We’re proud to have been named best super-regional investment bank this year by Euromoney. A big thanks goes to all our Truist Securities teammates and to our clients who continue to put their trust in us.
Thank you Euromoney for this honor. I’m incredibly proud of what our Truist Securities team accomplished in 2023 and how they’ve carried that momentum into this year. #TeamTruist
Sharing a great read about how TD Securities is poised to accelerate its’ growth strategy one year after the acquisition of Cowen. The combination of TDS and Cowen will not only enable the firm to better serve existing clients but also win new mandates. But ultimately this all comes people and culture. And as noted in the story, “people and culture eat strategy for breakfast”.
Read the latest breaking story from Private Debt Investor! #BreakingNews #PDI #PrivateDebt #FundManagers #DirectLending #Investors #NorthAmerica
In yet another partnership between banks and the private credit industry, JPMorganChase, Cliffwater, FS Investments and Shenkman Capital Management, Inc. have formed their own private credit venture. Comes just days after Apollo and Citi’s announcement. Read more here: https://lnkd.in/eX5CWVRV
Check out this morning's edition of Seeking Alpha's #WallStreetBreakfast. This morning commentary is part of my daily routine. Todays headline features a history, current state and outlook of #PrivateCredit. Despite some of the industry challenges, JPMorgan Chase & Co.'s Jamie Dimon is contemplating investing "up to $200B in private-credit deals from their balance sheet." One thing I caution is that "Private Credit" is a very large and diverse market - many funds pursue various strategies including asset backed lending, leveraged finance, etc. Each strategy is unique and should be carefully considered by investor's risk appetite and liquidity constraints. #investing #privatecredit #capitalmarkets #directlending #diversification #management #growth #privatedebt #assetbackedlending #riskreturn https://lnkd.in/g3Evk2MW
Did you know banks are finding innovative ways to manage risk and comply with regulations thanks to partnerships with private equity firms? Blackstone and KKR are at the forefront, engaging in synthetic risk transfers to help banks like JPMorgan Chase and US Bancorp lighten their load. This process not only aids banks in meeting aggressive capital requirements but also secures favorable returns for investors. Read more: #PrivateEquity #Banks
Private credit has grown exponentially over the past few years, as banks pulled back their balance sheets due to tighter regulations. Black Pearl Investments as with other fund managers such as Oaktree Capital Management, Apollo Global Management, Ares Management as well as Wall Street banks such as Goldman Sachs and Morgan Stanley have stepped in to fill the void left by the banks. In the U.S., private credit's size is now comparable to leveraged loans and high yield bond markets. #privatecredit #creditfacility https://lnkd.in/e6hqQMh8
Great article. My boss at my old shop predicted this trend several years ago. Banks cannot be the sole masters of client relationship, credit and market risks, as well as operational and tech risk, anymore- for differing reasons. The originate to distribute model is key to recycling balance sheet and attributes. The key is data transparency so that all the end takers of risk can ensure they are treated in a fair and timely manner when/if situations deteriorate. As ever the Pareto principle is key.
JPMorgan, Citi, Barclays, Morgan Stanley, Wells Fargo -- all these banks (and many more!) appeared in the news this year for ramping up or starting a private credit strategy. I kept hearing people joke, "But isn't that just lending?" After spending the last month doing a deep-dive, here's what I can tell you: Wall Street was caught off guard in recent years by how quickly direct lenders were able to seize market share from high-yield bonds and leveraged loans. What we're seeing now is the next evolution of the leveraged finance markets as banks try to insert themselves back into the process. But that's difficult because banks don't really lend high-yield bonds and leveraged loans. Instead, they take on temporary risk through underwritten debt commitments (which they're on the hook for if things go wrong) with the intention to sell most of that debt in small pieces to hundreds of institutional asset managers. In direct lending (a subset of private credit), specialized asset managers make loans directly to companies, often writing checks for hundreds of millions of dollars. That's hard for banks to copy because regulators discourage them from doing risky corporate lending at a large scale for long periods of time. The solution for many: create essentially a hybrid between the two markets. Or as Lee Shaiman, the executive director of the LSTA, put it: “Everything old is new again. Banks got out of the storage business and into the moving business, and now they’re looking at both.” There's no one-size-fits-all answer and the strategies and partnerships vary significantly. The key take-away: We're watching the market evolve and the lines blur between high-yield bonds, leveraged loans, and direct loans. This is my first story for Bloomberg News' Big Take platform. I hope you'll enjoy the read, and please feel free to reach out with any feedback or thoughts. And thank you especially to my editor Boris Korby, one of the best in the business! https://lnkd.in/ehKrbjjF #privatecredit #leveragedfinance #wallstreet
