Streetbeat News

Credit

OPRT

Oportun (NASDAQ:OPRT) and Ellington Management Group have announced their intent to enter into a new whole loan flow sale transaction. Under the terms of the deal, Oportun is expected to sell Ellington up to $70 million of personal loan production over the next 12 months.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 7:14 am

WLFC

Willis Lease Finance has priced $410M fixed rate notes, which will be secured by WEST's direct and indirect interests in a portfolio of 51 aircraft engines and four airframes. The planned closing date is October 31, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 6:47 am

WAL

Western Alliance Bancorporation (WAL) reported a Q3 provision for credit losses of $12.1M, down from $21.8M year-over-year.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 8:36 pm

MTDR

Matador Resources Company (NYSE:MTDR) has announced a 33% increase in its quarterly cash dividend from $0.15 to $0.20 per share, starting from Q4 2023. The company also declared a quarterly cash dividend of $0.20 per share payable on December 1, 2023. Additionally, Matador has amended its credit agreement, increasing the borrowing base from $2.25 billion to $2.5 billion, the maximum facility amount from $1.5 billion to $2.0 billion, and the elected commitment from $1.25 billion to $1.325 billion. JPMorgan Chase Bank has joined the bank group.

Portfolio Pulse from Happy Mohamed

October 19, 2023 | 8:25 pm

NOVA

Sunnova Energy International Inc. has announced the pricing of its Hestia I securitization, which benefits from a partial guarantee provided by the U.S. Department of Energy (DOE) Loan Programs Office. The securitization consists of $219.6 million in indicatively rated AAA (sf)/AA+(sf) 5.75% notes and $24.4 million in indicatively rated BB (sf) 8.25% notes. The notes are backed by a diverse portfolio of rooftop solar systems, battery storage systems, and combined rooftop plus storage systems distributed across more than 20 states and territories. The transaction is expected to close by November 8, 2023.

Portfolio Pulse from Happy Mohamed

October 19, 2023 | 8:15 pm

SPY

Federal Reserve Chair Jerome Powell's remarks during an interview with Bloomberg triggered significant market shifts. Initially, Powell's cautious tone led to expectations of a halt in interest rate hikes. However, during the Q&A session, Powell stated that the economy is handling high interest rates well and that high inflation remains a concern. This led to fears of further rate hikes, pushing Treasury yields higher. The SPDR S&P 500 ETF Trust (NYSE:SPY) managed to partially trim daily losses.

Portfolio Pulse from Piero Cingari

October 19, 2023 | 6:40 pm

BMO Capital Markets analyst James Fotheringham has reiterated the Outperform rating on Morgan Stanley (NYSE:MS), but trimmed the price target to $101 from $102. Despite Morgan Stanley's Q3 beat, Fotheringham lowered estimates due to lower Net Interest Income (NII) and higher credit costs. The analyst also raised provision forecasts due to higher credit losses on office CRE loans. Morgan Stanley's shares are trading lower by 1.82% to $73.52.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2023 | 6:33 pm

BABA

BACHF

CICHF

CTRYF

EGRNQ

HSBC

NIO

SNCNQ

TCEHY

XPEV

Hong Kong and China stocks fell due to poor economic data from the housing and financial sector. China's housing prices fell the fastest in 11 months, and investment in the housing sector plunged 9.1% in the first 9 months of this year. Country Garden Holdings Limited (OTC:CTRYF) defaulted on US dollar bonds, and its stock fell 3%. Other property firms like China Evergrande Group (OTC:EGRNQ) and Sunac China Holdings Limited (OTC:SNCNQ) also saw their stocks fall. Alibaba Group Holdings Limited (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and JD.com Inc (NASDAQ:JD) fell due to a larger credit rout. Bank of China Ltd. (OTC:BACHF), China Construction Bank Ltd (OTC:CICHF), and HSBC plc (NYSE:HSBC) fell due to potential LGVF defaults. EV makers like Nio Inc (NYSE:NIO), XPeng Inc. (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) fell due to disappointing earnings from Tesla Inc (NYSE:TSLA).

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 5:36 pm

SPY

Federal Reserve Vice Chair for Supervision, Michael Barr, stated that any additional scenarios would be 'exploratory' and would not dictate bank capital requirements. Changes to scenarios that set capital requirements would undergo a 'transparent, public process'.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 5:33 pm

KBE

KRE

SPY

XLF

Federal Reserve Vice Chair for Supervision, Michael Barr, has stated that a single stress test scenario cannot capture all 'plausible risks' faced by large banks. The Fed is developing additional scenarios for the 2024 stress tests for large banks.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 5:32 pm