Loans and leases for agricultural and lifestyle equipment back $750M note issue from AGCO Finance
AGCO Finance is the originator of the assets backing the transaction, and Barclays Capital is the lead underwriter.
Industry News
Bank of America Auto Trust 2023-1 raises $1.17 billion in ABS
BofA's first auto loan securitization since 2012 will be backed by a pool of new and used automobile and light truck loans originated by the bank.
AutoNation, Carvana see prices falling as margin pressure grows
Executives at both companies warned that softening car prices will likely fall further as inventory grows, a welcome sign for inflation-weary buyers but worrisome for dealers facing new pressure on profit margins.
It’s now or never to refinance loans, Carlyle’s Basmadjian says
Some of the biggest investors will soon be less able to buy, according to Lauren Basmadjian, co-head of liquid credit and head of U.S. loans and structured credit at Carlyle Group.
Countrywide co-founder Angelo Mozilo dies at 84
Known for his personal style and his support of affordable housing, the former MBA president also earned an ignominious distinction as the face of the Financial Crisis.
Top Wall Street banks set to give sleepy bond market a boost
The six biggest banks in the U.S. are expected to sell between $28 billion and $32 billion of new bonds after they report quarterly earnings, and regional banks — seeking to raise more capital — could be right behind them.
Investor claims mortgage lender tried to defraud it with faulty loans
Churchill Funding is accusing Easy Financial of reneging on a master purchase agreement both companies signed in 2020.
The big names that got backstop for billions in uninsured SVB deposits
Some of the firms include Sequoia Capital, the world's most prominent venture-capital firm, which got covered for the $1 billion it had with the lender. Kanzhun Ltd., a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, received a backstop for more than $900 million.
Credit conditions expected to remain poor this year, bank economists say
The American Bankers Association's credit conditions index remained near historic lows despite a slight uptick in the most recent quarter. Pessimism pervaded the outlook for both business and consumer lending.
HomeServices of America takes additional stake in Title Resources
The Berkshire Hathaway unit first invested in the underwriter in May 2022. Previously it was wholly owned by Realogy.
Don’t ask us to come to the office more or we’ll quit, finance workers say
Roughly one in two people who work in finance would change jobs — or already have — if their managers required them to spend more time in the office, according to a new survey.
Wells Fargo CEO says ‘there will be losses’ from U.S. office loans
The San Francisco-based bank is proactively managing its loan portfolio and working with borrowers to restructure terms with the goal of helping clients and minimizing risk, CEO Charlie Scharf said.
Infamous hedge-fund trade draws fresh scrutiny as debt battle rages on
Federal officials have questioned prime brokers about leveraged trading in government bonds by their fast-money clients.
Colonial Savings to drop originations, refocus on servicing, banking
Citing "changing market dynamics," the company announced it will exit mortgage lending this summer.
McCarthy, Graves signal impasse in White House debt talks
The impasse increases the likelihood the House and Senate both vote on any deal next week, mere hours before June 1 the date by which the US could run out of cash to pay its bills.
JPMorgan convenes weekly war room over U.S. debt ceiling standoff
The US inching closer to a potential default could spark panic among investors, Dimon said in an interview with Bloomberg Television. That could ultimately impact other markets outside of the U.S.
CEO of shuttered Athas Capital launches new non-QM lending shop
Brian O'Shaughnessey's latest venture, Imperial Bancorp, LLC, is set to secure licensing in the next four to six months, when he expects that "spreads and interest rates will tighten and loans will be worth more."
Angel Oak ekes out first profits in over a year
After a selloff toward the end of 2022 when it sought to reduce liquidity risk, the company resumed purchases of whole loans last quarter.
JPMorgan Chase, FDIC put an end to First Republic’s slow bleed
First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.
PacWest plans to shrink assets, make ‘significant expense reductions’
The California bank, which endured large deposit outflows in March, anticipates selling its $2.7 billion lender finance portfolio in the coming months. It's also looking at cutting facilities, employee headcount and vendor costs.
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