Bank loan – Kenke Pelicula http://kenkepelicula.com/ Sun, 08 May 2022 12:13:34 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kenkepelicula.com/wp-content/uploads/2021/10/kenke.png Bank loan – Kenke Pelicula http://kenkepelicula.com/ 32 32 AMP Bank’s loan portfolio reaches $22.6 billion https://kenkepelicula.com/amp-banks-loan-portfolio-reaches-22-6-billion/ Thu, 05 May 2022 10:25:12 +0000 https://kenkepelicula.com/amp-banks-loan-portfolio-reaches-22-6-billion/ The secondary bank saw growth, albeit marginal, in loans in the first quarter of the calendar year. According to AMP Limited’s (AMP) cash flow and assets under management (AUM) figures for the first quarter of 2022, AMP Bank’s loan portfolio increased by $500 million during the quarter, increasing its total loan portfolio at $22.6 billion. […]]]>

The secondary bank saw growth, albeit marginal, in loans in the first quarter of the calendar year.

According to AMP Limited’s (AMP) cash flow and assets under management (AUM) figures for the first quarter of 2022, AMP Bank’s loan portfolio increased by $500 million during the quarter, increasing its total loan portfolio at $22.6 billion.

By comparison, the non-major bank said its loan book grew by $300 million in the third quarter of 2021.

This latest development was accompanied by an increase in total deposits, which increased by $1.7 billion in the quarter to a total of $19.5 billion.

AMP said this reflected a deposit-to-loan ratio of 86% and that the majority of these flows came from “customer deposits”.

In addition, the results indicate that AMP Bank’s residential loan growth, based on February APRA market data, increased by twice system growth in the quarter.

According to AMP Managing Director Alexis George, this upward momentum was associated with the bank’s focus on simplification.

“Our investments in technology to simplify and improve the lending experience have helped AMP Bank generate strong growth in a highly competitive market, while helping customers own their own homes and invest in real estate” , she said.

Since March 21, the bank has been using digital signature technology in an effort to speed up its home loan approval process.

In February, AMP Bank confirmed that it would launch a direct-to-consumer digital mortgage in the market in 2022.

Speaking to The Adviser in December, AMP Bank chief executive Sean O’Malley said the broker channel was “really important” to the bank and aimed to improve both lead times Execution and Broker Experience in 2022.

“Our ‘how’ on those two things is to leverage the technology more,” O’Malley explained.

However, figures from AMP Limited also noted that assets under management for AMP Capital, now known as Collimate Capital, declined on a normalized basis by 60 basis points from the fourth quarter of 2021 (52 .8 billion dollars) to now reach 52.5 billion dollars.

AMP Limited said the decline reflected its “strategic initiatives” for the first quarter of the calendar year.

These included the sale of its global equity and fixed income (GEFI) business to Macquarie Asset Management, its infrastructure debt platform to Ares4, as well as the transfer of its multi-asset group (MAG) to his Australian wealth management business.

These three actions were completed during the quarter.

“At AMP Capital, we have been focused on delivering on our strategic objectives with the divestiture of the commercial debt and infrastructure platform GEFI, alongside the transfer of the MAG capability to our wealth management business,” said Ms. George.

Ms George added that following the group’s recent transactions in Collimate Capital’s domestic real estate and infrastructure capital business with Dexus Funds Management and its international infrastructure capital business with DigitalBridge Investment Holdco, AMP has been set up for a “strong and sustainable future” with a clear strategy. to grow both AMP Bank and its wealth management business.

[Related: AMP targets faster turnarounds with new tech]

AMP Bank’s loan portfolio reaches $22.6 billion

mortgage

Last update: May 05, 2022

Posted: May 06, 2022

Sam Nichols

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has appeared in a range of outlets including ABC News, SBS’ The Feed and VICE.

