Subprime mortgage crisis

Dynatrace Launches Proposed Public Offering by Selling Stockholders

Monday, August 3, 2020 - 11:57am

Software intelligence company, Dynatrace, Inc. (NYSE: DT), announced today the commencement of an underwritten public offering of 25,000,000 shares of common stock by certain selling stockholders of Dynatrace.

Key Points: 
  • Software intelligence company, Dynatrace, Inc. (NYSE: DT), announced today the commencement of an underwritten public offering of 25,000,000 shares of common stock by certain selling stockholders of Dynatrace.
  • Such selling stockholders will also grant the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Dynatraces common stock.
  • Dynatrace will not receive any of the proceeds from the sale of the shares being offered by the selling stockholders but will bear the costs associated with the sale of such shares, other than underwriting discounts and commissions.
  • Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint book-running managers for the offering.

United Rentals Announces Pricing of Offering of $1.1 Billion of 3.875% Senior Notes due 2031

Friday, July 31, 2020 - 9:12pm

United Rentals, Inc. (NYSE: URI) (URI) today announced that its subsidiary, United Rentals (North America), Inc. (URNA), has priced an offering of $1.1 billion principal amount of 3.875% Senior Notes due 2031 (the Notes) in a registered public offering.

Key Points: 
  • United Rentals, Inc. (NYSE: URI) (URI) today announced that its subsidiary, United Rentals (North America), Inc. (URNA), has priced an offering of $1.1 billion principal amount of 3.875% Senior Notes due 2031 (the Notes) in a registered public offering.
  • URNAs obligations under the Notes will be guaranteed on a senior unsecured basis by URI and certain of URNAs domestic subsidiaries.
  • Aggregate net proceeds from the sale of the Notes are expected to be approximately $1.087 billion after underwriting discounts and commissions and payments of estimated fees and expenses.
  • United Rentals is a member of the Standard & Poors 500 Index, the Barrons 400 Index and the Russell 3000 Index and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.

Three UBS Financial Advisors from the Northeast Private Wealth Market Named to the Forbes/SHOOK 2020 Top Next-Gen Wealth Advisors List

Friday, July 31, 2020 - 3:13pm

UBS announced today that three Boston-based financial advisors within the firm's Northeast Private Wealth Management Market have been named to the Forbes/SHOOK 2020 Top Next-Gen Wealth Advisors List: Andrea Bevis, Justin Glucksman and Griffin Knowlton.

Key Points: 
  • UBS announced today that three Boston-based financial advisors within the firm's Northeast Private Wealth Management Market have been named to the Forbes/SHOOK 2020 Top Next-Gen Wealth Advisors List: Andrea Bevis, Justin Glucksman and Griffin Knowlton.
  • Bevis joined UBS Private Wealth Management in 2015 as co-head of the firm's Seidman Bevis Group.
  • Glucksman joined UBS in 2005 and is a Private Wealth Advisor at the firms Hargadon Wealth Management team.
  • We are very pleased with the recognition of these financial advisors who represent the future of the firm, said Julie Fox, UBS Northeast Private Wealth Market Head.

Drivers of firms’ loan demand in the euro area – what has changed during the COVID-19 pandemic?

Friday, July 31, 2020 - 12:05am

The coronavirus (COVID-19) pandemic is having multiple impacts on firms business plans and financing needs.

