Ildo Frazao/iStock via Getty Images U.S. banks are charging more for certain loans to private credit funds, implying a tightening of lending to the sector, Reuters reported , citing three people familiar with the matter. The higher charges come amid concerns over the valuation given to some private credit investments, the sources reportedly said. Earlier this month, JPMorgan Chase ( JPM ) report...
Ildo Frazao/iStock via Getty Images U.S. banks are charging more for certain loans to private credit funds, implying a tightening of lending to the sector, Reuters reported , citing three people familiar with the matter. The higher charges come amid concerns over the valuation given to some private credit investments, the sources reportedly said. Earlier this month, JPMorgan Chase ( JPM ) reportedly marked down the value of certain loans held by private-credit groups and was tightening its lending to the sector. Now people have questions about valuations that they didn't necessarily have six months ago. The questions are stressing the banks in terms of how much they're willing to lend, Seth Kleinman, chair of the special situations practice at law firm Benesch, told the newswire. Private credit firms are also charging more, allowing them to absorb higher funding costs, according to one of the sources. The broader concerns about private credit reportedly follow the collapse of Market Financial Solutions and First Brands , which impacted lenders including Barclays ( BCS ) ( BCLYF ); Banco Santander ( SAN ) ( BCDRF ); Wells Fargo ( WFC ); Apollo Global Management ( APO ) unit Atlas SP Partners; Jefferies Financial Group ( JEF ); Castlelake LP, majority owned by Brookfield ( BN ); and Western Alliance ( WAL ). Furthermore, Blue Owl Capital ( OWL ) considering a merger of two of its private credit funds in a way that could impose losses on shareholders fueled the jitters, according to the report. Separately, private credit lenders are said to be working with specific borrowers to avoid loan defaults. The private credit lenders are looking to delay cash payments and extend concessions on their debt, Reuters said in a separate report. Business development corporations extended private credit to smaller enterprises, and the software businesses that form the bulk of their clientele are struggling, noted Reuters on Tuesday. BDCs are modifying loan agreements t...
Tether Holdings SA has cut two senior precious metals traders who had joined from HSBC Holdings Plc just months ago as part of the stablecoin issuer’s plan to build “the best trading floor for gold in the world.” Vincent Domien and Mathew O’Neill , who were poached by the El Salvador-based crypto firm as it built a gold hoard worth tens of billions of dollars , have both been released by Tether, a...
Tether Holdings SA has cut two senior precious metals traders who had joined from HSBC Holdings Plc just months ago as part of the stablecoin issuer’s plan to build “the best trading floor for gold in the world.” Vincent Domien and Mathew O’Neill , who were poached by the El Salvador-based crypto firm as it built a gold hoard worth tens of billions of dollars , have both been released by Tether, according to people familiar with the matter. The reason for their departure was not immediately clear. Both previously had senior roles at HSBC, Domien as the bank’s global head of metals trading and O’Neill as a top salesperson. “Tether always strives to operate with a lean team, and to continuously optimise our operations,” the company said in an emailed response to questions from Bloomberg News. “We have been building a state of the art gold team that leverages expertise gathered from all of Tether’s recent investments.” Read more: Tether Is Shaking Up the Gold Market With Massive Metal Hoard Tether is the issuer of USDT, the world’s largest dollar-pegged stablecoin with around $184 billion in circulation. The company has aggressively expanded its presence in precious metals in recent years, amassing one of the world’s biggest hoards of gold outside of banks and nation states in support of its tokens. Tether held around 140 tons of gold at the beginning of this year, it said in a January interview, acquired to support USDT as well as its smaller bullion-tied coin. Domien and O’Neill were hired to professionalize Tether’s bullion buying, and to help the firm earn income by lending out gold. After launching its USDT stablecoin in 2014, Tether said this month that it had procured a major accountancy firm to conduct its first full financial audit. Its plans to raise as much as $20 billion in external funding are on pause while it awaits the results.
Here are the biggest calls on Wall Street on Tuesday: Loop initiates Visa and Mastercard as buy Loop says both credit card stocks are well positioned. "Through the many avenues to generate new transactions, including market share wins, we expect MA net revenue growth to far exceed the payment processors. ... V could also see upside related to FX volatility revenue returning, boosting yields." Trui...
Here are the biggest calls on Wall Street on Tuesday: Loop initiates Visa and Mastercard as buy Loop says both credit card stocks are well positioned. "Through the many avenues to generate new transactions, including market share wins, we expect MA net revenue growth to far exceed the payment processors. ... V could also see upside related to FX volatility revenue returning, boosting yields." Truist initiates Arista Networks & Cisco as buy Truist says it's bullish on both stocks. "High quality, business scale, thematically attractive, with upside: DLR, EQIX, ANET, MSI. Underappreciated opportunity: CSCO, HPE, AMT." KeyBanc initiates NiSource as overweight KeyBanc says the energy company is well positioned for data center growth. "We are initiating coverage of NI with an Overweight rating and $52 PT." William Blair upgrades 10X Genomics to outperform from market perform William Blair says the company is an "winner in AI drug discovery." "Our 10x upgrade thesis is centered on its role in enabling the high-resolution biological insights needed to build decision-enabling models, but considers that execution (five consecutive topline beats) and profitability have improved (at adjusted EBITDA breakeven) and single cell has stabilized." Canaccord reiterates Tesla as buy Canaccord lowered its price target on the stock but says it's sticking with Tesla. "Other Mag 7 stocks are now trading at more depressed multiples relative to our previous Tesla update ~16x from ~21x 2028E EPS previously. As a result we are lowering our Tesla multiple while keeping 2028 estimates intact. We now apply a ~37x multiple (from ~46x) to our $11.30 in 2028E non-GAAP EPS to achieve a price target of $420 (from $520)." Bernstein upgrades Western Digital to outperform from market perform Bernstein says shares are too attractive to ignore. "We upgrade WDC to Outperform on the back of the recent sell-off which provides an attractive entry point." Deutsche Bank upgrades Diageo to buy from hold Deutsche ...