]]>
Capital Bank loan can save second home buyers thousands https://kenkepelicula.com/capital-bank-loan-can-save-second-home-buyers-thousands/ Thu, 28 Apr 2022 23:23:36 +0000 https://kenkepelicula.com/capital-bank-loan-can-save-second-home-buyers-thousands/ Capital Bank Home Loans, located at 18949 Coastal Highway in Rehoboth Beach, is offering second home buyers in Delaware a new mortgage product that will save them thousands of dollars. Since Fannie Mae and Freddie Mac announced significant increases in second home loan costs on January 5, buyers looking for a conforming loan amount of […]]]>

Capital Bank Home Loans, located at 18949 Coastal Highway in Rehoboth Beach, is offering second home buyers in Delaware a new mortgage product that will save them thousands of dollars.

Since Fannie Mae and Freddie Mac announced significant increases in second home loan costs on January 5, buyers looking for a conforming loan amount of up to $647,200 to buy their new second home have seen the cost increase dramatically. Combined with the overall rate hike in the first quarter of 2022, this means second home loan rates are nearly double what they were for much of 2021. More than 60% of all state loans States are sold at Fannie Mae and Freddie. Mac, and nearly all second home loans except jumbo loans over $647,200, are sold there, so buyers don’t have many financing options.

Capital Bank has launched a new loan program to help fill that void for buyers buying in Delaware and Maryland. Although based in Rockville, Maryland, Capital Bank operates a mortgage branch in Rehoboth Beach, and its team members understand the local market.

Capital Bank is now offering second home buyers the same 30-year fixed rate for the purchase of a second home that they could obtain on a primary home loan.

“In my 19 years in the mortgage business, second home compliant rates were nearly identical to primary home rates until Fannie Mae and Freddie Mac announced their changes earlier this year. This surprise change has disrupted our local market much more than other parts of the country that are not in resort areas and do not have nearly the ratio of second home buyers that we have. I’m so excited that we now have a great solution for these buyers! Between the upfront cost savings and the lower rate we can offer compared to most lenders on second home compliant loans, buyers will easily save tens of thousands of dollars over the life of the loan on average loan amounts. which are now common in our area,” said Eric Parsons, branch manager of Capital Bank’s Rehoboth Beach office.

What makes this new program even more attractive is that Capital Bank caps the loan amount at $1 million instead of the conforming loan limit of $647,200, but still adheres to the conforming lending guidelines. This product is exclusive to Capital Bank home loans and is only available by contacting the local Rehoboth Beach office. For more information, go to eric-parsons.com or contact Eric Parsons or loan officer Shelley Foresman at 844-954-1786.

]]>
FG: Nigeria secured $200m World Bank loan for malaria intervention https://kenkepelicula.com/fg-nigeria-secured-200m-world-bank-loan-for-malaria-intervention/ Wed, 27 Apr 2022 03:04:43 +0000 https://kenkepelicula.com/fg-nigeria-secured-200m-world-bank-loan-for-malaria-intervention/ • Begins training on vaccine technology • WHO: only 18.7% of the African population is fully vaccinated Onyebuchi Ezigbo The National Malaria Elimination Program said yesterday that the World Bank is providing a $200 million loan to fund a malaria intervention program in 13 states of the Federation. The national program coordinator, Dr Perpetua Unomoibni, […]]]>

• Begins training on vaccine technology

• WHO: only 18.7% of the African population is fully vaccinated

Onyebuchi Ezigbo

The National Malaria Elimination Program said yesterday that the World Bank is providing a $200 million loan to fund a malaria intervention program in 13 states of the Federation.

The national program coordinator, Dr Perpetua Unomoibni, said the World Bank loan was intended to support malaria control efforts in the 13 states not covered by a similar intervention program being implemented. in 23 other states.

Speaking at a ministerial press briefing at the Federal Ministry of Health in Abuja, the coordinator said the World Bank loan for Nigeria has two components – one for malaria and one for immunization plus which falls under of the National Agency for the Development of Primary Health Care.

“We got $200 million from the World Bank to cover the malaria response in 13 states. There is also $100 million from the Islamic Bank. These are states that were not previously covered by Global Fund funding. Of this amount, $10 million are grants while $90 million are loans,” she said.

Speaking on efforts to reduce malaria in the country, Unomoibni said the program was implementing an environmental stewardship initiative in collaboration with the Nigerian Space Research Agency (NASDA), “to identify some bodies of water where we have malaria hotspots in the country.”

She also said the program was working with various line ministries such as the Ministry of Environment, Agriculture and Education to conduct research on malaria.

