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  • Friday, December 26, 2014

  • 5:54 AM
    • U.S. stock-index futures are climbing, suggesting a higher start for Wall Street today, as markets reopen after the Christmas holiday.
    • Both the S&P 500 and the Dow reached records this week after posting their biggest five-day rally in three years. The S&P 500 rose 0.5% in the past three days, and the Dow added 1.3%, closing above 18,000 for a second day on Dec. 24.
    • The Dow is up 8.8% this year, while the S&P 500 has risen 13% in 2014.
    • Dow and S&P 500 futures up 0.2%; Nasdaq up 0.3%.
    • The 10-year Treasury yield is flat at 2.26% and gold is up $13 per ounce to $1,187.
  • 4:47 AM
    • A New York State Supreme Court judge has rejected Credit Suisse’s (NYSE:CS) request to dismiss a lawsuit by NY AG Eric Schneiderman, which demands as much as $10B in damages for the bank's role in the financial crisis.
    • JPMorgan, Citigroup and BofA have already settled similar claims, with settlements ranging from $7B-$17B.
    • "We will appeal this particular decision and continue to defend ourselves in this case," said Credit Suisse spokesman Drew Benson.
    | 1 Comment
  • 1:40 AM
    • S&P (NYSE:MHFI) is nearing a joint settlement with the SEC, NY AG Eric Schneiderman and Massachusetts AG Martha Coakley over their investigation of how the company graded its commercial mortgage-backed securities in 2011.
    • Besides a potential suspension, S&P is expected to receive a fine of at least $60M.
    • The case is separate from the DOJ's $5B lawsuit filed in February 2013, which accused the agency of inflating ratings before the financial crisis.
    | Comment!
  • Thursday, December 25, 2014

  • 8:07 AM
    • The People’s Bank of China is taking more steps to boost banks’ lending abilities, enabling banks to soon add deposits from non-bank financial institutions to their calculations of their loan-to-deposit ratios.
    • Under China’s regulatory requirement, banks in the country can’t lend more than 75% of their total deposits.
    • ETFs: CHIX
  • Wednesday, December 24, 2014

  • 10:06 AM
    • Brookfield Asset Management (BAM +0.8%) agrees to acquire the 30.6% of Brookfield Residential Properties (BRP +4.8%) it does not already own, after raising its earlier offer by 5.4% to $24.25/share.
    • The deal will cost BAM ~$870M and value BRP at ~$2.84B.
    • BRP operates in 11 major markets in the U.S. and Canada, including Austin, Denver, Los Angeles, Phoenix, Sacramento, San Diego, San Francisco and the Washington, D.C., area.
    | Comment!
  • 7:47 AM
    • American Realty Capital Properties (NASDAQ:ARCP) -6.9% premarket saying it has received another waiver from lenders and an extension for reporting its Q3 and FY 2014 results, as the REIT continues to deal with the fallout from the revelation of accounting irregularities.
    • As part of the agreement with its lenders, ARCP will reduce the maximum debt allowed under its credit facility to $3.6B; ARCP says it has $250M in cash on hand.
    • ARCP also will not pay a dividend until it delivers the statements, but it then plans to review its dividend policy and pay a dividend in line with its peers.
  • 7:45 AM
    • Moody's places Radian Group (NYSE:RDN) on review for a potential ratings upgrade.
    • The action from the ratings agency is in reaction to Radian's sale of its financial guaranty unit.
    • Moody's notes the transaction will strengthen Radian's capital adequacy in relation to insured mortgage exposures.
    | Comment!
  • 2:30 AM
    • Sumitomo Mitsui (NYSE:SMFG) will buy Citigroup's (NYSE:C) Japanese retail banking operations in October for about ¥40B ($332M), Reuters reports, outlining a date for the long-awaited sale. Sumitomo Mitsui will announce the deal tomorrow.
    • Citi is looking to exit 11 consumer-banking markets with poor returns, including Japan, as it looks to focus on corporate and investment banking, markets and transaction services.
  • Tuesday, December 23, 2014

