Citigroup Insights

TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.

Corporations are navigating shifting geopolitics, and M&A bankers are advising them as they consider selling off faraway units and focusing more on assets closer to home or in friendlier countries.

The move from Republican senators mirrors an effort launched in the House, where Citibank also provides credit cards for congressional business. Republicans will be unable to enact such changes unless they take either chamber in upcoming elections.

Late-payment rates among U.S. borrowers rose again in the second quarter, according to a report from the New York Fed. The trend reflects a sharp increase in student loan delinquencies, which have been climbing as pandemic-era policies have expired.

While the CPSART program, especially the 2022 and 2023 series, was performing worse than its initial or revised expectations, the 2025-C collateral was relatively better.

In 2021, banks pledged to wind down their support for oil and gas. Last year they made a $162 billion U-turn, according to a new report from a coalition of advocacy groups.

The transaction's pool of 365 fixed-rate mortgages, all first lien, breaks down to mostly non-agency loans (61.4%). The rest, 38.6%, are agency eligible.

Citigroup Inc. is structuring the so-called collateralized fund obligation, which will include both debt and equity portions.