According to her, the fight against the scourge of malaria requires multisectoral collaboration.

Meanwhile, the World Health Organization (WHO) revealed yesterday that none of the African countries have been able to meet the COVID-19 vaccination target of 40% of the eligible population. He revealed that only 18.7% of the African population had been fully vaccinated.

The latest update on the Covid-19 vaccination came just as Nigeria’s Minister of Health, Dr Osagie Ehanire, said experts in the country had recently completed a technology training program on the production of vaccines held in South Africa.

Speaking on this year’s theme: “Long live for all”, WHO Regional Director for Africa, Dr Matshidiso Moeti, said tens of millions of people still lack access to part or all of their vaccination program against diseases that have long since been eradicated by vaccines.

“Although 480 million COVID-19 vaccines have been administered in Africa to date, making it the largest vaccine deployment in the history of the continent, only 18.7% of Africa’s population is fully immunized. – a lamentable delay compared to the world average of 58 percent. hundred,” she said.

Moeti said more than a year after the global rollout of the COVID-19 vaccine, Africa has benefited from the rapid and effective development of vaccines to curb the virus.

According to her, there are currently ten COVID-19 vaccines available through the COVAX facility, with more being researched and developed.

Moeti said the WHO, in collaboration with Gavi, the Vaccine Alliance, UNICEF, the World Bank, the United States Centers for Disease Control and Prevention and the Africa Centers for Disease Control and Prevention, has identified 20 priority countries in the WHO African Region for scaling up support.

He added that multi-partner country support teams are currently on the ground to support countries with technical and financial resources to accelerate global and priority vaccination coverage of the COVID-19 cluster.

“As we strive to accelerate vaccination efforts against COVID-19, it is essential that we do not ignore the urgent need to also strengthen routine vaccination efforts.

“Since 2020, routine immunization has been negatively affected by COVID-19 containment measures, resulting in tens of millions of infants in Africa missing out on essential childhood vaccinations. These include the diphtheria, tetanus and whooping cough (pertussis) vaccine, as well as the measles vaccine.

“As WHO in Africa, we urge all countries to simultaneously scale up routine immunization and vaccination efforts against COVID-19, allocating the necessary resources. Maintaining routine immunization services, despite shifting resources to fight the COVID-19 pandemic over the past two years, is more cost-effective and will lead to longer lives for all,” she said. .

Ehanire, who briefed reporters on the update on COVID19 response efforts, said the federal government was following the plan to revamp local vaccine manufacturing capacity.

He said: “Nigeria has recently completed training in COVID-19 vaccine production technology by the WHO in South Africa and work is currently underway in the BioVaccine company.

“We are considering working with two platforms, due to our population. We need to make these preparations by identifying vaccine production capacity that we can use to start another production platform so that we can produce several types of vaccines.

“There are many types of diseases in our country that we need to be able to deal with, such as tuberculosis, malaria and other endemic diseases, and these should have vaccines. So the components of research must be included.

The minister added that the country was working in collaboration with some research organizations outside the country not only to produce the COVID-19 vaccine, but also to learn the capacity to produce any other type of vaccines that can be used to fight against. certain indigenous and neglected tropical diseases. .

]]>
“$1.5 Billion W/Bank Loan to States, FCT Delivers Results” https://kenkepelicula.com/1-5-billion-w-bank-loan-to-states-fct-delivers-results/ Mon, 25 Apr 2022 09:30:54 +0000 https://kenkepelicula.com/1-5-billion-w-bank-loan-to-states-fct-delivers-results/ The World Bank’s $1.5 billion loan to states and the Federal Capital Territory (FCT) contributes to economic sustainability, said the national coordinator of the Fiscal Transparency, Accountability and Sustainability Program of the United States. States assisted by the World Bank (SFTAS), Mr. Stephen Okon. The loan is to provide technical support to 36 states and […]]]>

The World Bank’s $1.5 billion loan to states and the Federal Capital Territory (FCT) contributes to economic sustainability, said the national coordinator of the Fiscal Transparency, Accountability and Sustainability Program of the United States. States assisted by the World Bank (SFTAS), Mr. Stephen Okon.

