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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) )
Updates
** U.S. regional banks gain in afternoon trading after Federal Reserve lowers interest rates by 50 basis points, kicking off what is expected to be a steady easing of monetary policy
** KBW Regional Banking index .KRX, a key benchmark to track investor sentiment toward the sector, gains 2.7%; SPDR S&P Regional Banking ETF up ~2.5%
** Among individual movers, US Bancorp USB.N, Fifth Third Bancorp FITB.O, M&T Bank MTB.N, Keycorp KEY.N and Western Alliance WAL.N rise between 1.7% and 4%
** Regional lenders expected to benefit as Fed lowers rates, driven by recovery in loan demand and normalization of elevated deposit costs
** Investor sentiment toward the sector had taken a hit after three major players collapsed in early 2023, in part due to higher rates racking up unrealized losses on their loan books
** The worries returned earlier this year, when New York Community Bancorp NYCB.N reported a surprise loss and cut its dividend due to pressure on its commercial real estate loan book; the bank's stock, which is expected to benefit from lower rates, last up 2.3%
** Meanwhile, major U.S. banks also up in volatile trading after Fed decision; KBW Bank index .BKX - tracking large-cap banks - last trading ~1% higher
** .KRX up ~7% YTD, including session moves, underperforming broader markets
(Reporting by Jaiveer Singh Shekhawat and Manya Saini in Bengaluru)
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
** Shares of regional U.S. lenders up after Federal Reserve cut benchmark interest rate for the first time in four years
** US Bancorp USB.N, Fifth Third Bancorp FITB.O, M&T Bank MTB.N, Keycorp KEY.N, Western Alliance WAL.N rise between 0.3% and 1.6%
** KBW Banks Index .BKXup 0.2%
** Rate cut is expected to reignite the loan demand and deals activity which will take away the heat off from rising deposit costs for these lenders that even led to several bank runs
** Fed cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy
(Reporting by Jaiveer Singh Shekhawat in Bengaluru)
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