Azul Creditors Said to be Asked for Capital to Back Equity Raise
By , Giovanna Bellotti Azevedo, and Rachel Gamarski
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An investment bank has approached Azul SA creditors to drum up fresh capital to backstop an equity raise as part of the Brazilian airline's debt restructuring plan, according to people familiar with the matter.
PJT Partners has been calling the air carrier's existing bondholders to discuss options, said the people, who asked not to be named as the talks are private.
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CNBC
an hour ago
- CNBC
A 2025 IPO market revival is underway. Big banks are poised to ride the wave
Chime made a successful public debut on the Nasdaq Thursday as shares of the fintech name popped 37% — one of many wins for the IPO market in June. Chime's high-profile initial public offering came on the heels of space tech company Voyager Technologies and stablecoin issuer Circle debuting on Wednesday and last Thursday , respectively. Voyager surged 82% on its first day; Circle flew 168%. Other deals also are in the pipeline, with forthcoming listings from crypto exchange Gemini and cancer diagnostics firm Caris Life Sciences, which is targeting a valuation of up to $5.3 billion. The string of strong IPOs — with companies "upsizing" their deals due to strong investor demand and the first-day stock pops — is not going unnoticed, according to Jim Cramer. As more companies successfully go public, Jim believes others will be emboldened to do the same. And that should mean further upside for the investment banking divisions within Club holdings Goldman Sachs and Wells Fargo. "The market's saying, 'Listen, these companies can raise some money,' and I think we'll see scores more coming public," Jim said Wednesday , forecasting more public listings in sectors like space and quantum computing. Last week, he also described Goldman as being "very attractive right here" due to more deals on the horizon for Wall Street banks. So far, a rebound does look promising. There has already been eight IPOs in June, on track to outpace the 12 that occurred in the entire month of May, according to Renaissance Capital , a provider of IPO-focused research and ETFs. "This is the moment that the massive backlog of unicorns have been waiting for," Matt Kennedy, a senior IPO market strategist at Renaissance, said in an interview Thursday. He continued, "It's been years since investors have felt FOMO like this. People are beginning to realize that there's real money to be made in the IPO market again." To be sure, Israel's attack on Iran early Friday morning local time has ratcheted up geopolitical tensions, which could lead to considerable volatility in financial markets if sustained or further escalated. Heightened market volatility — and uncertainty about the economy more broadly — can cause companies to rethink their plans to go public, at least temporarily. Those very dynamics have contributed to the rockier-than-expected start to 2025 for the IPO market. After years of lackluster dealmaking activity due to macroeconomic uncertainty and the Federal Reserve's interest rate hikes, 2025 was supposed to be a boom year. Then came President Donald Trump's embrace of aggressive tariffs, punctuated by the unveiling of sweeping "reciprocal" duties in early April. Trump's tariffs upended global markets and caused a number of companies to delay their IPOs. But as Trump has backed off his steepest tariff rates and the stock market recovered from its sell-off, it has breathed life into the IPO market again. Brazilian meat giant JBS went public Friday , a day later than planned, and the market reaction was subdued amid the broader sell-off in stocks on geopolitical concerns. Less than halfway through the year, there's been 89 IPOs so far in 2025, tracking ahead of the 150 observed in all of 2024, according to Renaissance data. There were 180 IPOs in 2022 and 2023 combined as the market cooled off from the extraordinary 397 public debuts seen in 2021, Renaissance data shows. At the same time, the total number of public offerings doesn't give the full picture of health for the IPO market because these figures also include smaller deals. "Still, I think that 2025 will end up being a bigger year than 2024," Kennedy said. "That was not at all apparent a month or two ago during what I call 'the dark days of early April' when the market was falling apart and investors wouldn't touch IPOs." GS YTD mountain Goldman Sachs (GS) year-to-date performance A better second half of 2025 for public offerings would be welcome news for investors in banks such as Goldman Sachs, which relies heavily on dealmaking revenues. In fact, a rebound in Goldman's investment banking business is a key reason why we started a position in the financial stock last year. The more clients that tap Goldman for its advisory and underwriting services, the more fee-based revenues the bank will garner. Wells Fargo derives revenues from these services as well — albeit much less than Goldman. The bulk of Wells' profits come from interest-based income. However, investment banking is a key growth area for Wells Fargo, especially now that its $1.95 trillion asset cap has been lifted. At an industry conference this week, CFO Mike Santomassimo said Wells Fargo is seeing "green shoots in terms of deals" because its growing capital markets business was "the most constrained" from its seven-year-long regulatory punishment. "That business will have more flexibility now that the asset cap is gone," Santomassimo said. Fees from investment banking diversify Wells Fargo's revenue streams further so the bank is not as reliant on interest-based income, which is at the mercy of the Fed's monetary policy choices. WFC YTD mountain Wells Fargo (WFC) year-to-date performance Escalating tensions in the Middle East is not the only risk for IPOs in 2025. Trump's unpredictable trade policy announcements could cause panic again, making companies think twice about going public and causing investors to be more conservative with their capital. "Although it looks like we're gaining momentum, I would qualify and say that we don't know exactly what the tariff outlook will be a month from now," Kennedy said. "That can change very rapidly as we've seen, so I think that still has the potential to upend the market." IPOs aren't the only kind of deals that experts say are on the upswing. Mergers and acquisitions activity also has improved lately as Wall Street concludes the impact of Trump's trade policies might not be as bad as feared, according Roger Altman, the founder and senior chairman of investment bank Evercore ISI. "I think there's a sense that some of that pent-up demand is beginning to express itself," Altman said on CNBC Thursday. "I don't want to overdo this: There's no boom occurring, but I think there's a bit of a pickup." (Jim Cramer's Charitable Trust is long WFC, GS. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Scientific American