The loan is to provide technical support to 36 states and FCT. Speaking at a capacity-building workshop for journalists, Okon said, “It is as part of the capacity-building efforts under this program that this workshop is specifically organized to deepen the understanding of the implementation of implementation of the SFTAS program by the media and by extension the general public”.

Continuing, the program coordinator stated that the workshop “is intended to explain the rationale for the implementation of the SFTAS program; assess the status of program implementation by implementing agencies and partners; promote national ownership and ensure program sustainability.

He also said that one of the achievements of SFTAS has seen states “strengthen their legal framework for debt management and fiscal accountability by enacting legislation on state public debt, improving timely reporting and accurate debt and debt sustainability analyses”.

Okon said this was to enable the reduction of the stock of domestic expenditure arrears and establish a fiscally sustainable response to COVID-19.

Dear reader,
Every day, we work hard to provide readers like you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today we ask you to support us to do more. Your support means the Daily Trust can continue to bring journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd

Please send your bank transfer details to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Requests:
Email: membership@dailytrust.com
WhatsApp: +234 806 990 3410

]]>
HDFC Bank News: Hdfc Bank Loan Portfolio Grows 21% to ₹13.7 Crore | India Business News https://kenkepelicula.com/hdfc-bank-news-hdfc-bank-loan-portfolio-grows-21-to-%e2%82%b913-7-crore-india-business-news/ Mon, 04 Apr 2022 07:00:00 +0000 https://kenkepelicula.com/hdfc-bank-news-hdfc-bank-loan-portfolio-grows-21-to-%e2%82%b913-7-crore-india-business-news/ MUMBAI: HDFC Bank’s loan portfolio increased by 20.9% on an annual basis to reach Rs 13.7 lakh crore as of March 31. Given that global loans for the banking sector grew by only 8.5% year-on-year to March 11 to reach Rs 117 lakh crore, figures from HDFC Bank point to a significant gain of market […]]]>
MUMBAI: HDFC Bank’s loan portfolio increased by 20.9% on an annual basis to reach Rs 13.7 lakh crore as of March 31.
Given that global loans for the banking sector grew by only 8.5% year-on-year to March 11 to reach Rs 117 lakh crore, figures from HDFC Bank point to a significant gain of market share. Advances from the bank totaled Rs 11.3 lakh crore as of March 31, 2021 and Rs 12.6 lakh crore as of December 31, 2021.
Growth in the loan portfolio was driven by commercial and rural bank loans, which grew by approximately 30.5% as of March 31, 2021 and by approximately 10% as of December 31, 2021. Corporate and other bank loans rose about 17.5% in March. December 31, 2021 and around 11.5% compared to December 31, 2021.
According to the bank’s internal classification of activities, retail loans increased by approximately 15% as of March 31, 2021 and by approximately 5% as of December 31, 2021; The bank’s deposits stood at Rs 15.6 lakh crore as of March 31, 2022, a growth of around 16.8% from Rs 13.3 lakh crore as of March 31, 2021 and a growth of around 7 .8% from Rs 14.5 lakh crore as of Dec 31. 2021.
Personal deposits increased by approximately 18.5% as of March 31, 2021 and by approximately 6% as of December 31, 2021; wholesale deposits increased by approximately 10% as of March 31, 2021 and by approximately 17% as of December 31, 2021.
]]>
MicroStrategy’s Michael Saylor says “Bank Loan > Bitcoin Bonds” for now https://kenkepelicula.com/microstrategys-michael-saylor-says-bank-loan-bitcoin-bonds-for-now/ Thu, 31 Mar 2022 11:30:00 +0000 https://kenkepelicula.com/microstrategys-michael-saylor-says-bank-loan-bitcoin-bonds-for-now/ Key ideas: Michael Saylor thinks the market is not ready for Bitcoin-backed bonds. The comment was in context with El Salvador offering $1 billion in Bitcoin bonds. MicroStrategy recently took out a $205 million loan against $850 million of its Bitcoin holdings. El Salvador led the digital asset-based finance revolution last year after making Bitcoin […]]]>

Key ideas:

  • Michael Saylor thinks the market is not ready for Bitcoin-backed bonds.
  • The comment was in context with El Salvador offering $1 billion in Bitcoin bonds.
  • MicroStrategy recently took out a $205 million loan against $850 million of its Bitcoin holdings.

