News & Events
market
intelligence
briefing
July 17, 2019
Commercial Banking
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Jul 15 -
The two parties are working to develop a technology called Quantum Key Distribution (QKD) to tackle security issues, including those posed by quantum computers. The two companies already have plans to implement QKD in the near future. Because quantum computers can handle calculations at previously unheard-of speeds, things previously considered unbreakable, like encryption between a person and a bank account, are no longer foolproof. The technology uses a quantum-distributed key along with a lengthy message to create encrypted text that can't be broken without the key.
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Jul 15 -
Neal Pawar, chief technology officer at quant fund manager AQR, will start at Deutsche Bank in New York in September. He will also serve on the bank's management committee. Pawar is charged with improving and streamlining the bank's technology systems and helping to oversee a $14.5-billion spending program over the next three years.
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Jul 15 -
Bank of America retained its ranking as a top issuer of Visa and Mastercard commercial credit and prepaid solutions in the U.S. in 2018 by the Nilson Report. The commercial card programs are managed within the Global Transaction Services (GTS) business that develops solutions to address a company’s overall treasury and working capital needs.
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Real Estate Finance
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Jul 15 -
Prologis is in advanced talks to acquire a $4-billion warehouse portfolio, Industrial Property Trust, which spans 37.6 million square feet across industrial properties in 21 states, and houses tenants including Amazon and FedEx. Black Creek Group listed the portfolio in February, and said it's 96% leased, with no occupant accounting for more than 3% of annual rents.
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Jul 15 -
The company secured $37.38 million in financing for its Shops at Merrick Park location, at 390 San Lorenzo Avenue in Coral Gables, Fla. The loan agreement is part of a multi-state mortgage, and it extends the credit agreement between Neiman Marcus and lead lender, Credit Suisse.
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Jul 16 -
A JV of Onyx Equities and Garrison Investment Group acquired 650 From Road from Mack Cali Realty. No financial terms of the transaction for the 373,420-square-foot office building were disclosed. The property is situated on 20 acres and offers tenants a full-service cafeteria, on-site day care and an atrium lobby. The sale included a one-story, free-standing building totaling 10,000 square feet, which has recently been leased in its entirety to a medical tenant.
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Commercial Bankruptcy
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Jul 11 -
Fashion accessory retailer Charming Charlie filed for Chapter 11 protection in Delaware with plans for going-out-of-business sales at about 261 stores. This is the second time in less than two years the retailer has filed for bankruptcy. More than 3,000 full- and part-time employees could lose their jobs.
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Jul 10 -
The American Bankruptcy Institute reported total commercial Chapter 11 filings during the first six months of the year increased 5% to 2,854 from the 2,716 total filings during the same period in 2018. Total commercial filings also increased slightly to 19,531 during the first six months of 2019, a 2% increase from the same period a year ago. Total bankruptcies were nearly unchanged with a 0.04% increase, as the 388,463 filings during the first half of 2019 were slightly more than the 388,324 filings during the first six months of 2018. The 368,932 total consumer filings for the first half of 2018 represented a 0.05% drop from the consumer filing total of 369,114 for the first half of 2018.
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Jul 10 -
Lehman Brothers Holdings pushed back on a bid by mortgage lenders to remove the failed investment bank's claims against them from bankruptcy court to district court, saying the bankruptcy judge has "vast" knowledge of the case. Lehman told U.S. District Judge William H. Pauley III that its claims against Standard Pacific Mortgage, Universal American Mortgage Company and Eagle Mortgage Holdings belong where the expertise on the long-running Lehman lawsuit lies, with U.S. Bankruptcy Judge Shelley C. Chapman. Judge Chapman is "intimately familiar" with the claims presented in the 2008 bankruptcy case, Lehman counsel Paul DeFilippo told the district court. Moreover, DeFilippo argued, the lenders' bid to remove the case to district court is just one of many attempts that have all failed. In 2016, Lehman filed an adversary suit against nearly 150 mortgage originators it says sold the investment bank thousands of faulty mortgages that Lehman then sold to others, ultimately resulting in Lehman paying more than $1.2 billion in settlements with Fannie Mae and Freddie Mac. In an effort to repay its billion-dollar debt, the defunct finance titan seeks to enforce indemnification claims against mortgage lenders it says contained promises to comply with Fannie Mae and Freddie Mac's requirements. Lehman alleges that the lenders failed to meet those standards and should be liable for damages.
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