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UBS

UBS Group forecasts a decline in net interest income for Q2 2024, with a low-to-mid single-digit decrease in Global Wealth Management and a mid-to-high single-digit decrease in Personal & Corporate Banking, primarily due to lower interest rates in Switzerland and the impact of the Swiss central bank's rate cut. The bank also anticipates integration-related expenses of around USD 1.3bn and a return to higher tax rates, expecting an effective tax rate of around 40% by end of 2024.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 6:56 am

GEL

Genesis Energy, L.P. (GEL) has upsized and priced its public offering of 7.875% senior unsecured notes due 2032 from $500M to $700M. The offering, co-issued with Genesis Energy Finance Corporation, will be guaranteed by most subsidiaries. The proceeds will be used to redeem 6.250% notes due 2026 and for general purposes, including repaying credit facility borrowings. The offering is set to close on May 9, 2024, with several financial institutions acting as managers.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 9:19 pm

NB

NioCorp Developments Ltd. (NASDAQ:NB) has received a preliminary, non-binding indicative financing term sheet from the Export-Import Bank of the United States (EXIM) for $800 million in debt financing for the Elk Creek Critical Minerals Project. This step is part of the initial due diligence and loan application process with EXIM, and NioCorp's management is actively working with EXIM to advance the project further.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 9:17 pm

MPW

Medical Properties Trust (MPW) has approved a $75M Debtor-In-Possession financing for Steward Health Care's restructuring. MPW has not committed to further funding and expects Steward to use the financing to maintain patient care and transition hospitals to new operators.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:55 pm

KBE

KRE

SPY

XLF

A recent Fed survey revealed that U.S. banks have tightened all the terms surveyed for each commercial real estate loan type over the past year. This tightening of loan conditions could have implications for the real estate market and the broader economy.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 6:05 pm

SPY

A Federal Reserve survey revealed that 15.6% of large and medium U.S. banks have tightened their commercial and industrial (C&I) loan standards in Q1 2024, an increase from 14.5% in Q4. Additionally, there was a rise in the percentage of banks reporting weaker demand for C&I loans in Q1 compared to Q4.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 6:03 pm

SPY

Citadel's CEO Ken Griffin expressed concerns about the sustainability of Social Security, predicting a default cycle and suggesting sanctions may favor currencies other than the dollar. Although SPY is not directly mentioned, its relevance is implied in the context of economic and financial market implications.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:49 pm

C

SPY

Citi CEO Jane Fraser, in a live interview on CNBC, expressed skepticism about achieving a soft landing for the economy, indicating expectations of rate cuts within the year.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:23 pm

SPY

The New York Fed reported that consumers anticipate higher mortgage rates in both 1-year and 3-year outlooks, with expected mortgage levels reaching record highs in the survey. Despite these expectations, consumer sentiment towards housing as an investment remains 'strongly positive'.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 3:01 pm

UNIT

Uniti Group Inc. (UNIT) announced a private offering of $300M in 10.50% Senior Secured Notes due 2028 by its subsidiaries. The notes, guaranteed by Uniti and its subsidiaries, are secured by first-priority liens on most of their assets. This move is subject to market conditions.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 11:57 am