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FOCUS-Private credit ties to banks deepen in Europe as default risk rises
A record 80% of European private credit funds borrowed from banks via 'subscription lines' in 2023. Most European funds use 'sub-line' debt - data shows. Private credit funds are also adding leverage to their loans to boost returns. Private lending may mask corporate distress, sources say.
Reuters · 03/14 06:00
BREAKINGVIEWS-Simmering M&A gumbo lacks essential ingredients
Dealmakers cooked up more than $520 bln of mergers during the first two months of 2024. Financial and legal advisers gathered in New Orleans are still stewing. The recipe calls for some Fed and private equity spice, says Breakingviews' Jeffrey Goldfarb.
Reuters · 03/08 16:14
RPT-BREAKINGVIEWS-Banks’ hot new trade could burn others, for once
U.S. Banks are embracing the synthetic risk transfer, a riff on pre-crisis financial engineering. Banks find outside investors willing to take the first chunk of losses on loans if borrowers come unstuck. John Foley: The danger to banks is minimal, but banks are caught in an ever-tighter bind. He says risk transfers let banks pass on the riskiest part of a loan portfolio.
Reuters · 03/01 13:00
BREAKINGVIEWS-Banks’ hot new trade could burn others, for once
U.S. Banks are embracing a hot trade called the synthetic risk transfer. Banks find outside investors willing to take the first chunk of losses on loans if borrowers come unstuck. John Foley says the danger to banks is minimal, but investors need to read the fine print. Risk transfers are a riff on pre-crisis financial engineering wheezes.
Reuters · 02/29 13:00
BREAKINGVIEWS-A $16 bln deal models buyouts’ modest comeback
A $16 billion deal models buyouts’ modest comeback, says Jonathan Guilford. Banks backed away from buyouts after interest rates began rising in 2022. M&A loans fell 80% last year from 2021's peak. Truist Financial’s insurance brokerage unit deal shows Wall Street lenders tiptoeing back.
Reuters · 02/28 15:45
MEDIA-Ares leads $3.3 bln private loan for UK insurance broker Ardonagh at low rate - Bloomberg News
Reuters · 02/16 16:10
ANALYSIS-US banks, private equity firms compete to finance debt-backed deals
US banks, private equity firms compete to finance debt-backed deals. U.S. Banks reduced lending to lower-quality corporate borrowers in 2022 as interest rates rose. Credit markets recovered after the Fed paused its monetary tightening last year. Private credit firms are entering into activities once dominated by regional banks.
Reuters · 02/14 11:00
U.S. RESEARCH ROUNDUP-Hanover Insurance, Lincoln National, Transdigm Group
Wall Street analysts revise their ratings and price targets on several U.S.-listed companies. Hanover Insurance Group, Lincoln National and Transdigm Group among those. Asbury Automotive Group, Hershey and Harley-Davidson among companies with revised targets. Some analysts raised their targets on Monday.
Reuters · 02/12 07:18
MEDIA-Ares raises $1.7 bln credit fund for Australia, New Zealand- Bloomberg News
Reuters · 02/09 07:28
BUZZ-U.S. STOCKS ON THE MOVE-S&P Global, Hershey, Under Armour
The benchmark S&P 500 index was muted on Thursday. The Dow Jones Industrial Average was down 0.11% at 38,636.74. Ralph Lauren and Walt Disney were among the top three percentage gainers. Hershey, Under Armour and S&p Global were up.
Reuters · 02/08 19:12
BUZZ-Ares Management climbs after Q4 profit beat
Shares of alternative investment group Ares Management rise 6.7% to $137.53. Company posts after-tax realized income of $1.21/shr in Q4. Ares Management's assets under management surged 19% in the same period to $418.8 bln.
Reuters · 02/08 17:35
Ares Management Corp reports results for the quarter ended in December - Earnings Summary
Ares Management Corp reports quarterly adjusted earnings of $1.21 per share for the quarter ended in December. Revenue rose 12.4% from the same quarter last year. The company reported quarterly income of $173.95 million. Ares Management Corp shares had risen by 8.4%.
Reuters · 02/08 14:33
BUZZ-KKR Real Estate Finance sinks to 4-yr low after dividend slash
KKR Real Estate Finance Trust shares plunge as much as 20% to $9.42 on Weds. Shares of KKR on track for biggest one-day pct drop since Mar 2020. Commercial mortgage REIT KKR.N declares Q1 dividend of 25 cents/sh, down 42% from prior payout of 43 cents. Company's shares sink to 4-year low.
Reuters · 02/07 17:34
Ares Management Corp <ARES.N> expected to post earnings of $1.10 a share - Earnings Preview
Ares Management Corp expected to post earnings of $1.10 a share. Ares Management Corp is expected to show a fall in quarterly revenue when it reports results on February 8 for the period ending December 31 2023. The company expected to report a 7.8% decrease in revenue to $864.542 million.
Reuters · 02/06 15:18
ANALYSIS-Wall Street explores novel ways to repackage bank loan risk
Investors, lawyers keen to expand risk-sharing deals on offer. Banks buy insurance from hedge funds against the risk of losses from loans. Structures under review could give market access to insurers. Banks shed around $25 bln in loan risk via transfers in 2023 U.S. Lenders flocking to market, but rules are strict.
Reuters · 02/01 06:00
Private equity lawyer moves continue with Baker McKenzie hire
Private equity lawyer moves continue with Baker McKenzie hire Eric Schwartzman as head of private equity in California. He joins from rival Latham & Watkins. Schwartzman advises private equity sponsors, their portfolio companies on mergers and acquisitions and other deals. He anticipates the second half of 2024 will pick up for private equity.
Reuters · 01/22 11:00
U.S. RESEARCH ROUNDUP-American Water Works Company, Home Depot, Lowe's
Wall Street analysts revise their ratings and price targets on several U.S.-listed companies. American Water Works Company, Home Depot and Lowe's are among the companies. Analysts cut their ratings on the companies and raised their targets on Monday. The companies include American Water works Company, Humana and Travelers Companies.
Reuters · 01/22 07:28
MEDIA-Ares nears completion of record 20 billion euro direct-lending fund - Bloomberg News
Reuters · 01/10 11:56
MEDIA-Ares and Sportsology are in talks for stake in MLB’s Texas Rangers - Bloomberg News
Reuters · 12/06/2023 19:49
MEDIA-Ares banks $3.3 Billion to buy real-estate fund assets - WSJ
Reuters · 12/05/2023 10:43
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About ARES-PRA
Ares Management Corporation is an alternative asset manager. The Company offers its investors a range of investment strategies. It operates through three segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment manages credit strategies across the non-investment grade credit universe in the United States and Europe. It offers a range of credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, credit opportunities, structured credit investments and the United States and European direct lending. The Credit Group provides solutions for traditional fixed income investors. The Private Equity Group segment categorizes its investment strategies as corporate private equity, the United States power and energy infrastructure and special situations. The Real Estate Group segment manages public and private equity and debt strategies. The Company also provides annuity and life insurance products.