an hour ago
- Scientific American
Five Climate Issues to Watch When Trump Goes to Canada
CLIMATEWIRE | The world's richest nations are gathering Sunday in the Canadian Rockies for a summit that could reveal whether President Donald Trump's policies are shaking global climate efforts. The Group of Seven meeting comes at a challenging time for international climate policy. Trump's tariff seesaw has cast a shade over the global economy, and his domestic policies have threatened billions of dollars in funding for clean energy programs. Those pressures are colliding with record-breaking temperatures worldwide and explosive demand for energy, driven by power-hungry data centers linked to artificial intelligence technologies. On top of that, Trump has threatened to annex the host of the meeting — Canada — and members of his Cabinet have taken swipes at Europe's use of renewable energy. Rather than being aligned with much of the world's assertion that fossil fuels should be tempered, Trump embraces the opposite position — drill for more oil and gas and keep burning coal, while repealing environmental regulations on the biggest sources of U.S. carbon pollution. On supporting science journalism If you're enjoying this article, consider supporting our award-winning journalism by subscribing. By purchasing a subscription you are helping to ensure the future of impactful stories about the discoveries and ideas shaping our world today. Those moves illustrate his rejection of climate science and underscore his outlying positions on global warming in the G7. Here are five things to know about the summit. Who will be there? The group comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States — plus the European Union. Together they account for more than 40 percent of gross domestic product globally and around a quarter of all energy-related carbon dioxide pollution, according to the International Energy Agency. The U.S. is the only one among them that is not trying to hit a carbon reduction goal. Some emerging economies have also been invited, including Mexico, India, South Africa and Brazil, the host of this year's COP30 climate talks in November. Ahead of the meeting, the office of Canada's prime minister, Mark Carney, said he and Brazilian President Luiz Inácio Lula da Silva agreed to strengthen cooperation on energy security and critical minerals. White House press secretary Karoline Leavitt said Trump would be having "quite a few" bilateral meetings but that his schedule was in flux. The G7 first came together 50 years ago following the Arab oil embargo. Since then, its seven members have all joined the United Nations Framework Convention on Climate Change and the Paris Agreement. The U.S. is the only nation in the group that has withdrawn from the Paris Agreement, which counts almost every country in the world as a signatory. What's on the table? Among Canada's top priorities as host are strengthening energy security and fortifying critical mineral supply chains. Carney would also like to see some agreement on joint wildfire action. Expanding supply chains for critical minerals — and competing more aggressively with China over those resources — could be areas of common ground among the leaders. Climate change is expected to remain divisive. Looming over the discussions will be tariffs — which Trump has applied across the board — because they will have an impact on the clean energy transition. 'I think probably the majority of the conversation will be less about climate per se, or certainly not using climate action as the frame, but more about energy transition and infrastructure as a way of kind of bridging the known gaps between most of the G7 and where the United States is right now,' said Dan Baer, director of the Europe program at the Carnegie Endowment for International Peace. What are the possible outcomes? The leaders could issue a communique at the end of their meeting, but those statements are based on consensus, something that would be difficult to reach without other G7 countries capitulating to Trump. Bloomberg reported Wednesday that nations won't try to reach a joint agreement, in part because bridging gaps on climate change could be too hard. Instead, Carney could issue a chair's summary or joint statements based on certain issues. The question is how far Canada will go to accommodate the U.S., which could try to roll back past statements on advancing clean energy, said Andrew Light, former assistant secretary of Energy for international affairs, who led ministerial-level negotiations for the G7. 'They might say, rather than watering everything down that we accomplished in the last four years, we just do a chair's statement, which summarizes the debate,' Light said. 'That will show you that you didn't get consensus, but you also didn't get capitulation.' What to watch for If there is a communique, Light says he'll be looking for whether there is tougher language on China and any signal of support for science and the Paris Agreement. During his first term, Trump refused to support the Paris accord in the G7 and G20 declarations. The statement could avoid climate and energy issues entirely. But if it backtracks on those issues, that could be a sign that countries made a deal by trading climate-related language for something else, Light said. Baer of Carnegie said a statement framed around energy security and infrastructure could be seen as a 'pragmatic adaptation' to the U.S. administration, rather than an indication that other leaders aren't concerned about climate change. Climate activists have lower expectations. 'Realistically, we can expect very little, if any, mention of climate change,' said Caroline Brouillette, executive director of Climate Action Network Canada. 'The message we should be expecting from those leaders is that climate action remains a priority for the rest of the G7 … whether it's on the transition away from fossil fuels and supporting developing countries through climate finance,' she said. 'Especially now that the U.S. is stepping back, we need countries, including Canada, to be stepping up.' Best- and worst-case scenarios The challenge for Carney will be preventing any further rupture with Trump, analysts said. In 2018, Trump made a hasty exit from the G7 summit, also in Canada that year, due largely to trade disagreements. He retracted his support for the joint statement. 'The best, [most] realistic case outcome is that things don't get worse,' said Baer. The worst-case scenario? Some kind of 'highly personalized spat' that could add to the sense of disorder, he added. 'I think the G7 on the one hand has the potential to be more important than ever, as fewer and fewer platforms for international cooperation seem to be able to take action,' Baer said. 'So it's both very important and also I don't have super-high expectations.'
