Golub is poised to raise $1 billion in middle-market CLOs
While the indicative portfolio has an average credit quality of ‘B’ or ‘B-,’ Fitch also points out that the class A-1 notes have a 43.0% credit enhancement level.
Industry News
First Financial in Cincinnati buying equipment lender for $121 million
The deal for Summit Financial furthers First Financial’s strategy of acquiring national niche business lines.
Fannie Mae promotes two longtime leaders to key positions
Chryssa Halley, who has been with the company since 2006, was named CFO and Jim Holmberg was named controller.
What does Jack Dorsey’s departure as Twitter CEO mean for Square?
The tech entrepreneur has been increasingly focused on Bitcoin, a key growth area for the payments company he co-founded.
Capital One to buy health care investment bank TripleTree
The bank, which acquired General Electric’s health care lending business in 2015, is looking to expand its presence amid a merger boom in the sector.
Citizens Financial to pay $149M for capital markets firm
The Rhode Island bank has entered into an agreement to acquire JMP Group, which focuses on the health care, technology, financial services and real estate sectors.
Santander paying $2.5B to acquire remaining stake in auto lender
The price for the 20% stake in Santander Consumer USA Holdings that Santander does not already own is significantly higher than what the buyer first offered in July.
FHA, VA delinquencies posted steepest drop in 40+ years during 2Q
Marked declines in loans that have had relatively higher levels of pandemic-related distress reinforced other indicators suggesting the market could normalize if infection rates remain contained.
Minnesota bank acquiring nearby rival to expand in consumer lending
Minnwest Bank, which focuses largely on agriculture lending, said it will “become more sophisticated" with its mortgage and consumer lending services by acquiring Roundbank.
Home Point explores sale of Ginnie Mae servicing rights to reduce debt
The company attributed its second quarter loss to competitive pricing pressures and GSE-imposed charges.
Mortgage boom drives biggest jump in household debt since 2013
Household liabilities climbed $14.96 trillion as of the end of June, a 2.1% rise from three months earlier, the Federal Reserve Bank of New York said recently.
Cadence Bank warned on fair lending, in settlement talks with DOJ
In late July, the Justice Department notified the Houston bank of a potential lawsuit alleging violations between 2013 and 2017, according to a securities filing. Cadence said that its prospective merger partner, BancorpSouth, supports the settlement discussions.
Citizens Financial buying Investors Bancorp for $3.5 billion
Combined with its pending acquisition of HSBC's East Coast branches, the deal would give the Rhode Island-based Citizens a top-10 deposit market share in metropolitan New York.
U.S. bankruptcy tracker: debt exchanges mask distress
No large companies filed for bankruptcy in the U.S. last week, data compiled by Bloomberg show. That’s the second week-long drought this year, which is on pace to be the slowest since 2018 in terms of bankruptcy filings that include at least $50 million of liabilities.
Regions buying industrial loan company EnerBank USA
The deal for the Salt Lake City-based home improvement lender, which Home Depot tried to acquire more than a decade ago, is part of a larger effort by Regions Financial to diversify its home lending business.
KBRA: BDCs successfully buoyed the coronavirus economic disruption
After a colossally “brutal” period in the beginning of the COVID-19 outbreak last year, a recent report from Kroll Bond Rating Agency noted that business development corporations mostly rebounded by year-end 2020 to bring a sense of renewed optimism into the alternative-lending space.
By
Glen Fest
Fitch: MM CLOs show improvements in default, ‘CCC’ exposure
Outstanding middle-market U.S. collateralized loan obligations in the first quarter had a significantly reduced concentration of near-default loans being held in portfolios compared to year-end 2020
By
Glen Fest
Wells Fargo sheds its asset manager as Scharf reshapes bank
Wells Fargo plans to sell its asset management business to two private equity firms, part of Chief Executive Charlie Scharf's efforts to dump nonessential operations and help the bank emerge from years of scandals.
Former SoFi CEO starting blank-check company to raise $250 million
Mike Cagney’s blockchain lending startup Figure Technologies plans to raise $250 million through a new blank-check company, according to an SEC filing.
CoreLogic acquired by Stone Point, Insight Partners for $6 billion
The deal definitively ends a monthslong war of words between the data provider and stakeholders who attempted a hostile takeover.
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