Standard Chartered announced it has received all the required approvals that would lead to the completion of its American Express Bank acquistion from the American Express Co. The total cash amount for the acquisition is $823 million. According to a release from StanChart, the purchase will add 19 markets to the Standard Chartered business and will fast track the growth aspirations of The Standard Chartered Private Bank.
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To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.
2h ago -
Classes A-1FCF through A-1F will repay noteholders on a pro rata basis, while classes A2 through B3 will be repaid sequentially.
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Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
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The Elliot-backed manager doubles down on research and expertise to confront market challenges, including tight arbitrage and a looming 2028 debt maturity wall.
September 17 -
Federal Reserve Chair Kevin Warsh framed the central bank's move to increase interest rates as a moderate adjustment to rapid economic growth during his post-Federal Open Market Committee press conference.
September 16 -
The market initially showed relief after the initial confirmation of an anticipated inflation-fighting hike but discussion of a future raise renewed concern.
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