Hamilton Spectator
2 hours ago
- Hamilton Spectator
'Be a Good Neighbour' Caledon Residents Urge Osprey Valley to Rethink Quarry Water Deal
'Say it clear, say it loud, leave our water in the ground!' rang out last week outside TPC Toronto at Osprey Valley on the second day of the RBC Canadian Open. Forks of the Credit Preservation Group (FCPG) were protesting to urge Chris Humeniuk, the owner of TPC Toronto at Osprey Valley, not to accept the groundwater from a proposed Caledon mega quarry. According to the group, Humeniuk has partnered with a Brazilian cement company called CBM to submit a proposal for a 700-acre mega-quarry just down the road. 'If that quarry is approved, the environmental and social impacts will be devastating,' said David Sylvester, Chair of FCGP. Sylvester said this quarry will create a 'host' of environmental issues, including traffic, air, and natural environment, and the issue focused on that day is water. FCGP has previously protested against the proposed mega quarry. The day's demonstration focused on the millions of litres of excess water the golf course would potentially take into their own ponds. Sylvester spoke about how the quarry proposal requires that the aggregate company continuously pump out or remove millions of litres of water from the quarry. 'That's upwards of 500 million liters of water discharged from the quarry, and it has to go somewhere,' said Sylvester. 'Chris Humeniuk has agreed to take the water onto the golf course property, dump it into one of their discharge ponds or holding ponds, where it will then run into the Credit River.' Sylvester said the many issues this can cause in the credit, including the effect on Brook Trout. Brook Trout can only survive in cold water, and dumping excess water will affect the climate of the credit. He shared another major issue with the mega quarry will be the impact on residents in the northwest part of Caledon who rely on private wells. Sylvester addressed the quarry application documents that show a significant number of private wells for residents will be impacted. 'You just can't live without water,' said Sylvester. 'The CDM people claim to have a mitigation plan to help compensate local folks who don't have water. That includes big plastic tanks on our front lawn, which are refilled maybe once a week. But that is absolutely unacceptable. It's insulting to think that that's an appropriate way to rectify or correct such a serious issue.' FCPG shared that they are not against the RBC Canadian Open, and were there in hopes to bring more awareness to the public. 'We're not against the Canadian Open, we're not against the golf course, we're against the golf course taking the water,' shared Debra Wilson, an FCPG volunteer. She said that despite the rainy weather, they received much support. 'We decided we need more voices, and people said they'll come out and say 'we're absolutely supporting you, we're on the side with us',' said Wilson. 'We would like to think that Chris Humeniuk and TPC Toronto at Osprey Valley will reconsider this decision they've made to take the water and do the right thing, be a good neighbor, and leave the water on site,' shared Sylvester. In a statement to the Citizen, Chris Humeniuk, President of TPC Toronto at Osprey Valley, shared the following. 'I am tremendously grateful for the support we received as we celebrated the RBC Canadian Open with our friends, neighbours and over 130,000 visitors to Caledon. It is disappointing that the FCPG attempted to use the occasion and spotlight of the week to both attract attention to themselves and to undermine this historic event as it took place in Caledon for the first time. 'However, it is not surprising. Over the past several months, we have taken the initiative to engage them and offer the qualified consultants they claim to have retained the opportunity to attend the site and review reports submitted as part of the regulatory approval process. 'To date, our repeated invitations have been rejected. 'Rather than providing any qualified evidence to support their assertions, the FCPG has chosen to repeatedly mislead the public with inaccurate speculation and attack me personally in an effort described on their own website as one designed to attract the attention of the 'big media' covering the RBC Canadian Open. 'From our perspective, the ball is in their court. The qualified reports upon which we are relying are all a matter of public record. We have invited the FCPG to share the findings and reports of their qualified consultants that might differ with those submitted by CBM or the Town of Caledon's review of the same. Nobody has more invested in our community than we do, and the last thing we desire is to harm the very place my family considers home. If they have real, qualified information then we want to know about it.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
