“They Won’t Get What They’re Expecting” – Why Wall Street’s Star Traders Are Going To Get ‘Shafted’ Come Bonus Season
Friday, 14 August 2020, 05:35:00
“They Won’t Get What They’re Expecting” – Why Wall Street’s Star Traders Are Going To Get ‘Shafted’ Come Bonus Season Tyler Durden Thu, 08/13/2020 – 23:35 The S&P 500 has officially fought its way back to the record highs, but all those investment bankers and traders who got a taste of what it was like during the pre-crisis days earlier this year, when global banks’ sales and trading operations suddenly became profit centers, likely won’t be getting as big of a “taste” as they probably expect when the Holiday bonus season arrives. As BBG points out in a new story, just because they saved the firm’s bottom line last quarter, doesn’t mean they’ll be getting the personal windfall they feel they deserve (a 30%-50% higher than last year’s paltry comp). Citing commentary from a handful of Wall Street vets, Bloomberg reported a sad fact of life that this generation of traders is about to learn the hard way. And that is: when S&T hit it out of the park during a “good” year, traders are rewarded.
— Zero Hedge
Citigroup Pays Revlon Lenders Nearly $900 Million by Mistake — Update | MarketScreener
Friday, 14 August 2020, 02:58:02
By Becky Yerak and Alexander Gladstone Citigroup Inc. paid nearly $900 million by mistake to Revlon Inc. lenders and is asking for the money to be returned, according to people familiar with… | August 14, 2020
Citigroup Pays Revlon Lenders Nearly $900 Million by Mistake
Friday, 14 August 2020, 01:23:00
The bank paid nearly $900 million by mistake to Revlon Inc. lenders and is asking for the money to be returned, according to people familiar with the matter.
— The Wall Street Journal
Despite The Diplomatic Bluster, China’s State-Run Banks Are Quietly Complying With Trump’s Hong Kong Sanctions
Thursday, 13 August 2020, 04:45:12
Despite The Diplomatic Bluster, China’s State-Run Banks Are Quietly Complying With Trump’s Hong Kong Sanctions Tyler Durden Wed, 08/12/2020 – 22:45 On the surface, there is a non-stop tide of daily diplomatic drama and escalating jawboning between the US and China which – quite theatrically – will be at each other’s throat at least until the conclusion of the Nov 3 election. However, behind the scenes, one can discern just who has the upper hand. According to Bloomberg , China’s largest state-run banks operating in Hong Kong have taken “tentative steps” to comply with US sanctions imposed on officials in the city, seeking to safeguard their access to crucial dollar funding and overseas networks, and putting their financial future above their patriotic duty to defend questionable Hong Kongers who have fallen in the crossfire. As a reminder, last week Trump sanctioned Chinese and Hong Kong officials including Hong Kong Chief Executive Carrie Lam, Xia Baolong, director of the Hong Kong and Macau Affairs Office of China’s State Council, and Chris Tang, commissioner of the city’s police for their role in implementing a security law in Hong Kong.
— Zero Hedge
Agree Realty Announces Pricing of $350 Million of 2.900% Senior Unsecured Notes Due 2030
Wednesday, 12 August 2020, 23:30:00
BLOOMFIELD HILLS, Mich. , Aug. 12, 2020 /PRNewswire/ — Agree Realty Corporation (NYSE: ADC ) (the “Company”) today announced that its operating partnership, Agree Limited Partnership (the “Operating Partnership”), priced a public offering of $350 million of 2.900% senior unsecured notes due 2030 (the “Notes”). The public offering price for the Notes was 99.927% of the principal amount for an effective yield to maturity of 2.908%. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by the Company and certain of their subsidiary guarantors. This offering is expected to close on August 17, 2020 , subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds to fund acquisition and development activity and for general working capital and other corporate purposes, including the reduction of the outstanding balance on the Company’s revolving credit facility. “The pricing of our inaugural issuance is a meaningful step in our continued growth while providing our Company with another source of efficient long-term capital,” said Joey Agree, President and Chief Executive Officer. “This offering, in combination with common equity proceeds raised through June 30, 2020 , represents year-to-date capital raised in excess of $1.15 billion , further positioning Agree Realty and our best-in-class balance sheet to capitalize on investment opportunities.” Citigroup, Wells Fargo Securities and Jefferies …