Streetbeat News

Credit

EWU

The mortgage rate in GBP for October has increased to 8.01% from 7.93% in the previous period.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:14 am

FTS

Fortis Inc. has priced a private placement offering of $500 million aggregate principal amount of 5.677% senior unsecured notes due November 8, 2033. The offering is being made through a syndicate of agents co-led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and Scotia Capital Inc., and is expected to close on November 8, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 7:19 am

KBE

KRE

XLF

Bank of America analysts see a buying opportunity in U.S. bank stocks, which are trading at their lowest level compared to the S&P 500 index in over 80 years. The peak in interest rates could resolve many issues for the sector, potentially leading to a bear market bounce. The SPDR S&P Regional Banking ETF (KRE) was down 26% year-to-date but rose 10% since November. The SPDR S&P Bank ETF (KBE) was down 16%, while the Financial Select Sector SPDR Fund (XLF) was down only 2%. Bank of America suggests investors add exposure to banks if peak interest rates are in the past and there is no U.S. recession in 2024.

Portfolio Pulse from Piero Cingari

November 06, 2023 | 5:03 pm

SPY

Federal Reserve's Cook warns that vulnerabilities among non-banks could amplify the stress of tightened financial conditions and a slowing economy. He emphasizes that while the Fed cannot anticipate all risks, it can build resilience to shocks, particularly by enhancing the resilience of large banks.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 4:06 pm

SPY

Fed's Cook has stated that the household sector appears 'quite resilient' in terms of debt, although there are emerging signs of stress for those with weak credit. The banking sector remains 'sound and resilient overall', and acute stresses have abated.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 4:05 pm

SPY

Federal Reserve's Cook has stated that business borrowing is at high levels, but measures of debt servicing capacity remain strong overall due to profits and limited impact of high interest rates so far.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 4:05 pm

SPY

Federal Reserve's Cook has warned that if commercial mortgage delinquency rates force sales, commercial real estate prices could decline sharply. He also noted that some borrowers' debt service capacity has begun to show signs of weakness.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 4:04 pm

TLT

UTEN

Hedge funds have been caught on the wrong side of the Treasury market as bond prices rallied due to a combination of factors including the Federal Reserve's decision to keep interest rates steady and a slump in employment growth. The iShares 20+ Year Treasury Note ETF (NASDAQ:TLT) and the U.S. Treasury 10 Year Note ETF (NYSE:UTEN) have seen substantial gains. Market speculators now suggest a greater likelihood of a rate cut in 2024.

Portfolio Pulse from Piero Cingari

November 06, 2023 | 2:50 pm

CHE

Chemed Corporation (NYSE:CHE) has announced that its Board of Directors has authorized an additional $300 million for stock repurchase under its existing share repurchase program. The repurchases will be funded through cash generated from operations and utilization of its revolving credit facility.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:06 pm

AREN

The Arena Group Holdings, Inc. (NYSE:AREN) has announced a definitive agreement to combine with Bridge Media Networks, a subsidiary of Simplify Inventions, LLC. As part of the deal, 5-Hour International Corporation Pte. Ltd. and The Hans Foundation, USA will purchase $25 million of common and preferred stock respectively of the combined company, New Arena. The transaction is expected to expand The Arena Group's reach and capabilities, provide growth capital, reduce its debt, and extend the terms on its existing debt facilities. The deal is expected to close in Q4 2023 or Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 1:40 pm