El Salvador led the digital asset-based finance revolution last year after making Bitcoin legal tender.

But the country’s president, Nayib Bukele, didn’t stop there as he intended to build an entire economy on the back of bitcoin, including a bitcoin city.

For the same, last year El Salvador started offering 10-year Bitcoin bonds at an interest rate of 6.5% per annum. However, according to Michael Saylor, this may not be the best idea.

Michael Saylor Doesn’t Believe in Bitcoin Bonds

In an interview with Bloomberg, MicroStrategy co-founder and CEO Michael Saylor said that while he dreams of a day when Bitcoin-backed bonds find the same demand as a mortgage-backed security, he believes that at the moment, selling bitcoin bonds is not a good idea.

This is because, according to him, the market is not ready for it. The comment referred to El Salvador’s bitcoin-backed bonds, which have become a necessary instrument for the country to relieve itself of its financial hole.

The country depends on bitcoin enthusiasts and retail investors around the world to mine these bonds, which will help El Salvador repay its debts.

But according to Michael, this may not be the most effective strategy given the state of the market. Commenting on the same, he said,

“It is a hybrid sovereign debt instrument as opposed to a pure bitcoin cash game. It has its own credit risk and has nothing entirely to do with bitcoin risk itself.

What Saylor suggested instead

Bank loans. According to Michael, currently taking out a term loan from a major bank instead of depending on retail investors infused with Bitcoin bonds is a better idea.

And it looks like the comment came as a vindication of MicroStrategy’s recent decisions on an actual suggestion.

Two days ago, it was reported that MicroStrategy had borrowed a three-year term loan worth $205 million from a unit of Silvergate Bank. As collateral, the company used $820 million of its Bitcoin holdings.

This is a relatively small amount for MicroStrategy, which is the largest public bitcoin holding company with a stash of 126,164 BTC worth over $5.9 billion at present.

And the company will further increase its BTC treasury using this $205 million. Given the current state of the king coin, there is a good chance that the uptrend displayed by MSTR will further fuel the rally.

As a result, Bitcoin’s 25.48% rise could turn into a bigger number to push BTC towards $50,000 from its current price of $47,236.

]]>
Bosnian Serb leader denies wrongdoing over bank loan https://kenkepelicula.com/bosnian-serb-leader-denies-wrongdoing-over-bank-loan/ Wed, 23 Mar 2022 11:58:54 +0000 https://kenkepelicula.com/bosnian-serb-leader-denies-wrongdoing-over-bank-loan/ The current president and Serbian member of the tripartite presidency of Bosnia and Herzegovina, Milorad Dodik, has denied allegations of corruption regarding his purchase of a villa in 2007.Photo: EPA-EFE/SZILARD KOSZTICSAK HUNGARY OUT Bosnian Serb leader Milorad Dodik on Tuesday reiterated his denial of allegations that he received a fictitious loan from a friendly bank […]]]>
The current president and Serbian member of the tripartite presidency of Bosnia and Herzegovina, Milorad Dodik, has denied allegations of corruption regarding his purchase of a villa in 2007.Photo: EPA-EFE/SZILARD KOSZTICSAK HUNGARY OUT

Bosnian Serb leader Milorad Dodik on Tuesday reiterated his denial of allegations that he received a fictitious loan from a friendly bank to buy an expensive villa, after being questioned by Bosnian prosecutors.

The case dates back to 2016, when it was alleged that bank Pavlovic Banka gave Dodik a false mortgage to enable the purchase of the property, in order to hide the true origin of the money.

Dodik, a member of the Bosnian State Presidency and political head of the Bosnian Serb-led entity Republika Srpska, RS, has always maintained that the loan was genuine and that he repaid most of it .

He said he obeyed the summons to the hearing to avoid speculation, but reiterated his claim that he was under no obligation to attend because, in the eyes of the RS, the state “The Prosecutor’s Office and the Court of Bosnia and Herzegovina are unconstitutional categories”. . He added: “Everything will fall because of [its] unconstitutionality and illegality”.

