Streetbeat News

Credit Ratings

RWT

Redwood Trust has priced $60M in 9.125% senior notes due in 2029, with the offering expected to close on January 22, 2024. The company plans to list the notes on the NYSE under 'RWTN' and anticipates trading to begin within 30 days post-issuance. The notes have been rated BBB by Egan-Jones Ratings Company. Proceeds will be used for general corporate purposes, including potential repayment of existing notes and funding various business activities.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 7:07 am

SPY

Fed's Waller suggests that recent data may allow the Fed to consider a policy rate cut in 2024. He emphasizes that changes to the policy path should be 'carefully calibrated' and 'not rushed'. Waller expresses confidence that the Fed is close to achieving a sustainable 2% inflation rate.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:05 pm

SPY

Fed's Goolsbee states that the Federal Reserve is on a comfortable path and making progress on inflation. His view on the Federal Funds Rate is not the lowest among Fed policymakers' projections but is closer to the median.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:40 pm

SPY

Federal Reserve Bank of New York President John Williams emphasized that the Fed's efforts to reduce inflation to 2% are ongoing. He stated that the Fed could consider cutting rates once there is confidence that inflation is moving towards the target. However, he also noted that a restrictive policy stance will be necessary for some time due to the uncertain economic outlook. Williams indicated that the Fed will make rate decisions on a meeting-by-meeting basis.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 8:20 pm

EGRNF

NWTN

China Evergrande New Energy Vehicle Group Ltd's shares fell 23% after the arrest of executive director Mr. Liu Yongzhuo for suspected illegal activities. The company's financial struggles continue, with a recent downgrade by Moody's and a failed share sale to NWTN Inc. Evergrande's chairman's fortune dropped by 93%, and the company filed for Chapter 15 bankruptcy in the US. Shares plunged 87% after a 17-month trading halt, reflecting a loss of 39.25 billion yuan in six months.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 8:50 am

SPY

Fed's Barkin states that the future path and timing of changes in the U.S. central bank's policy rate will be determined by the conviction on the trajectory of inflation and the economy.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 1:31 pm

AGG

BND

JNK

The bond market experienced a rally in 2023, but analysts warn of potential over-optimism for 2024. The 10-year U.S. Treasury note yield has seen significant fluctuations, with a recent retreat from over 5%. Investors are considering a 'soft landing' scenario, but challenges like the fiscal deficit and corporate debt refinancing remain. Diverse views from experts at Allspring Global Investments, Sierra Mutual Funds, BlackRock, Manulife Investment Management, and Apollo Global Management highlight the uncertainty. Three ETFs, AGG, BND, and JNK, are suggested for investors interested in the bond market.

Portfolio Pulse from Bibhu Pattnaik

December 30, 2023 | 3:18 pm

SPY

VGK

Fitch Ratings reports that default rates for high yield bonds and leveraged loans are expected to rise in the U.S. and Europe in 2024 due to weaker economic growth and high interest rates. U.S. leveraged loan defaults increased from 1.6% at the end of 2022 to 3.04% in 2023, and high yield bond defaults rose from 1.35% to 2.99%. European leveraged loan defaults are projected to reach 4% by the end of 2024, with high yield bond defaults also expected to increase. The forecast reflects sector-specific issues in healthcare, pharmaceuticals, telecom, technology, consumer, industrial, and real estate sectors.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:43 pm

DB

TLT

Government debt has surged beyond Wall Street's 2024 expectations due to a larger-than-expected drop in inflation and a revised outlook from the U.S. Federal Reserve. Yields on 10-year U.S. Treasuries fell nearly one percent since late October, with markets now expecting six rate cuts in the coming year. This has led to a rally in global stock and bond prices. The iShares 20+ Year Treasury Bond ETF (TLT) has entered a bull market with a 20% rally since October. Deutsche Bank AG (DB) has reduced exposure to short-term government bonds, while other analysts see the rally as a validation of their forecasts.

Portfolio Pulse from Benzinga Neuro

December 21, 2023 | 10:18 am

SPWR

SunPower Corp (NASDAQ:SPWR) shares plummeted after the company expressed substantial doubt about its ability to continue as a going concern, citing breaches of credit agreement terms and delays in filing quarterly financial results. The company warned that its stock might become worthless if it fails to amend breaches under its Credit Agreement and Atlas Credit Agreement and cannot raise additional capital. SunPower's audit committee previously stated that financial reports for FY 2022 and the first two quarters should not be relied upon. Goldman Sachs analyst Brian Lee downgraded SunPower from Neutral to Sell and lowered the price target from $5 to $4.

Portfolio Pulse from Adam Eckert

December 18, 2023 | 3:25 pm