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** Shares of regional lender New York Community Bancorp NYCB.N rise 3.2% to $12.30 premarket after the U.S. Federal Reserve cuts interest rates for the first time since 2020
** The Fed's aggressive monetary policy tightening had caused several major headwinds for regional banks including rising concerns over credit quality trends with a major focus on commercial real estate
** NYCB's borrowers have been weighed down by higher rates, prompting the bank to conserve capital and set aside bigger provisions for loan losses
** Lower rates will reduce fears over banks with commercial real estate overhangs - J.P. Morgan analyst Steven Alexopoulos
** Alexopoulos adds that lower rates will improve borrower's confidence to refinance debt as they mature
** Raymond James upgraded NYCB's stock earlier this week, citing the favorable impact to its loan book from lower rates
** As of last close, stock down lost 61% YTD, but has gained 10% so far this month
(Reporting by Arasu Kannagi Basil in Bengaluru)
LONDON, Sep 19 (LPC) – Finnish sporting goods company Amer Sports is repricing its US$499m and €700m term loan Bs due in February 2031.
In addition, the firm will repay US$65m of the existing US dollar TLB with cash on hand, reducing the size of the loan to US$434m.
The dollar TLB is guided at 275bp-300bp over SOFR, while the euro loan is guided at 300bp-325bp over Euribor.
Both tranches are offered with a 0% floor, at par, and refresh 101 soft call protection for six months.
They have a 25bp margin stepdown, activated if Moody’s corporate rating is Ba3 or higher and S&P's corporate rating remains BB– or above at any time during the life of the loan.
Existing corporate and facility ratings are B1/BB.
JP Morgan is the lead arranger and admin agent.
A lender call will be held at 3pm UK time. Commitments are due on September 24.
Amer Sports Company and Amer Sports Canada are the US dollar borrowers. Amernet Holding Sverige and Amer Sports Holding are the euro borrowers.
In February, Amer Sports priced a US$500m TLB and a €700m TLB, priced at 325bp over SOFR and 350bp over Euribor, respectively.
((Lukas Job: +44 744 236 4757, lukas.job@lseg.com, Twitter: @LPCLoans))
(c) Copyright Refinitiv
** U.S. large-cap bank stocks rise in premarket trading after the U.S. Federal Reserve cut interest rate by 50 basis points on Wednesday, the first cut since 2020
** JPMorgan Chase JPM.N, Wells Fargo WFC.N, Bank of America BAC.N, and Citigroup C.N rise 1.4%, 1.6%, 1.9% and 1.8%, respectively
** Banks poised to benefit in the longer run as rate cuts would help ease deposit costs, which has pressured net interest margin - a key measure of lending profitability
** But rate cuts could drive temporary headwinds for banks as interest income is expected to take a hit as the Fed continues to ease its monetary policy
** Banks will be proactive in lowering deposit costs and interest income growth from here on will be largely dependent on that - brokerage KBW
** S&P 500 Banks Index .SPXBK, which tracks large-cap bank stocks, has gained 17.5% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
Bank of America Corporation (BAC) is projected to post earnings of $0.80 per share for the current quarter, representing a year-over-year decline of 11.1%. The earnings estimate for the current fiscal year is $3.28, indicating a year-over-year change of -4.1%. For the next fiscal year, the earnings estimate is $3.64, suggesting a change of +11% from the previous year.
The company's upcoming earnings report is expected on October 15, 2024. The sales estimate for the current quarter is $25.41 billion, indicating a year-over-year change of +1%. For the current and next fiscal years, the sales estimates are $101.93 billion and $105.65 billion, indicating changes of +3.4% and +3.7%, respectively.
In the last reported quarter, the company reported revenues of $25.38 billion, representing a year-over-year change of +0.7%. Bank of America has a history of beating earnings per share estimates in each of the trailing four quarters.
Bank of America Corporation's stock is considered fairly valued compared to its historical values and relative to its peers on valuation metrics.
Sept 19 (Reuters) - BofA Global Research raised its forecast for the Federal Reserve's anticipated interest rate cuts for the remainder of this year to 75 basis points, after the U.S. central bank kicked off a widely expected series of reductions on Wednesday.
The Fed announced a larger-than-usual half-percentage-point reduction that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.
The Wall Street brokerage said in a note on Wednesday it now expects the Fed to lower rates by 75 bps in the fourth quarter, compared with its earlier forecast of two 25-bp cuts in the Fed's November and December meetings.
BofA Global Research expects another 125 bps of cuts in 2025 to bring the terminal rate to 2.75%-3.00%, from the current Fed fund's target rate of 4.75%-5.00%.
"We think the Fed will get pushed into deeper cuts," BofA economists said.
Following the bigger rate cut, "we are skeptical that the Fed will want to deliver a hawkish surprise", they said.
Separately, Goldman Sachs retained its forecast of two 25- bp cuts in the November and December meetings this year, but said it now expects consecutive 25 bps cuts from November 2024 through June 2025, bringing the terminal rate to 3.25%-3.50% by mid 2025.
It earlier expected quarterly pacing of cuts in 2025.
"The greater urgency suggested by today's 50-bp cut and the acceleration in the pace of cuts that most participants projected for 2025 makes a longer series of consecutive cuts the most likely path, in our view," Goldman Sachs economists said in a note on Wednesday.
Fed policymakers projected the benchmark interest rate to fall by another half a percentage point by 2024-end, a full percentage point next year, and half a percentage point in 2026, while cautioning the outlook that far into the future is necessarily uncertain.
(Reporting by Kanchana Chakravarty in Bengaluru; Editing by Rashmi Aich)
(( Kanchana.Chakravarty@thomsonreuters.com ;))
Keywords: USA-FED/RESEARCH (PIX)
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