“I completely deny everything presented there. I was presented with something that happened 17 years ago, with a totally false premise,” he said.

Dodik reiterated that in 2007 he made a legitimate loan with Pavlovic Banka worth 1,468,000 Bosnian marks to buy the property in Belgrade, adding that the following year the terms of the loan were changed, he therefore entered into a new contract.

He said he paid the installments of the loan from the rent he received from two other apartments, which he later sold, but also from his salary and other “legal income”. He said he was still repaying the loan.

Dodik said he was called as a suspect and witness in this case only, and there was no mention of other cases, citing the prosecution’s hearing record.

“Regarding the minutes… It says, ‘using my own official position as President of the RS Government’, I opened an account at Palovic Banka on May 14. This is my abuse of power,” Dodik said, citing the document.

Dodik also said he had postponed the hearing due to a previous official trip and had now scheduled the press conference because he wanted to answer all questions.

The prosecution did not respond to questions from BIRN about the circumstances of the hearing at the time of publication, or whether he had been asked about reports of genocide denial.

The Center for Investigative Journalism in Bosnia and Herzegovina, CIN BiH, first reported its murky loan allegations in 2009.

But Dodik again accused CIN BiH of spreading lies. “Based on your lie, the lie of the Center for Investigations, this whole story [about the fake loan] was composed. It is an absolute lie. The villa was purchased with a loan originally approved by Pavlovic Banka, and that money was transferred,” he said.

]]>
Man sentenced to eight years in prison for fraudulent bank loan https://kenkepelicula.com/man-sentenced-to-eight-years-in-prison-for-fraudulent-bank-loan/ Sat, 19 Mar 2022 14:24:21 +0000 https://kenkepelicula.com/man-sentenced-to-eight-years-in-prison-for-fraudulent-bank-loan/ The Limpopo Specialized Commercial Crimes Court has sentenced a fraudster to eight years in prison for using false documents to secure a R451,000 car loan. The Hawks said Dumisane Jan Mbokodo, 32, applied for a vehicle finance loan online from First National Bank (FNB) through a Toyota dealership in Polokwane, Limpopo. The request was processed, […]]]>

The Limpopo Specialized Commercial Crimes Court has sentenced a fraudster to eight years in prison for using false documents to secure a R451,000 car loan.

The Hawks said Dumisane Jan Mbokodo, 32, applied for a vehicle finance loan online from First National Bank (FNB) through a Toyota dealership in Polokwane, Limpopo.

The request was processed, approved and the vehicle was successfully delivered to Mbokodo in Mpumalanga.

“The bank became suspicious when the defendant failed to honor his first payment and began to review his claim.

“It has been discovered that the accused used fraudulent documents to apply for a loan to finance a vehicle,” spokesman Captain Matimba Maluleke said.

A fraud case was opened and then turned over to the Hawks Major Crimes Unit for investigation.

The search for Mbokodo ended in January last year when he was apprehended at his home in Kanyamazane, Mpumalanga.

He was released on 5,000 rand bail and stood trial in Polokwane until sentencing on Friday.

Investigators have yet to recover the vehicle and have since released it as stolen.

↯↯↯Read more about the topic on TDPel media below↯↯↯

]]>
Investors are slowing their push into bank loan funds https://kenkepelicula.com/investors-are-slowing-their-push-into-bank-loan-funds/ Thu, 17 Mar 2022 07:00:00 +0000 https://kenkepelicula.com/investors-are-slowing-their-push-into-bank-loan-funds/ A frantic race for bank loan funds is running out of steam. Investors poured tens of billions of dollars into the funds over the past year, betting that floating-rate debt would help them weather the next wave of interest rate hikes by the US Federal Reserve. Now fears that Russia’s invasion of Ukraine and rising […]]]>

A frantic race for bank loan funds is running out of steam.

Investors poured tens of billions of dollars into the funds over the past year, betting that floating-rate debt would help them weather the next wave of interest rate hikes by the US Federal Reserve.

Now fears that Russia’s invasion of Ukraine and rising energy prices will slow the US economy have some investors wondering if the Fed will raise interest rates as aggressively as expected. just a few weeks ago. That, in turn, sapped interest in the funds, which saw net inflows of $15.1 million in the week ending March 9, compared to $179.1 million the previous week and a record $2.29 billion the week of Feb. 9, Refinitiv Lipper said.