Business First Bancshares, Inc. (NASDAQ: BFST), parent company of b1BANK, announced its unaudited results for the year ended December 31, 2023, including net income available to common shareholders of $65.6 million or $2.59 per diluted common share, increases of $12.7 million and $0.27, respectively, from the prior year ended December 31, 2022. “There have been very few years in our company’s life of which I’ve been prouder than I am of the year 2023,” said Jude Melville, president and CEO. “As our country generally, and banking specifically, faced the challenge of navigating swiftly moving economic currents, our team was a source of stability, performing consistently and well for our clients and our investors. We are a stronger organization and better bankers than we were at the beginning of the year, and I am excited to see that improvement continue over the course of 2024.” Please click the link below to read the full earnings release. https://lnkd.in/dke4WseD
In case you missed it, I wanted to highlight my final piece of 2023 that published on December 20th. If you've been wondering why banks such as JPMorgan, Citi, Barclays, Morgan Stanley, Wells Fargo, and more have been expanding into private credit, read on -- #privatecredit #privatedebt #banking
JPMorgan, Citi, Barclays, Morgan Stanley, Wells Fargo -- all these banks (and many more!) appeared in the news this year for ramping up or starting a private credit strategy. I kept hearing people joke, "But isn't that just lending?" After spending the last month doing a deep-dive, here's what I can tell you: Wall Street was caught off guard in recent years by how quickly direct lenders were able to seize market share from high-yield bonds and leveraged loans. What we're seeing now is the next evolution of the leveraged finance markets as banks try to insert themselves back into the process. But that's difficult because banks don't really lend high-yield bonds and leveraged loans. Instead, they take on temporary risk through underwritten debt commitments (which they're on the hook for if things go wrong) with the intention to sell most of that debt in small pieces to hundreds of institutional asset managers. In direct lending (a subset of private credit), specialized asset managers make loans directly to companies, often writing checks for hundreds of millions of dollars. That's hard for banks to copy because regulators discourage them from doing risky corporate lending at a large scale for long periods of time. The solution for many: create essentially a hybrid between the two markets. Or as Lee Shaiman, the executive director of the LSTA, put it: “Everything old is new again. Banks got out of the storage business and into the moving business, and now they’re looking at both.” There's no one-size-fits-all answer and the strategies and partnerships vary significantly. The key take-away: We're watching the market evolve and the lines blur between high-yield bonds, leveraged loans, and direct loans. This is my first story for Bloomberg News' Big Take platform. I hope you'll enjoy the read, and please feel free to reach out with any feedback or thoughts. And thank you especially to my editor Boris Korby, one of the best in the business! https://lnkd.in/ehKrbjjF #privatecredit #leveragedfinance #wallstreet
SMALL-CAPS EQUITY BANK Equity Bancshares (EQBK) operates as a regional bank, offering commercial and mortgage loans, consumer and trust services, as well as wealth management solutions. Despite ongoing stress in the U.S. regional banking sector (with the KRE index down 19.6% over the year), shares of Equity Bancshares have risen by 7.63% year-over-year. The bank is continuing its expansion in the U.S., a move not typically seen among its regional financial institution peers at this time. The company announced a merger with Rockhold, effectively doubling its consolidated balance sheet assets. The 2024 forecast anticipates a 58.1% increase in revenue and a 655.2% surge in net income for Equity Bancshares, yielding an EPS of $3.78. FactSet's consensus target price for EQBK shares stands at $37.8. #AtraniCapital #investment #stockmarket #stockbroker #makemoney #exchange #ipo #join_ipo_deals_and_make_money #atranicapital #momentum #etf #portfolio #UHNWI #HNWI #analytics #financial #investmentportfolio #hedgefund #financialadvisor #familyoffice #investmentbank
"Just as this latest move is not unknown for UBS since the acquisition of Credit Suisse, similar risk-reducing actions continue elsewhere in the CRE investment environment. Concerned investors look for redemptions to avoid further losses. Funds must sell off better properties at low prices to raise capital to enable the redemptions. Some, like Blackstone's BREIT, can face redemption waves because of popular concerns over competitors like Starwood's SREIT. Back in May 2024, investors in the AAA tranche of the $308 million debt backed by 1740 Broadway in midtown Manhattan only got 74% of their investment back after the loan sold at a steep discount. Creditors in the five lower groups were wiped out. It is "a really bad sign as to how deep the hole goes," Bloomberg wrote at the time. When everyone gets wiped out, including those holding the most highly-rated slice of debt, it's like a wall full of red flags, languidly stirred by an economic sirocco. Reportedly this was the first such event in the post-pandemic era, according to Barclays Plc. This raises the question of whether it's once again time for CRE loan rating skepticism since the last round during the Great Financial Crisis. Even the presumably most stable investments by the largest sophisticated investors aren't safe, and concentrations in worrisome product types can accelerate the process." https://lnkd.in/eSdhnybC
