Autor Tema: Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022 (Leído 661774 veces)

Derby · « **Respuesta #2685 en:** Marzo 09, 2023, 22:42:39 pm »

https://www.investing.com/news/stock-market-news/banks-tumble-as-svb-ignites-broader-fears-about-the-sector-3026580

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Banks tumble as SVB ignites capitalization fears

(Reuters) - The S&P 500 bank index tumbled nearly 6% on Thursday in its biggest one-day drop in over two years as investors fled the industry following SVB Financial Group's share sale announcement and crypto bank Silvergate's decision to wind down operations.

Shares of SVB, whose operating segments include Silicon Valley Bank, slumped over 50% in their deepest one-day drop on record after the company announced a $1.75 billion share sale late on Wednesday. SVB is battling cash burn due to declining deposits from startups struggling with a venture capital funding drought.

San Francisco headquartered First Republic slumped 15% after hitting its lowest level since October 2020.

The SPDR S&P regional banking ETF dropped more than 7% to its lowest level since January 2021.

Major U.S. banks were also hit, with JPMorgan (NYSE:JPM) and Bank of America (NYSE:BAC) both down more than 5%.

First Republic and SVB were the S&P 500's deepest percentage decliners in Thursday's trading session, while JPMorgan's loss weighed more than any other stock on the S&P 500's 1.1% decline at mid-day.

"The Silicon Valley raise got everybody nervous about people's capital levels and what deposits are doing. A lot of institutional investors don't feel great about owning certain banks right now," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York.

"It just gets people freaked out because Silicon Valley, historically has been a very strong, well-run bank. If they're having issues right now, people are wondering what about other banks that are lesser quality and that don't have the reputation that Silicon Valley Bank has."

Investors were also grappling with the decline of cryptocurrency-focused lender Silvergate Capital (NYSE:SI), which dropped 22% after saying late on Thursday it planned to wind down operations and voluntarily liquidate after it was hit with losses following the collapse of crypto exchange FTX.

Shares in Silvergate peer Signature bank fell 9.4%.

Derby · « **Respuesta #2686 en:** Marzo 09, 2023, 22:50:34 pm »

https://www.macrovisor.com/p/why-a-slowing-real-estate-market

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Why a slowing real estate market is a growing concern

(...) .Finally, rates staying higher for longer means that prices really do need to come down meaningfully. The Federal Reserve's recent decision to increase interest rates is likely to have a negative impact on the real estate market, as higher rates can lead to declining property values and reduced demand.

All of these factors suggest that declining residential and commercial real estate markets are likely to have larger economic impacts than is currently realized. Not only will this impact the real estate market itself, but it can also have a drag impact on the broader economy.

Interestingly, this is exactly what Jerome Powell's Federal Reserve wants to see. The Fed has directly identified a housing bubble as a key problem that has not only generated unwanted wealth impacts that are keeping labor force participation subdued but also because high home prices are contributing to inflation. By allowing the real estate market to cool down, the Fed is hoping to address these issues and promote a more sustainable economic environment.

The declining residential and commercial real estate markets in the US are likely to have negative economic impacts, with rising delinquency rates, reduced office space utilization, doubling in the cost of home ownership, and higher interest rates all contributing to this trend.

As this trend continues, it will be important for investors to carefully monitor the impacts on both companies and the overall economy. There may be opportunities for more adventurous and risk-tolerant investors on the short side, and eventually, opportunities to get back into investments in both companies and properties as well with better forward returns from lower pricing.

Derby · « **Respuesta #2687 en:** Marzo 09, 2023, 22:56:14 pm »

https://www.bloomberg.com/news/articles/2023-03-09/goldman-sachs-sells-bundle-of-affordable-uk-homes-to-pgim

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Goldman Sachs Sells Bundle of Affordable UK Homes to PGIM

*The portfolio includes 918 single family homes in England
*They are located in and around Manchester and Liverpool

Goldman Sachs Group Inc. has sold a portfolio of rental homes in the north of England to PGIM Real Estate, a rare large institutional deal in a market that’s dominated by mom and pop investors.