According to Refinitiv, the pace of new funds pouring into bank loan funds has slowed for four consecutive weeks.

“Everyone is rethinking the amount of rate increases we’re going to see,” said Brian Juliano, portfolio manager at PGIM. “People are looking at asset class outperformance and asking, ‘Did I miss the boat?'”

Fed officials voted on Wednesday to raise the benchmark federal funds rate by a quarter of a percentage point, the central bank’s first rate hike since 2018, and signaled they would raise rates six times by more this year.

Unlike other forms of corporate debt, including junk bonds, bank loans offer payments that rise or fall with the benchmark rate at which financial institutions lend to each other. They generally yield less than high yield bonds, but perform better in times of rising interest rates than fixed income securities.

The last time inflation was this high, the Federal Reserve raised rates so much that it plunged the United States into a recession. Will we see a repeat of this today? The WSJ’s Dion Rabouin explains why the Fed’s next steps are crucial. Photo: Kevin Dietsch/Getty Images

Investor interest in bank loans increased late last year as many concluded that the rise in consumer goods and commodity prices would not slow anytime soon, prompting the Fed to tighten monetary policy. Flows into variable-rate funds accelerated this year as economists began to predict the Fed would raise rates faster than expected.

The funds, for which money from new clients has exceeded withdrawals for 13 consecutive weeks, started the year on a high. Their all-time best three weeks for net inflows were in 2022, Refinitiv said.

Bank loan fund returns have outpaced nearly every other taxable debt investment category over the past year, including high-yield and highly rated bond funds, Refinitiv said. As of March 10, loan funds had grown an average of 1.15% over the past 12 months. Junk bond funds were down 0.77% over the same period.

The fund’s jump in popularity has coincided with an increase in the supply of loans. Banks issued a record amount of leveraged loans in 2021 amid a wave of private equity buyouts, offering managers of floating rate funds from firms including PGIM, Morgan Stanley’s Eaton Vance Management and Lord Abbett & Co. many offers to choose from.

The worst-case scenario for bank loan investors would be an economic downturn that hampers companies’ ability to repay debt.

So far, fund managers say they see little sign of that. “We still have historically low default rates,” said Kearney Posner, portfolio manager at Lord Abbett. “Revenues are strong. Consumers have been bolstered by stimulus and monetary policies.

Inflation often spikes in wartime, Posner said, and the Fed will have to raise rates to get it under control, even if it does so more gradually.

And even if the economy deteriorates, bank loans could fare better than other corporate debt, said Christopher Remington, institutional portfolio manager at Eaton Vance.

“When the stock market gets the flu, high yield catches a cold and bank lending dies down,” Remington said. “It’s the cosmic order of things.”

Write to Justin Baer at justin.baer@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

]]>
Trump an outcast? New $100m bank loan suggests not https://kenkepelicula.com/trump-an-outcast-new-100m-bank-loan-suggests-not/ Wed, 09 Mar 2022 19:49:39 +0000 https://kenkepelicula.com/trump-an-outcast-new-100m-bank-loan-suggests-not/ NEW YORK – A bank’s decision to loan Donald Trump’s company $100 million is the latest evidence the former president may survive fraud investigations and a business backlash over his efforts to stay in power after losing the 2020 elections. San Diego-based Axos Bank finalized the loan with the Trump Organization on Feb. 17, according […]]]>

San Diego-based Axos Bank finalized the loan with the Trump Organization on Feb. 17, according to documents filed with the city on Tuesday.

It is only three days after public revelations that the Republican’s longtime accountants had disavowed the decade-long worth of his financial statements amid allegations by the New York attorney general that they exaggerated his wealth.

The Axos loan is being used to pay off an old commercial space-backed loan at Trump Tower that was coming due in September.

A year ago, it seemed possible that Trump would become an outcast after his supporters stormed the US Capitol in an attempt to prevent a vote certifying President Joe Biden’s election victory. Banks, insurers and other business partners have all cut ties following the riot.