toddarbini/E+ via Getty Images Background I have followed US refiners for several years with published analyses on the industry's earnings and outlook , top refiners on relative value , and a hold recommendation on HF Sinclair Corporation ( DINO ). For some reason that I can't explain and by way a a perfectly good metaphor, I associate oil refineries with hayfields and baling hay. I grew up in Ups...
toddarbini/E+ via Getty Images Background I have followed US refiners for several years with published analyses on the industry's earnings and outlook , top refiners on relative value , and a hold recommendation on HF Sinclair Corporation ( DINO ). For some reason that I can't explain and by way a a perfectly good metaphor, I associate oil refineries with hayfields and baling hay. I grew up in Upstate New York when cutting hay was still a community event and a kid could make a few bucks helping neighbors bale hay. Not all hay harvests are equal; an exceptionally productive harvest requires lots of rain and sunny days followed by three to four clear days to cut, dry, and bale the hay. Oil refining is equally fickle; refining is most profitable when oil prices are elevated, gasoline demand remains robust, and crack spreads are high. Crack Spread Explained and Recent Trends A refiner's margin is largely dependent on its crack spread; the difference between the cost of crude oil on the input side of a refiner's catalytic cracker versus the price of gasoline and diesel on the output side of the cracker. A simplified approach is the 3-2-1 crack spread model with input of three barrels of oil and output of two barrels of gasoline and one barrel of diesel. The crack spread or margin is the difference between the value of the gasoline and diesel produced and the cost of crude oil. Author Assuming WTI crude and NY Harbor spot fuel prices, the 3-2-1 crack spread has nearly doubled from $82.30 on January 1st to 159.70 per three barrels of oil on March 27th. This equates to $0.65 versus $1.65 per gallon of fuel. As crude oil prices drive crack spread, crack spread drive refiners' margins and share prices. Broader Trends Historic trailing twelve month revenues and share prices of the three largest US refiners Valero Energy Corporation ( VLO ), Phillips 66 ( PSX ), and Marathon Petroleum Corporation ( MPC ) are plotted above WTI Crude ( CL1:COM ) below. Peak crude oil, peak revenu...
Apple Stock (AAPL) Gets a Rare ‘Sell’ Rating from 5-Star Barclays Analyst, Says ‘iPhone Unit Trends Remain Soft’ & ‘Valuation Remains at the High End’ TipRanks
Apple Stock (AAPL) Gets a Rare ‘Sell’ Rating from 5-Star Barclays Analyst, Says ‘iPhone Unit Trends Remain Soft’ & ‘Valuation Remains at the High End’ TipRanks
Apple Stock (AAPL) Gets a Rare ‘Sell’ Rating from 5-Star Barclays Analyst, Says ‘iPhone Unit Trends Remain Soft’ & ‘Valuation Remains at the High End’ tipranks.com
Apple Stock (AAPL) Gets a Rare ‘Sell’ Rating from 5-Star Barclays Analyst, Says ‘iPhone Unit Trends Remain Soft’ & ‘Valuation Remains at the High End’ tipranks.com
SlavkoSereda/iStock via Getty Images Portfolio Changes in February Net investment activity in February came in at $877 and has decelerated further as the war on Iran is progressing. It is a catastrophic development for the global economy and its repercussions are only beginning to get felt around the world. Fuel shortages in South East Asia, plants slowing down production in India due to fertilize...
SlavkoSereda/iStock via Getty Images Portfolio Changes in February Net investment activity in February came in at $877 and has decelerated further as the war on Iran is progressing. It is a catastrophic development for the global economy and its repercussions are only beginning to get felt around the world. Fuel shortages in South East Asia, plants slowing down production in India due to fertilizer shortage or the semi industry warning about shortages in Helium may only be the beginning as the Strait of Hormuz is now currently controlled by Iran. This is a pretty bad investment climate, obviously and unless negotiations actually happen and succeed, the impact may be very long-term and lead to much higher inflation. I am a long-term investor so I believe I will ride it out but in the short-to-medium term this could trigger a massive market pullback. Despite retreating 10% from all-time highs, the current reacion feels more like the calm before the storm. The only possive for me as a European holding US stocks is that the stronger dollar leads to higher dividend income in EUR. Against this background I focused my purchases more or less exclusively on BDCs which have been badly beaten this on fears of a collapsing software sector driven by AI. My main picks this month were Ares Capital Corporation ( ARCC ), Owl Rock Capital ( OBDC ) and Hercules Capital ( HTGC ). Altogether, my February purchases only added $65 in annual net dividend income continuing the trend of missing my informal goal of boosting monthly income by around $100. I’m still aiming to make up for it in 2026 - hopefully but I remain highly skeptical of that. Overall, the average yield on cost of my new investments in February came in at around 7.5%. All these purchases break down as follows: Added Dividend Income - February 2026 (Designed by author) All net purchases in February can be found below: Net Purchases February (Designed by author) Dividend Income in February 2026 Yearly Dividend Overview (Desi...