The portfolio includes 918 single family homes in 15 developments around Manchester and Liverpool, according to an emailed statement Thursday. Goldman Sachs Asset Management was seeking about £190 million ($226 million) for the portfolio, which it acquired for about £150 million in 2020, React News reported in October.

Representatives for Goldman and PGIM declined to comment on the purchase price.

The UK’s single family housing market has traditionally been dominated by individual investors but the sector has begun to draw the attention of institutional capital betting on steady income thanks to the country’s severely constrained housing market. Affordable housing is in particularly short supply as local councils have been selling off stock for years without replacing it in full.

“Despite challenging market conditions, our conviction in UK single-family rental remains strong, as the sector continues to provide a mutually beneficial opportunity to deliver safe, high-quality homes for families, whilst providing sustainable income for our investors,” PGIM Real Estate head of UK investments Charles Crowe said in the statement.

The acquisition is on behalf of PGIM’s UK affordable housing strategy that focuses on private rental housing at affordable rents for working families and co-renters, according to the statement. It plans to improve the energy efficiency of its homes as part of the strategy’s ESG provision.

With this acquisition, PGIM has so far committed almost £300 million under the strategy, which was launched in December 2020 and now has over 1,500 homes.

PGIM is the asset management arm of life insurer Prudential Financial Inc.

Derby · « **Respuesta #2688 en:** Marzo 09, 2023, 23:07:53 pm »

https://www.forbes.com/sites/jamesberman/2023/03/08/real-estate-has-lost-its-prime-engine/

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Real Estate Has Lost Its Prime Engine

There’s no free lunch. Everything costs something, and most things measure their cost in money. So how does money measure its cost? In interest rates. And as everyone knows, the cost of money is going through the roof.

Mortgage rates are back over 7%. It’s difficult for people to wrap their spreadsheets around the fact that, in the annals of bank lending, the recent 3% level on mortgage rates was a tremendous aberration. Over the past five decades the mortgage rate was rarely lower than 5%. Only in the wake of the 2008 financial crisis did rates dip below 4%.

Going back to the early 80s, mortgage rates reached 18% at their peak. Fortunately, that was an anomaly too—a direct result of Fed Chair Volcker’s campaign to “break the back of inflation.” (He didn’t win any popularity contests in the process.)

However you run the numbers, mortgage rates have been declining since 1982. This great reduction over two-score years led to two of the biggest bubbles in history: real estate and bonds. With the exception of a few truncated pauses, both asset classes rose relentlessly in price—so much so that there was really never any appreciation that the music could ever stop. Even during the housing crisis 15 years ago, a prompt reduction in rates saved the decade.

The massive tailwind that spawned the real estate price tsunami is over. Even if the Fed, as economists expect, will lower the Fed Funds rate back down to 3% in two years, rates will likely never show the same peak-to-trough decline they did over the past decades. Real estate has lost its prime engine—not just in a cyclical sense but also in a secular one.

Well-priced real estate will always be a good investment. After all, you can live in it, touch it, feel it—and use it to hedge against inflation. But if you’re looking to repeat the gains of the glory years (just) past, you might also believe there’s such a thing as a free lunch.

Derby · « **Respuesta #2689 en:** Marzo 10, 2023, 00:23:49 am »

https://www.bloomberg.com/news/articles/2023-03-09/founders-fund-advises-companies-to-withdraw-money-from-svb

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Peter Thiel’s Founders Fund Advises Companies to Withdraw Money From SVB

Founders Fund, the venture capital fund co-founded by Peter Thiel, has advised companies to pull money from Silicon Valley Bank amid concerns about its financial stability, according to people familiar with the situation.

The firm told portfolio companies that there was no downside to removing their money from the bank, according to the people, who asked not to be identified because the information isn’t public.(...

Derby · « **Respuesta #2690 en:** Marzo 10, 2023, 00:25:20 am »

https://www.ft.com/content/47e3d4a7-70b6-4a4e-98b0-6322f8e8ba53

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Investors dump US bank shares amid fears over value of bond portfolios

Difficulties at Silicon Valley Bank spark biggest one-day sell-off since early months of pandemic