Last year, the Trump Organization was indicted in New York for helping executives evade taxes. And for the past two years, the company has been the subject of civil and criminal investigations by New York Attorney General Letitia James and the Manhattan District Attorney.

But in the fall, Trump struck a deal to sell his Washington hotel for far more than expected. And a partnership he’s involved with that owns two office towers recently took out new loans for far more than needed to pay off old ones coming due.

“He bounces back,” says Barbara Res, a former Trump Organization executive who is not a fan and has even urged people not to vote for him.

“If a guy brings me a property with good cash flow, a good location, and good tenants, why do I care about his politics?” says Mike Offit, a former Deutsche Bank lender to Trump who is now a real estate finance consultant. “Trump has good buildings and manages them well.”

The Trump Organization declined to disclose the interest rate on the new loan and other terms. Axos, citing customer privacy rules, would not comment.

Asked to comment on this story, one of Trump’s sons lashed out at reporters for portraying the family business as struggling.

“We should never have been underestimated,” Eric Trump said in an emailed statement, adding, “We have very low debt, sit on huge sums of money, and have properties. extremely profitable.”

Assessing the overall financial health of the Trump Organization is difficult, given that it is a private company that releases few numbers publicly.

During his presidency, Trump’s name was removed from hotels and residential towers in several cities. His Scottish golf course has lost millions and the apartments in his buildings are selling at very favorable prices.

The coronavirus closures have added to the problems. Revenue at the company’s largest golf property, the Doral outside of Miami, plunged $33 million in the two years to 2021, down 44%, according to financial records obtained. by a government ethics agency.

Then came the Capitol riots and a scramble for exits as Trump’s longtime trade office broker, his two biggest lenders, the PGA of America and others severed ties.

The company that helped her shop around her Washington hotel also severed their relationship after pulling her off the market due to a lack of demand. New York City announced it was canceling all municipal contracts with Trump, including the rights to operate a public golf course in the Bronx. Eric Trump called the city’s move a product of “cancel culture” and vowed to fight it.

The city’s decision to eject Trump from the course has been blocked in court and now, several months after Trump was supposed to leave, he is still running it, his name spelled out on a hill in giant cobblestones seen for miles. The Trump Organization says it will be fine but the city has to pay it $30 million first.

Meanwhile, Trump’s largest office buildings, though ailing, have not seen a massive exodus of tenants.

One of its major commercial tenants, Gucci, decided last year to extend its Trump Tower lease for another 16 years, according to financial documents from commercial lending research firm Trepp.

This building generated $19 million in revenue in the first nine months of last year, down from previous years but enough to pay expenses and interest.

Axos has previously made loans backed by at least two properties owned by Kushner Cos., the family real estate company once run by Trump son-in-law and White House adviser Jared Kushner. The bank also benefited from a policy change in the Trump administration allowing high-interest loans.

The Trump Tower loan follows other mortgage refinancing deals on a building in San Francisco and for a Sixth Avenue tower in New York, both 30% owned by the Trump Organization and 70% by listed real estate giant Vornado.

On at least one of those transactions arranged by Vornado, the partnership borrowed more money than it owed on the old loan, and Trump’s share of that extra money could have been as high as $200 million, according to the size of its stake.

Trump’s company still has many more loans to refinance, including a $125 million involving Doral, due next year.

More than a dozen hotel brokers and pundits who spoke to The Associated Press in recent months had opined that Trump was unlikely to make any money from the sale of his long-term lease of the hotel. former post office building, a federal property that he began to convert into a hotel. almost a decade ago.

But then a Miami firm teamed up with former Yankees star Alex Rodriguez to offer $375 million for the losing property. The deal still needs to be approved by a federal agency overseeing the building.

Mar-a-Lago — Trump’s property in Palm Beach, Fla. — is also doing good business, with initiation fees rising as GOP groups and politicians regularly hold events there in hopes of a visit of the president, and perhaps of a coveted imprimatur.

Trump’s social media company, which aimed to take on Twitter, had a botched launch rife with issues and freezes as people who signed up were locked out and fuming.

Still, investors have kept shares of the company linked to the Truth Social app up in the air, confident it will prevail against naysayers. At current prices, Trump’s personal stake could be worth billions.

]]>