Key Points: 
  • The coronavirus (COVID-19) pandemic is having multiple impacts on firms business plans and financing needs.
  • In view of the importance of bank borrowing for euro area firms,[1] the euro area bank lending survey (BLS) is a rich and unique source of soft information not only on bank lending conditions, but also on the financing needs of firms.
  • [3] This box starts by discussing the long-term relationship between survey indicators from the BLS and actual developments in business investment.
  • Empirical evidence shows that qualitative indications from banks on firms loan demand generally correlate well with actual developments in economic variables (see Chart A).
  • In particular, there is a close relationship between the maturity of the loan,[4] the drivers of loan demand and the purpose for which the loan is intended to be used.
  • By the same token, long-term loan demand and the associated financing needs for fixed investment co-move closely with actual developments in gross fixed capital formation.
  • During the COVID-19 pandemic, this close connection between loan maturity and loan purpose has remained valid for the short-term maturity spectrum.
  • Firms loan demand was fuelled by a decline in their capacity to finance their costs via cash flows, owing to a sharp fall in revenues during the pandemic.
  • [7] Moreover, in an environment of high uncertainty, firms demanded loans with a view to building up precautionary liquidity buffers.
  • Chart B Recent developments in firms financing needs and demand for loans (net percentages of banks reporting an increase in loan demand, and contributing factors)
  • During the pandemic, the close relationship between loan maturity and loan purpose has been interrupted at the long-end of the maturity spectrum.
  • While demand for longer-term loans expanded in the first half of the year, firms financing needs for fixed investment declined sharply (see Chart B, panel (b)).
  • The perceived longer duration of the pandemic and the ensuing high degree of uncertainty have also contributed to the increase in firms demand for long-term borrowing.
  • At the same time, their high demand for loans has been met by banks at very low lending rates.
  • Chart C Recent developments in demand for loans and lending rates by size (panel (a): net percentages of banks reporting an increase in loan demand; panel (b): percentages per annum)
  • A comparison of financing needs across sectors shows that in the sectors most affected by the crisis, the demand for bank loans increased considerably, while value added dropped.
  • [11] In addition, further indicators, such as capacity utilisation and production in the capital goods sector, point to a strong decline in euro area investment in the second quarter of 2020.
  • By contrast, loan demand increased less in the construction sector, and more particularly in the real estate sector, where firms have so far been less affected by the crisis.
  • This can be attributed to the lower labour intensity and fixed costs of real estate activities, which resulted in smaller liquidity needs during the lockdown period.

JMP Group Announces Management Changes

Thursday, July 30, 2020 - 9:15pm

JMP Group LLC (NYSE: JMP ), an investment banking and alternative asset management firm, today announced management changes, including the resignation of Carter Mack from his position as president of the company and the promotion of Mark Lehmann to the role of chief executive officer of JMP Securities, the companys primary operating subsidiary.

Key Points: 
  • JMP Group LLC (NYSE: JMP ), an investment banking and alternative asset management firm, today announced management changes, including the resignation of Carter Mack from his position as president of the company and the promotion of Mark Lehmann to the role of chief executive officer of JMP Securities, the companys primary operating subsidiary.
  • Carter Mack, formerly president of JMP Group and a member of the companys executive committee, has stepped down from his position.
  • Before joining JMP Group in 2013, Slader worked in the technology, media and telecommunications investment banking group at UBS Investment Bank, sharing oversight of the west coast technology mergers and acquisitions practice.
  • JMP Group conducts its investment banking and research, sales and trading activities through JMP Securities; its hedge fund, venture capital and private capital activities through Harvest Capital Strategies and JMP Asset Management; and the management of Harvest Capital Credit Corporation (NASDAQ: HCAP), a business development company, through HCAP Advisors.

Morgan Stanley Announces $14 Million to Support CDFI Carver Bancorp, Inc.

Thursday, July 30, 2020 - 5:00pm

Morgan Stanley (NYSE:MS) today announced $14.6 million to support long-time partner Carver Bancorp, Inc., one of the nations largest Minority Depository Institutions (MDI).

Key Points: 
  • Morgan Stanley (NYSE:MS) today announced $14.6 million to support long-time partner Carver Bancorp, Inc., one of the nations largest Minority Depository Institutions (MDI).
  • Morgan Stanley is proud to support Carver Bank at this critical time for the communities they serve that have been disproportionately impacted by the public health crisis, said James Gorman, Chairman and Chief Executive Officer of Morgan Stanley.
  • "We are thankful for Morgan Stanleys support and partnership with Carver.
  • Morgan Stanley and Carver Bank have enjoyed a robust partnership since 2011, and we look forward to this next phase in our collaboration to support the residents and businesses that Carver serves, particularly those more substantially impacted by COVID-19, said Shelley OConnor, Chairman and CEO of Morgan Stanley Private Bank, National Association and Morgan Stanley Bank, N.A.

