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...There really is no more rubber stamp,” said Chopra, an ardent consumer champion and progressive official who also supported tougher enforcement and rulemaking as an antitrust regulator at the Federal Trade...
...administration that has staked its reputation on being a different kind of sheriff, a much more aggressive sheriff,” said Jeff Oliver, partner at law firm Baker Botts and a former staff attorney at the Federal Trade...
...While Capital One trades at 1.4 times tangible book value, it will pay 2.6 times for Discover, inclusive of a 27 per cent premium owed to shareholders. (American Express trades at 6 times book value)....
...Unhedged: With the economy strong and rates set to fall, corporate credit — especially high-yield bonds, but also investment-grade and leveraged loans — feels like the trade du jour....
...If you’re the hacker, claim credit: robert.armstrong@ft.com and ethan.wu@ft.com. Value revisited: where are the cheap stocks?...
...better than rivals who stayed in the sector and suffered as dozens of Chinese developers including Country Garden defaulted on dollar bond payments last year amid plunging home sales and a loss of access to credit...
...It is further seen in alarming credit trends metastasising on leveraged balance sheets....
...Credit Suisse investors want their money back Swiss politicians labelled UBS’s emergency rescue of Credit Suisse the “deal of the century”....
...A $504mn writedown on home improvement lender GreenSky in the second quarter, which it bought in 2021 for $2.2bn but is already in the process of selling, has added to the pain....
...Guggenheim currently manages nearly $300bn and is considered one of the savviest credit market investors in the world....
...It has been a winning trade after surging in value this year. While ValueAct is backing standard corporate turnarounds, Jeff Ubben, its founder, went in a different direction....
...It’s their stock and trade,” said one private equity executive who characterised Audax deals as “amongst the most complicated” in the industry because of the number of companies being merged....
...The four executives are Matt Nord and David Sambur — two senior partners who lead Apollo’s private equity business — as well as deputy chief investment officer of credit John Zito and Grant Kvalheim, president...
...An uptick in “crowded trades” means these funds are inextricably linked whether they like it or not. A trade gone wrong could ripple across the market....
...“A lot of these larger ticket-size trades, $3mn-$5mn trades, are being done over the phone by banks . . . there has to be an incentive for those larger-ticket trade sizes to go electronic,” he said, adding...
...It now trades at 1.37 times its book value, says Capital IQ, while Goldman lags behind at about 1 times....
...But the first insider disagreed, saying “not having equity partners is a bull market trade. When things go wrong people can just walk out the door because they’re not tied to the organisation”....
...We bought GreenSky from Goldman Sachs, and I never thought we would get a good deal from Goldman Sachs, but we did. They needed to get out....
...At a valuation of 18 times forward earnings, Heineken trades cheaply, close to the bottom of the five-year range....
...Between them the two best-performing names in the multi-manager universe employ hundreds of teams of autonomous and highly specialist risk-takers, which trade a range of different strategies and operate...
...purchase (FT) Twitter threatens trade secrets lawsuit over Meta’s Threads app (FT) The private credit ‘golden moment’ (Alphaville) Threads/Twitter: copycat app hits Elon Musk where it hurts (Lex)...
...Athene itself was conservatively capitalised with an A credit rating and billions in capital that exceeded regulatory requirements....
...New rules from the JPX, the group controlling the Tokyo Stock Exchange, would oblige companies that persistently trade below their book value to disclose plans to remedy that situation....
...Centerview emerged as a safer and more jovial alternative to big banks with potential ulterior motives or exposure to bad trades from other parts of the business....
...DD’s Rob Smith and Sujeet Indap explain why two US hedge funds are betting on this slightly ridiculous scenario playing out at Credit Suisse....
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