By Matt Tracy (Reuters) – JPMorgan Chief Financial Officer Jeremy Barnum told investors the bank is "absolutely open for business" in leveraged lending even as other U.S. banks are expected to book significant losses on risky loans underwritten last year. “Terms are better, pricing is better, we have the resources needed," Barnum said on a conference call with analysts. "We’re fully there. No overhang and no issue.” Barnum’s comments come after many U.S. banks cut back on lending to lower-quality corporate borrowers last year, as Wall Street’s demand for leveraged loans plunged as the Federal Reserve raised interest rates to tame inflation. After significant losses on debt sales last year, including a $700 million loss on an $8.5 billion debt package funding the buyout of software maker Citrix Systems Inc, major banks have largely chosen since then to absorb debt they had underwritten earlier in the year. Some $35 billion to $50 billion of such loans are stuck on banks’ books as they await a better market environment, bankers told Reuters previously. Last summer, Bank of America jointly led a group of banks to provide $13 billion in loans and bonds to Elon Musk for his acquisition of social […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
