Today - Monday, December 9, 2013
11:37 AMHilton reportedly moving IPO up a day
- Amid strong demand from investors, Blackstone's (BX +1.4%) Hilton Worldwide (HLT) is moving its IPO ahead by a day to after the close on Wednesday, reports the WSJ.
- Should the stock price at the top of its anticipated $18-$21 range, the company would raise $2.7B with which to pay down debt and cash out stakes of some who took part in the 2010 debt restructuring.
11:18 AMFormer WaMu soars after KKR investment| Comment!
9:52 AMSL Green in three retail transactions
- SL Green (SLG -0.7%) completes the "retail repositioning" of 747 Madison Avenue and brings it to 100% occupancy after signing a lease with a major European fashion house.
- SL Green is also conveying its 33.3% stake in the retail co-op at 747 Madison, valuing the asset at $160M, and conveying its 50% stake in the retail stores at 21-29 West 34th Street, valuing the entire property at $195M.
- SL Green is also making a $100M structured investment in conjunction with Jeff Sutton's JV at 530-536 Broadway.
- Press release
9:17 AMP-E steps in as Lloyds unloads assets
- Lloyds (LYG) exits more noncore assets, selling a portfolio of U.K. commercial loans to Cerberus for £90M n cash.
- Late last week, the bank sold a portfolio of poorly-performing Irish mortgages to Apollo Group for £257M. This group of assets generated losses of £33M a year ago. Noncore assets at Lloyds fell by £12.6B in Q3 to about £70B, and the bank hopes to bring the figure down to £66B by year end.
8:59 AMRBC boosted, Scotiabank cut at National Bank
- Following Canadian bank earnings last week, Royal Bank of Canada (RY) is boosted to Buy at National Bank, with price target hiked to $75. The team removes Scotiabank (BNS) from the Buy list, downgrading to Hold.
- Scotiabank also appears to have been downgraded by ... Scotiabank, which now rates the stock a Hold with $68 price target.
8:53 AMEssex and BRE in exclusive negotiations
- Essex Property Trust (ESS) confirms its proposal to buy BRE Properties, saying it offered $12.33 in cash and $0.2971 of ESS for each share of BRE - $58.08 based on Friday's close. Chatter last week said the offer was higher than a rejected $60 per share bid made by Land & Buildings earlier this year.
- The two companies have entered exclusive negotiations.
- BRE -2% premarket to $58.15
- Essex press release
- BRE press release
8:39 AMSources deny HSBC IPO plans
- While HSBC did consider a float of its U.K. operations in wake of the financial crisis, people familiar with the matter deny the bank is currently in the process of prepping an IPO, reports the WSJ.
- Among the issues: HSBC already has plenty of liquidity looking to find a good investment home, so what would be the plan to profitably invest the proceeds of a sale?
- Earlier coverage
8:10 AMBig drop in delinquent inventory at MGIC| Comment!
7:47 AMCME to launch Edmonton Sweet contract| Comment!
7:37 AMCoverage underway for Brixmor
- Coverage gets underway at a number of shops for Blackstone's (BX) recently gone-public shopping center owner Brixmor Property Group (BRX).
- Initiating with Buys are KeyCorp, Wells Fargo, BAML, and RBC Capital. Citigroup starts with a Hold.
- The stock is about flat since its mid-October IPO. Blackstone still holds a 73% stake.
3:32 AMHSBC mulls listing U.K. operations
- HSBC (HSBC) has reportedly asked investors if they would support the bank selling up to 30% of its U.K. unit in an IPO that could value the subsidiary at an estimated £20B.
- A listing of the business would help HSBC comply with the terms of the incoming Vickers rules, which require U.K. banks to ring-fence their domestic retail banking operations. Increasing capital requirements may also make the flotation logical, while it could unlock shareholder value as well, given investor optimism towards the U.K. and its banking sector.
- The news comes as other banks prepare to list subsidiaries in the U.K., including Lloyds, RBS and Santander.
- HSBC's shares are +0.4% in London.