peHUB First Read

* Neil Unmack: "Bond market growth has allowed companies to sidestep banks, which are reining in lending. The next stage in this disintermediation process is to extend it to areas such as funding leveraged buyouts, where banks are still in retreat. There are limits, however, to how far it can be applied." * Matthew Lynn: "There has never been a better time to polish your CV, shine your shoes and start a new hedge fund." * InBev, Part II? PE firms salivate over the divestitures that could result from a Kraft-Cadbury merger. * Morning Call: U.S. futures point lower following yesterday's rally, London rises early, European rally continues, the Nikkei gains on tech and Hong Kong hits two-week high. * Saul Klein: Seedcamp, thoughts on the evolution of a European startup * Tweet of the Day: @pkedrosky "Anyone citing sub-5-year venture capital data as a sign of industry improvement should be spanked." * Wall Street storm clouds: "The average maturities of new debt issuance by Moody’s-rated banks around the world fell from 7.2 years to 4.7 years over the last five years — the shortest average maturity on record." * Note to self? The Boston Globe runs an editorial on Steve Pagliuca's Senate candidacy, saying that his private equity career "deserves a fair and full vetting." Ummm... Was that in question? Reads to me like an editorial assignment for the newsdesk that somehow got published.