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...Last week it took part in a $3.84bn debt sale tied to the buyout of software group Citrix, picking up the junior bonds at a deeply discounted price when lenders led by Goldman Sachs and Bank of America raced...
...That would leave UK inflation above the Bank of England’s 2 per cent target, which may help persuade the central bank not to make extensive rate cuts this year....
...Although investor sentiment on China remains depressed, Bank of America strategists said last week that there was “scope for the country to be a relative outperformer among global peers” as bank lending...
...He joins from Bank of America, where he held the same role since 2017. EY has hired crisis adviser David Gold to conduct a review of the failed attempt to split its audit and consulting businesses....
...Soon after, Centerview hired a trio of Bank of America technology bankers to lead the Palo Alto office....
...The latest survey came out yesterday, and was unsurprising: the net proportion of banks tightening credit to business is at recessionary levels — especially for commercial real estate loans....
...Its $440bn credit arm makes more business loans than some midsize banks, making it not so much an investment outfit as an alternative financial system....
...The plans included launching a business in the Philippines, where the bank has already started applying for a banking licence, and acquiring a payments company in Latin America....
...Email me at sid.v@ft.com. Reach Imani at imani.moise@ft.com. PS I’ll be interviewing Jonas Templestein, the co-founder of Monzo Bank, at the FT Future of Finance summit on June 16-17....
...Write to the FintechFT team at imani.moise@ft.com and sid.v@ft.com....
...Edward Luce is on book leave and will return in mid-March....
...The findings echo analysis from the Bank of England last week, which calculated Britons had saved an extra £180bn in their bank accounts during the crisis, or almost 10 per cent of the UK’s annual gross...
...The increase in bank credit in the first half of 2020 “came almost entirely from drawdowns by large firms on pre-committed lines of credit”, his research concluded....
...By mid-June, almost half of US small business owners said they did not expect a return to normal operations over the next six months, according to a Credit Suisse survey....
...Is America heading for a V-shaped economic trajectory after the Covid-19 shock? Or does a U, W — or dreaded L — shape loom instead?...
...In the US, $9.5bn of credit charges — including loan loss provisions — pushed Wells Fargo to a $2.4bn loss, while profit fell more than 50 per cent at Citi, Bank of America and JPMorgan....
...“We have never seen anything like that, it was a liquidity crisis and companies scrambled,” said Hans Mikkelsen, a credit strategist at Bank of America....
...Who is underwriting the credit risk? Laura Noonan: For the most part banks are underwriting the credit risk, with a few exceptions....
...A more erudite insider explained that several PE groups have credit businesses that lend to companies controlled by mid-market buyout groups....
...Credit and debit card data from Barclaycard and Lloyds Bank show similar patterns....
...Midcap has honoured its commitments to dozens of borrowers, allowing them to draw down on life-saving credit lines, while Athene in mid-March provided a $133m mortgage to fund a developer’s purchase of a...
...“Consumers adjusted very rapidly as the lockdowns were put in place,” said Michelle Meyer, the head of US economics research at Bank of America, noting the sharp declines in spending on restaurants and travel...
...They revealed their plans for an initial public offering on March 6, but less than a week later chief executive Vivek Sankaran and his team were calling on their bankers at Bank of America for an entirely...
...In early March, Donald Trump summoned the chief executives of Bank of America, Citigroup and other large lenders to the White House, while Rishi Sunak, the UK chancellor, has held meetings and calls with...
...see their spreads widen the most since the mid-February onset of the Covid-19 crisis.”...
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