360 Financial Group signs up for Magnifact's AgentVizion platform

Wednesday, July 29, 2020 - 12:00pm

CHICAGO, July 29, 2020 /PRNewswire/ -- Leading Chicago-based insurance technology firm, Magnifact, today announced that 360 Financial Group has signed up for its patent-pending AgentVizion platform.

Key Points: 
  • CHICAGO, July 29, 2020 /PRNewswire/ -- Leading Chicago-based insurance technology firm, Magnifact, today announced that 360 Financial Group has signed up for its patent-pending AgentVizion platform.
  • "We are very excited to extend this one-of-a-kind technology for 360 Financial Group," said Krish V. Krishnan, Magnifact Founder and CEO.
  • "What is really exciting about AgentVizion is the ability for my downline agents and agencies to view their own information dynamically, enabling them to be more successful, and eliminating any manual compilation of daily performance reports," said Brad Aden, President, 360 Financial Group.
  • 360 Financial Group is an independently-owned national financial and insurance marketing organization and brokerage agency based in St. Louis, MO.

First Republic Announces FRC Founders Index FundSM

Tuesday, July 28, 2020 - 11:40pm

First Republic Investment Management, a subsidiary of First Republic Bank (NYSE:FRC), today announced the launch of the FRC Founders Index FundSM (Bloomberg:FNDRX), a fund which seeks to provide investment results that correspond generally to the total return performance, before fees and expenses, of the First Republic Founders IndexSM (Bloomberg:FRCFDR).

Key Points: 
  • First Republic Investment Management, a subsidiary of First Republic Bank (NYSE:FRC), today announced the launch of the FRC Founders Index FundSM (Bloomberg:FNDRX), a fund which seeks to provide investment results that correspond generally to the total return performance, before fees and expenses, of the First Republic Founders IndexSM (Bloomberg:FRCFDR).
  • The FRC Founders Index FundSM (Bloomberg:FNDRX) is offered exclusively to First Republic clients, through its Private Wealth Management subsidiaries.
  • To learn more about First Republic Private Wealth Management, visit our website here , and to learn more about the FRC Founders Index FundSM, click here .
  • Investors should carefully consider the investment objectives, risks and charges and expenses of FRC Founders Index FundSM (the Fund) before investing.

Horizon Technology Finance Announces Second Quarter 2020 Financial Results

Tuesday, July 28, 2020 - 9:15pm

As of June 30, 2020, there was $45.0 million in outstanding principal balance under the $125.0 million revolving credit facility ("Key Facility").

Key Points: 
  • As of June 30, 2020, there was $45.0 million in outstanding principal balance under the $125.0 million revolving credit facility ("Key Facility").
  • During the quarter ended June 30, 2020, Horizon experienced liquidity events from four portfolio companies.
  • During the quarter ended June 30, 2020, the Company did not repurchase any shares of its common stock.
  • On July 24, 2020, the Company's board of directors declared monthly distributions of $0.10 per share payable in each of October, November and December 2020.

UBS Financial Advisor Teresa Jacobsen named to Barron’s Top 100 Women Financial Advisors of 2020 List

Tuesday, July 28, 2020 - 8:03pm

UBS announced today that Financial Advisor Teresa Jacobsen in the firm's Northeast Private Wealth Management Market, has been named to the Barrons Top 100 Women Financial Advisors of 2020 list.

Key Points: 
  • UBS announced today that Financial Advisor Teresa Jacobsen in the firm's Northeast Private Wealth Management Market, has been named to the Barrons Top 100 Women Financial Advisors of 2020 list.
  • Recently, Jacobsen earned Barron's Hall of Fame recognition, which highlights 10 or more years of being ranked in one of Barron's Top 100 rankings.
  • I am honored to receive this recognition from Barrons, said Teresa Jacobsen, managing director, UBS Private Wealth Management.
  • This year is the 15th Barrons Top 100 Women Financial Advisors List and includes criteria, such as assets and revenue.