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Goldman Sachs faces protest after $2.8B bond deal; Cohen planning comeback


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Goldman Sachs faces protest after $2.8B bond deal; Cohen planning comeback

Goldman Sachs Group Inc.'s $2.8 billion bond deal has caused a political uproar in Venezuela. While a statement from the New York-based bank confirmed that the purchase — carried out through a broker — did not involve any interaction with the government, Venezuelan opposition leaders voted yesterday to demand an investigation into the matter through the U.S. Congress, Reuters reports. "As hard as it may try, Goldman Sachs ... cannot put lipstick on this pig of a deal for Venezuelans," head of the opposition-led congress Julio Borges said. About two dozen protesters gathered Tuesday in front of the company's New York headquarters in lower Manhattan chanting "shame on you Goldman Sachs."

Speaking of banks:

Deutsche Bank AG is facing a $41 million penalty and consent cease and desist order from the Federal Reserve Board for "unsafe and unsound practices" related to anti-money laundering law compliance in the company's operations in the U.S.

Wells Fargo & Co., meanwhile, has introduced leadership changes in its community bank in response to "priorities of rebuilding trust with team members and customers." The San Francisco-based company appointed Bob Chlebowski branch distribution executive, Laurey Cosentino customer and branch experience team leader, Celeste Finley regional services group leader and Jonathan Velline head of business strategy and administration, among others.

Speaking at the Deutsche Bank Global Financial Services Conference yesterday, Capital One Financial Corp. CFO R. Scott Blackley noted that the "more or less moving sideways" economy isn't hurting or helping the company's ongoing credit woes. Capital One has been adjusting its risk management and "trimming around the edges" of its underwriting practices to adjust to a more competitive market, he added.

Elsewhere, Kroll Bond Rating Agency placed its senior unsecured debt rating of BBB+ and subordinated debt rating of BBB for Bank of the Ozarks Inc. on watch upgrade.

And in Virginia, members of Fairfax-based Fairfax City FCU approved its merger into Arlington-based Partnership FCU. The deal is expected to close July 1.

In the asset manager scene, DealStreetAsia reports that BlackRock Inc. is planning to raise up to $500 million for its first Asian private credit fund. The Asia-Pacific Private Credit Opportunities Fund I is eyeing deals between $20 million and $50 million.

Brookfield Asset Management Inc. is looking to raise $10 billion for its latest global property fund called Brookfield Strategic Real Estate Partners III.

And, Steven Cohen, founder of SAC Capital Advisors LP, is reportedly eyeing a return to the hedge fund business. Cohen, who was at the helm of SAC Capital Advisors when it was charged with insider trading in 2013, is planning to raise $20 billion in a new fund, which could be the largest U.S. hedge-fund launch in history, The Wall Street Journal reports.

In the fintech space, Discovery Equity Partners and Discovery Group I LLC have taken a 5.6% ownership stake in Planet Payment Inc. The companies paid about $10.9 million for beneficial ownership of 2,804,798 common shares in the global payments company.

Specialty lender PennyMac Financial Services and JPMorgan Chase Bank NA on May 23 amended a repurchase agreement allowing PennyMac Loan Services LLC to sell newly originated mortgages to JPMorgan and later repurchase them.

And the Trump administration is open to continuing discussions with the European Union regarding a potential trade agreement, CNBC reports.

In other parts of the world

Asia-Pacific: BlackRock eyes US$500M for Asian fund; Hana Financial to sell China unit stake

Europe: Ireland launches AIB listing; Generali sells Intesa stake; ESMA wants new powers

Middle East & Africa: Liberty Holdings names new CEO; BMCE Bank Q1 profit drops

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng fell 0.16% to 25,660.65, and the Nikkei 225 was down 0.14% to 19,650.57. In Europe, as of midday, the FTSE 100 was up 0.44% to 7,559.54, and the Euronext 100 had climbed 0.26% to 1,025.25.

On the macro front

The MBA mortgage applications report, the Chicago PMI report, the pending home sales index, the Beige Book, the Farm Prices report and the Redbook are due out today.

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