In today’s briefing:
- Interglobe Aviation (Indigo) Placement – Has Sold Before, Will Sell Again
- Treasury Yields Reversing Higher; U.S. Dollar and High Yield Spreads to Follow?
- AMETEK Inc: Major Drivers
- First UK Mission’s Root Cause Was a Dislodged Fuel Filter; Space Is Hard
Interglobe Aviation (Indigo) Placement – Has Sold Before, Will Sell Again
- Indigo’s co-founder Rakesh Gangwal aims to raise around US$375m via selling around 4.0% of the company.
- He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder. He last sold in Sep 2022.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Treasury Yields Reversing Higher; U.S. Dollar and High Yield Spreads to Follow?
- We continue to expect the 4165-4200 level to cap upside on the S&P 500, but cannot rule out a trip to 4300-4325 (August 2022 highs)
- Either way, we continue to preach caution and believe that upside is limited on the market indexes.
- Treasury yields are starting to reverse above multi-month downtrends, and we are monitoring for similar reversals on the U.S. dollar (DXY) and high yield spreads.
AMETEK Inc: Major Drivers
- Ametek continued to deliver excellent results with strong growth in the fourth quarter as well.
- The company delivered an all-around beat in this quarter and has seen a positive impact in the organic growth initiatives.
- On the other hand, the organic sales growth was 9%.
First UK Mission’s Root Cause Was a Dislodged Fuel Filter; Space Is Hard
- Virgin Orbit’s first international launch, after four 100% successful commercial ones, failed to deliver its payload because an in-line fuel filter was dislodged, which caused a fuel pump to run in a degraded mode.
- Thus, the engine was starved for fuel and the rocket did not deliver its payload.
- On the January 9 attempt, Cosmic Girl released the rocket, which began accelerating to 11,000 mph.
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