News & Events

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May 23, 2018


Commercial Banking

  • Deutsche Bank loses head of emerging-market debt trading


    May 21 -
    Sean Bates, Deutsche Bank’s head of emerging market debt trading, is the latest top executive to exit the bank. Bates joins a list of top managers departing the lender since Christian Sewing took over as CEO and signaled a restructuring after years of losses. The bank’s emerging-market debt trading department hasn’t seen a revenue increase since Q4 2015. 

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  • BofA launches AI-powered digital banking assistant


    May 21 -
    Bank of America launched its digital assistant, Erica, which uses AI to improve customer service. Erica assists users in handling banking tasks such as bill payments, searching past transactions, locking or unlocking debit cards, transferring money between accounts or sending money to friends or family. BofA plans to add more features in the coming months including payment reminders and personalized budgeting tips. The platform was rolled out on a limited basis to customers in March and the nationwide rollout will continue through June.

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  • Citibank pays $425M to extend credit card arrangement with Sears


    May 21 -
    Citibank will pay Sears Holdings $425 million to extend a private label credit card arrangement with the retailer until Dec. 31, 2020. In exchange for the extension, Sears won’t be able to purchase some assets that are tied to the program. The new card will provide customers additional points back on gas and grocery purchases, as well as on purchases made at Sears and Kmart stores.

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Real Estate Finance

  • Delshah pays $100.7M for multifamily portfolio in New York


    May 21 -
    Delshah Capital acquired a multifamily portfolio from Silvershore Properties for $100.7 million. The buildings collectively span 200,000 square-feet and include 210 residential units and 12 commercial units. The portfolio includes 28 buildings throughout Brooklyn, including Williamsburg, Bedford-Stuyvesant, Carroll Gardens and Bushwick, as well as two buildings on the Lower East Side in Manhattan.

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  • Extell to buy development rights in New York for $35.8M


    May 21 -
    The Church of Saint Monica is in contract to sell 102,170 square-feet of development rights to an entity tied to Extell Development for $35.8 million. The church has owned 406 East 80th Street since 1976.

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  • Interaudi Bank provides $35M construction loan for New York condo development


    May 18 -
    Interaudi Bank provided $35 million in construction financing for Adellco's 15-story condominium project at 27 East 79th Street in New York. Meridian Capital Group negotiated the loan with Interaudi. The development will include eight apartments, a duplex townhouse and a triplex penthouse, as well as 1,500 square-feet of retail space at the ground level.

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Commercial Bankruptcy

  • Cambridge Analytica files for Chapter 7 in wake of Facebook scandal


    May 18 -
    Cambridge Analytica filed for Chapter 7 bankruptcy in the U.S. after suffering a sharp decline in business following allegation the company improperly used data of 87 million Facebook users beginning in 2014. According to court reports, the company reported assets between $100,001 and $500,000 and liabilities between $1 million and $10 million.

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  • Enduro Resource Partners files for Chapter 11


    May 15 -
    Enduro Resource Partners filed for voluntary Chapter 11 proceedings, with plans for an asset sale. The company plans to continue operations during the process and reached an agreement with its first lien lenders to utilize their cash to fund day-to-day operations. Enduro also entered into three stalking horse purchase agreements and expects to begin the sale process soon.

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  • Rockport files for Chapter 11, plans sale to Charlesbank


    May 14 -
    Shoe maker Rockport filed for Chapter 11, citing the current retail landscape and a separation from former owner Adidas as the primary reasons. The company is planning to sell ownership to private equity firm Charlesbank, which will evaluate Rockport’s North American retail operations and determine whether it will seek to buy some of those locations. The company has also lined up $20 million in financing from its current lenders to continue operations through the process and has an existing $60 million credit facility that it can access through the sales process.

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