Streetbeat News

Credit

BTTR

Better Choice Company has settled litigation with Alphia, retired $5M in senior secured debt and $0.4M in accrued interest, and retired 335,640 warrants with an $11.44 strike price. The company also entered an agreement to eliminate $5M of other indebtedness with potential $2.7M savings if paid within 90 days.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2024 | 2:21 pm

BIL

IEF

TLT

U.S. Treasuries are set to break even after a volatile first half of 2024, with a Bloomberg index showing a slight decline of 0.1% for the year. The rebound is attributed to expectations of falling U.S. prices and potential Federal Reserve interest rate cuts. Key ETFs like SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), iShares 7-10 Year Treasury Bond ETF (IEF), and iShares 20+ Year Treasury Bond ETF (TLT) showed mixed pre-market performance.

Portfolio Pulse from Michael Juliano

June 20, 2024 | 1:43 pm

HTZ

Hertz Global Holdings (HTZ) has announced its intention to offer $500 million in first lien senior secured notes due 2029. The company is also pursuing $500 million in annual cost initiatives to reduce DOE per transaction day to the low $30s and is progressing on previously announced $350 million cost savings initiatives.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2024 | 12:09 pm

UTEN

The Congressional Budget Office (CBO) has warned that federal interest costs are now higher than defense spending, with deficits expected to remain above 5.5% of GDP until 2034. The federal deficit is projected to rise to $1.9 trillion in 2024, up from $1.5 trillion estimated in February. By 2034, debt held by the public is expected to total $50.7 trillion, equating to 122% of GDP. Rising interest costs are the main driver behind these deficits, with net interest outlays projected to reach $1.7 trillion by 2034. The CBO's projections indicate persistent high deficits and escalating interest costs, posing significant financial strain for the U.S. government.

Portfolio Pulse from Piero Cingari

June 19, 2024 | 4:44 pm

BGS

B&G Foods plans to amend and extend the maturity date of its existing Tranche B term facility under its senior secured credit facility. The company will use the proceeds to refinance existing loans and repay a portion of its revolving loans. Additionally, B&G Foods intends to decrease the size of its revolver capacity and extend the maturity date of its revolving credit facility.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 9:51 pm

SPY

Federal Reserve's Susan Collins stated that she can envision scenarios for both one and two interest rate cuts in 2024. She emphasized that risks are two-sided and that inflation and labor market goals are top priorities.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 8:50 pm

SPY

Federal Reserve's Goolsbee stated that there is still some 'juice' left in the economy following last year's rapid decline in inflation. This suggests that the Fed may continue to monitor economic conditions closely before making further policy changes.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 6:08 pm

SPY

Federal Reserve's Kugler stated that the extent of future interest rate cuts will depend on incoming data, particularly whether disinflation or a rapid deterioration of the labor market is observed. No definitive answer can be provided at this time.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 5:51 pm

SPY

Fed's Kugler has noted an increase in delinquencies, indicating that households are being financially stretched. This could have broader implications for the economy and financial markets.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 5:32 pm

SPY

Federal Reserve's Logan suggests that the neutral interest rate is likely higher now compared to pre-pandemic levels and anticipates that rates will not return to their previous lows.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 5:31 pm