends in Britain recently voted to take back control of their economy, politics and borders," Trump said. "Now it's time for the American people to take back their future. We are going to take it back." The presumptive Republican presidential nominee sounded more like Vermont Senator Bernie Sanders, who ran against Hillary Clinton and global trade deals in the Democratic primary, when assessing whether free trade should continue to be a priority. Calling NAFTA "the worst trade deal in the history of the country" and the Trans Pacific Partnership "the greatest danger yet," Trump said he planned to re-negotiate trade deals in order to create jobs across the country and especially in places that formerly produced goods sold in the U.S. and abroad. "It's time to declare our economic independence once again," Trump said. "That means voting for Donald Trump."
Stress Test Inc.: Billions of Dollars, Bank Consultants to Manage Other Consultants (WSJ)
Globally, banks spent about $29 billion on consultants last year, much of that for stress tests in the U.S. and elsewhere, according to analysis firm ALM Intelligence. That compares with $16.35 billion in 2007. The total has increased every year since 2009, a period when banks have been relentlessly cutting expenses and employees in areas such as trading and branches.
Cops: Woman, 26, Wielded Hatchet After Her Demands For Sex Were Repeatedly Rebuffed (TSG)
According to police, Leslie Mills, 26, returned home early Thursday after a drinking binge and began badgering the victim to “engage in sexual activity with her.” The man--who said he was awoken by the persistent Mills--told cops that he moved from the Ocala home’s bedroom to the couch in a bid to escape her. However, Mills followed him to the living room, where she climbed atop the victim, “still asking for him to have sex with her,” according to an Ocala Police Department report. After again declining to have sex, the man went into the bathroom and locked the door. Mills responded, police report, by pounding on the door, which she then successfully pushed open. Upon Mills entering the bathroom, the victim noticed that she was carrying a hatchet that had been removed from a living room wall. The man said that he wrestled the hatchet from Mills’s hands after she raised the weapon and "appeared to be preparing to strike him."
Airbnb Is Said to Be Seeking Funding Valuing It at $30 Billion (Dealbook)
Airbnb, which lets users list their homes and apartments for short-term rentals, is in talks for a new round of investment that would value the company at about $30 billion, according to people briefed on the matter. Under the terms of the new fund-raising, Airbnb will have tripled its valuation in two years.
Soros bet on fall in Deutsche Bank shares (FT)
The veteran investor, who famously made $1bn betting against the pound in 1992, took a short position of 0.51 per cent in Deutsche’s stock on Friday — the day after the vote — via his investment vehicle, Soros Fund Management, according to a regulatory filing. The bet equates to about 7m shares. In a second filing on Tuesday, Soros Fund Management said that its short position was now 0.46 per cent - suggesting that it had begun to take profits from the trade.
Lehman Brothers Said to Sell One of Its Last Property Holdings (Bloomberg)
Lehman Brothers Holdings Inc. sold the NYLO New York City hotel, bringing the unwinding of the bank’s real estate investments close to completion almost eight years after its bankruptcy. The buyer of the hotel, at Broadway and 77th Street, was Ashkenazy Acquisition Corp., according to a person with knowledge of the sale, who asked not to be named because the transaction hasn’t been made public. Ashkenazy, which also operates Boston’s Faneuil Hall Marketplace and the retail at Washington’s Union Station, paid about $140 million for the 291-room property, according to the person.
Cowboy On Horseback Causes Traffic Jam On New York City Bridge (HP)
An 80-year-old urban cowboy was spotted on Monday as he made the grueling journey from New Jersey into New York City. Like so many weary travelers before him, Tod “Doc” Mishler and his trusty steed brushed up with authorities along their path. Police said that Mishler, wearing a white cowboy hat and a vest, caused a traffic jam on the bridge, according to the New York Daily News. Mishler was riding one horse and leading another one along. Rather than settle their conflicts by old-fashioned duel, police issued a pair of summonses to Mishler, one for trespassing and another for impeding traffic, CBS New York reports.