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** U.S.-listed shares of Ascendis Pharma ASND.O down 4.3% at $142.50 in extended trading as co seeks equity raise
** Denmark-based biopharma announces $300 mln offering of American depositary shares (ADSs)
** JP Morgan, Morgan Stanley, Evercore and Goldman Sachs are jt bookrunners
** On Mon, ASND shares closed up ~17% at $139.57 after co said its achondroplasia therapy TransCon CNP met main goal in trial to treat dwarfism
** Shares finished 1.6% higher at $148.88 on Weds
** With ~58.2 mln shares outstanding, co has roughly $8.7 bln market value, per LSEG data
** U.S.-listed shares up ~18% YTD and up about 50% over the past 12 months
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
(( lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380) )
The U.S. bank mergers will face tougher scrutiny under new guidelines from three agencies — the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Justice Department (DOJ).
On Tuesday, the FDIC voted to increase the examination levels that directly consider an acquisition's impact on communities, consumers, competition and financial stability. The DOJ and the OCC released modifications and guidelines on their assessments of bank transactions.
FDIC Guidelines for Bank Merger Deals
The FDIC Board of Directors approved a final Statement of Policy (Final SOP) on bank merger transactions, which addresses the scope of transactions subject to the FDIC approval, the process for evaluating merger applications and the principles that guide the regulator’s consideration of the applicable statutory factors as outlined in the Bank Merger Act (BMA).
The Final SOP confirms that the FDIC’s evaluation of a merger’s competitive effects may take into account concentrations beyond deposits, including small business or residential loan originations. It also clarifies that the proposed merger should result in less financial peril than the risk posed by the institutions on a standalone basis.
The FDIC will apply additional scrutiny to evaluate the financial stability of transactions resulting in an institution with $100 billion or more in total assets. Also, the FDIC is expected to hold public hearings for mergers resulting in an institution with more than $50 billion in total assets.
Last year’s bank failures underscore the risks that banks with assets exceeding $100 billion can have on the financial stability of the sector and the economy.
Though JPMorgan JPM was allowed to acquire the failed First Republic Bank in May 2023, going forward, such deals will face increased regulatory scrutiny.
It is now likely that UMB Financial Corp.'s UMBF impending acquisition of Heartland Financial, USA Inc. might face heightened regulatory examination. This transaction, UMBF’s largest buyout in its 111-year history, is expected to increase its total assets by more than 40% to $64.5 billion.
The final SOP from the FDIC replaces the existing Statement of Policy, which was last modified in 2008.
OCC Guidelines for Bank Merger Deals
The OCC approved a final rule updating its regulations for business combinations involving national banks and federal savings associations and a policy statement clarifying its review of applications under the BMA.
The OCC's final regulation concentrated on differentiating between mergers that need more investigation and those that can be approved quickly. Unless the agency takes action to remove the filing for expedited processing, the regulation terminates the practice of automatically accepting merger applications on the 15th day following the end of the comment period. Additionally, it modifies the OCC's evaluation criteria for prospects, convenience and needs, financial stability and management and financial resources.
The final rulemaking is part of the OCC’s effort to enhance transparency around its process of reviewing transactions under the BMA.
DOJ’s Revamp for Bank Merger Deals
The DOJ scrapped its 1995 bank-merger guidelines, which focused on branch overlap and deposits when deciding whether two banks could merge.
Instead, the agency’s antitrust division will now refer to its updated 2023 merger guidelines, which are broader and allow more flexibility.
New Merger Policy: A Dual-Edged Step
These updated policies can operate as benchmarks and road maps for banks looking to assess and increase their chances of obtaining regulatory approval for potential mergers by outlining considerations that each agency looks at when evaluating transactions.
The stricter merger regulations, particularly for consolidations that result in banks with assets of more than $50 billion, guarantee that mergers do not raise systemic concerns.
This came after New York Community Bancorp, Inc.’s NYCB acquisition of parts of failed Signature Bank in early 2023 (immediately after acquiring Flagstar Bancorp in December 2022). The acquisition pushed NYCB above the $100-billion threshold in assets, which by law puts it under increased regulatory scrutiny.
This steeper scrutiny could result in fewer proposed mergers and more denials of applications, slowing down M&A activity.
