Streetbeat News

Credit

CUBI

Customers Bancorp remains committed to maintaining a CET 1 ratio around 11.5% and a TCE/TA ratio around 7.5% in 2024. The company expects 10%-15% loan growth for the full year and aims to operate at a mid-40's efficiency ratio over the medium term. Guidance on the effective tax rate has been adjusted to 23%-25% due to growth in higher-tax jurisdictions.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 9:21 pm

CVS

JPM

WBA

WMT

Walgreens Boots Alliance (WBA) is considering issuing high-yield bonds to manage its downgraded debt obligations, with JP Morgan Chase (JPM) gauging investor interest. The potential bond sale would come with a yield around 7.5%, significantly higher than previous rates. This follows Walgreens' downgrade to junk status by Moody's and S&P Global Ratings. WBA shares rose by 2.24% following the news.

Portfolio Pulse from Nabaparna Bhattacharya

July 25, 2024 | 6:41 pm

JPM

WBA

JPMorgan Chase & Co. is exploring investor interest in a potential high-yield bond sale by Walgreens Boots Alliance Inc. to refinance its near-term debt maturities. This would be Walgreens' first bond sale since its downgrade to junk status.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 4:22 pm

Helmerich & Payne (NYSE: HP) has announced an agreement to acquire KCA Deutag for $1.9725 billion in cash. This acquisition will establish H&P as a global leader in onshore drilling, enhance its scale and diversification, and increase its rig count in the Middle East from 12 to 88. The deal is expected to be immediately accretive to cash flow and free cash flow per share, and H&P aims to maintain its high-quality investment grade credit rating.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 12:19 pm

GPI

Group 1 Automotive plans to offer $500 million of senior unsecured notes due in 2030.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 11:28 am

FFWM

First Foundation reported a loan to deposit ratio of 93.8% as of June 30, 2024. This indicates a high level of lending activity relative to deposits, which could impact the bank's liquidity and risk profile.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 10:59 am

ATLC

Atlanticus has priced its underwritten registered public add-on offering of $55 million of its 9.25% senior notes due 2029 at a public offering price of $24.70 per additional note.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 10:08 am

TWOU

2U has entered into a strategic agreement with its debtholders to eliminate over 50% of its debt and infuse approximately $110 million of new capital. This move will allow 2U to invest further in its mission without any interruption to its educational programs and services.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 7:04 am

ARES

BAX

Carlyle Group's potential $4 billion acquisition of Baxter International's kidney-care division is being financed by Ares Management and HPS Investment Partners with a $3 billion credit facility. The deal, which includes a $2.5 billion unitranche loan and a $450 million revolver, is still under negotiation. Baxter's Vantive division generated $4.5 billion in revenue in 2023.

Portfolio Pulse from Vandana Singh

July 24, 2024 | 7:16 pm

AMD

MSFT

NFLX

NVDA

TSM

This week in investing, the focus is on strong retail sales, high jobless claims, a tech stock sell-off, China's liquidity injection into its banking sector, and larger, weaker Treasury auctions. Despite strong retail sales, the market expects a rate cut by the Fed in September. Jobless claims surged, adding pressure for a rate cut. Tech stocks, including Nvidia, Taiwan Semiconductor, AMD, Microsoft, and Netflix, faced a tough week due to geopolitical tensions and cybersecurity issues. China injected over $100 billion into its banking system to stabilize its economy. Treasury auctions are getting larger with weaker demand, raising concerns about government spending and debt management.

Portfolio Pulse from Gary Brode

July 24, 2024 | 6:15 pm