Vertical Aerospace to go public in $2.2 billion SPAC, gets American Airlines investment [Reuters via CNBC]
Vertical Aerospace said it has pre-orders for up to 1,000 eVTOL aircraft with launch customers Avolon and American Airlines, along with a pre-order option from Virgin Atlantic, all valued at up to $4 billion…. Analysts say a key question is how long it will take for the new electric aircraft to be certified by aviation authorities…./Vertical will be listed on the New York Stock Exchange under the ticker ‘EVTL’, following a deal with Broadstone Acquisition.
Credit Suisse loses ground in prime broking after Archegos blow-up [FT]
Credit Suisse has signed up four of the 156 new hedge funds served by big banks this year, slipping in the prime brokerage league tables in terms of the number of new hedge funds served from sixth in 2020 to ninth in 2021…. In April, Thomas Gottstein, Credit Suisse chief executive, told investors that the bank’s brokerage and prime financing businesses would be “resized and de-risked” in the wake of the Archegos losses.
Cheap Dollars Attract Foreign Investors to Treasurys [WSJ]
Recent Treasury bond auctions have seen an uptick in demand from foreign investors. A 5-year debt sale on May 26 received the most bids from overseas investors since August at over 64%. A 7-year issuance in the same week saw the most since January. The latest data from the U.S. Treasury Department showed that major foreign investors upped their holdings of longer-maturity U.S. government bonds in March….
“If you take a 10-year U.S. Treasury and you hedge with a three-month forward, the yield you get is around 0.9%,” said Althea Spinozzi, a fixed-income strategist at Saxo Bank.
That is higher than all European government bonds of the same maturity. Italy’s 10-year bond yield was 0.755% on Thursday. Japan’s equivalent bond yielded 0.659%.
Sandy Rattray retires as Man Group CIO [Reuters via Yahoo! Finance]
Chief financial officer Mark Jones will become deputy chief executive.
Rattray joined the world's largest listed hedge fund in 2007. He has been CIO since 2016, according to his LinkedIn profile, and ran the firm's flagship quantitative investment platform Man AHL before that.
Bitcoin conference attendees report testing positive for Covid after returning from Miami [CNBC]
For three days, conference goers packed into crowded auditoriums, glad-handed and hugged…. There was no mask mandate and no proof-of-vaccination requirement to attend. Covid was only a talking point in the context of how thrilled everyone was to have arrived at the other side of the pandemic…./It is unclear how many people have been affected and whether the city of Miami had a contingency plan in place for this kind of outcome.
Former ‘marijuana mansion’ built as high-end paradise sells for $44M [N.Y. Post]
The marijuana plants were removed prior to closing at the new owner’s request, a listing broker representative told The Post…. The seven-bedroom, 11-bathroom home sold Friday for $44 million to financier Jeff Feinberg, former director of Soros Fund Management…. The mansion also has a Kobe Bryant-themed basketball court with paintings of Magic Johnson, Kareem Abdul-Jabbar, Dr. J and Michael Jordan. It opens to a seating area and a large indoor-outdoor gym.