The updated rules demonstrate that regulators are realizing that the traditional study of bank competition needs to be updated to take into account the present state of the financial services industry. However, this approach toward bank M&A has put many impending merger deals on the sidelines. This might hinder competition among banks.
Zacks Investment Research
Investors are on edge in the lead-up to the Wednesday Federal Open Market Committee interest rate decision that is expected to deliver the first cut to the federal funds rate in over four years.
The market is divided on the magnitude of the anticipated rate cut. Traders are assigning a 59% probability to a 50-basis-point cut, while a 41% chance is placed on a more modest 25-basis-point reduction. The size of the rate cut is crucial as it could trigger significant market reactions.
Should the Fed opt for a 50-basis-point cut, it may be perceived as an acknowledgment that interest rates are overly restrictive. This could lead to increased expectations for further rate cuts in the coming months, potentially fueling risk sentiment and driving stock prices higher.
Conversely, a 25-basis-point cut might disappoint investors who are betting on a more aggressive measure.
Since the start of 2022, the S&P 500, tracked by the SPDR S&P 500 ETF Trust , has experienced an average move of plus or minus 1.3% during FOMC events, reflecting the market’s high sensitivity to Fed policy decisions.
Goldman Sachs equity analysts, including John Marshall, analyzed stock movements during the first rate cuts in the previous three Fed easing cycles (Sept. 18, 2007, July 31, 2019 and March 3, 2020).
The data highlights the average moves of several key S&P 500 stocks with liquid options during these periods.
Read Next:
Federal Reserve illustration created using artificial intelligence via MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
JPMorgan JPM is in discussions with Apple Inc. AAPL regarding a credit card partnership to replace Goldman Sachs GS. This was first reported by Wall Street Journal, citing a source familiar with the matter.
What Led to JPM’s Negotiations?
In 2019, Goldman partnered with Apple as it entered into the credit card space to issue Apple credit cards. However, it began pulling back last year due to significant losses in its consumer division.
In early 2023, GS informed Apple of its intention to offload the partnership due to financial strains and in November, Apple reportedly proposed an exit from its credit card contract within the next 12 to 15 months. This paved the way for potential new partners to take over the Apple credit card program.
In December 2023, JPM was reportedly being considered a natural successor to take over the Apple credit card program given the existing relationship between the two entities. The two entities already had ties via Apple Pay, and JPMorgan was one of the largest partners for transactions at Apple retail outlets.
Earlier this year, AAPL and JPMorgan initiated discussions to consider the possibility of the bank becoming the new issuer of the Apple Card.
JPMorgan’s Current Status in Negotiations
As reported by Wall Street Journal, the discussions have advanced in recent weeks, However, there’s no certainty that an agreement will be formed.
JPM is negotiating for better terms, as it seeks to pay less than the full value for roughly $17 billion outstanding balances in the Apple Card program due to higher losses on the cards. Sources close to Goldman contended that higher-than-average delinquencies and defaults on the Apple Card portfolio were majorly owed to the new user accounts.
Apple and Goldman offered cards to customers with weak credit scores in an attempt to boost their revenues, which resulted in increased subprime exposure and terms that could be costly for any issuer. This has further complicated the negotiations.
Also, JPM is in talks regarding amendments to some parts of the program, which includes Apple’s calendar-based billing feature, which means that cardholders receive statements at the beginning of the month instead of staggered ones dispersed across the period. This feature, while appealing to customers, leads to a huge number of calls for the service personnel at the same time each month.
These efforts align with JPM’s aim to grow its presence in diverse sectors and strengthen its market share. Last week, it was reported that the company seeks to increase its corporate banking presence in the Swiss markets by utilizing its blockchain technology. It is currently in discussions with potential clients in Switzerland as the bank projects significant growth in its Swiss corporate banking division over the next three to five years. Similarly, earlier this month, JPM set up a private banking team in Dubai to offer wealth management services. This July, the company stated that it aims to capture 15% of the nation’s consumer deposits.
JPM’s Zacks Rank & Price Performance
Year to date, shares of JPMorgan have gained 23% compared with the industry’s 17.1% growth.
Currently, JPM carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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