  • 5:20 PM
    • The spin will be by way of distribution of all of Urban Edge's common stock to Vornado's (NYSE:VNO) owners. Following the distribution, UE will be an independent, publicly-traded company listed on the NYSE under the symbol "UE."
    • The distribution is expected to take place on Jan. 15.
    • Source: Press Release
    | Comment!
  • 4:39 PM
    • New origination commitments of about $316M in Q4, brings the total year-to-date to $900M, up 28% from 2013.
    • Q4's commitments were spread across ten new deals, and also include about $28M of commitments and renewals to existing portfolio companies.
    • Principal repayments this quarter total $177.8M, of which about $146.5M were unscheduled early repayments.
    • Hercules (NYSE:HTGC) holds warrant and equity positions in seven portfolio companies which have filed registration statements for potential IPOs.
    • Source: Press Release
  • 4:32 PM
    • Effective Dec. 31, Diana Adams is resigning from her posts at President and CEO of Ambac Financial (NASDAQ:AMBC) and subsidiary Ambac Assurance. She's also stepping down from the board of each entity.
    • Board Co-Chair Nader Tavakoli has been appointed interim CEO of Ambac Financial, and a search committee has been formed to find a permanent replacement.
    • Source: Press Release
    | Comment!
  • 4:16 PM
    • Working on behalf of borrower The Georgetown Co., HFF (NYSE:HF) arranges $118M in financing for K2, a 34-story, 496-unit, Class A residential tower in Chicago's West Loop.
    • Source: Press release
    | Comment!
  • 4:12 PM
    • The New Holdings Credit Facility combines and replaces two previously existing facilities for NMFC with Wells Fargo and extends the maturity by more than three years to December 2019.
    • The maximum borrowing amount remains at $495M and bears an interest rate of Libor +2% for broadly syndicated loans and Libor +2.75% for all other loans.
    • Source: Press Release
    | Comment!
  • 2:28 PM
    • Manulife's (MFC +1.5%) U.S. division John Hancock agrees to buy New York Life's Retirement Plan Services business for terms undisclosed. In addition, New York Life will assume, on a reinsurance basis, 60% of certain John Hancock life insurance policies. The deal is expected to close in H1.
    • The purchase will increase John Hancock's RPS assets under administration by about 60%, and the combined RPS businesses will have about $135B in assets under administration, 55K retirement plans, and 2.5M plan participants.
    • Source: Press release
    | Comment!
  • 2:22 PM
  • 12:20 PM
    • The company says it looks forward to sharing more as it learns more, and commercial operations and service have not been affected by the FBI raid.
    • DRL remains halted from trade with the shares down 9.6%.
    • Source: Press Release
    • Previously: FBI raids Doral Financial (Dec. 23)
  • 11:14 AM
    • The raid occurred at about 8:15 ET, reports Bloomberg. DRL is lower by 9.6% and shares are currently halted as a statement from the company is awaited.
    | Comment!
  • 10:21 AM
    • BofI (BOFI +0.8%) is paying no deposit premium to take over about $125M of deposit accounts from Union Federal Savings Bank. The deal is expected to close in Q2, and shouldn't impact the pending agreement with H&R Block Bank.
    • Source: Press Release
    | Comment!
  • 9:50 AM
    • Douglas Emmet (DEI +1.1%) is boosted to Hold from Sell and DCT Industrial (DCT +1.4%) to Buy from Hold at Stifel Nicolaus after both have seen nice runs higher this year.
    | Comment!
  • 9:43 AM
    • The previously-announced non-binding agreement for Colony Financial (NYSE:CLNY) to become self-managed by bringing in all of the assets of its manager Colony Capital, is now a deal and is expected to close in H1 of 2015.
    • Consideration will be up to $657.5M to be paid in CLNY common stock and membership interests in a subsidiary of CLNY.
    • Source: Press Release
    • Previously: Colony Financial on the move after agreement to merge with manager (Nov. 5)
    | Comment!
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