Credit reporter, Debt Dictator, Brooklyn BikerDad. Opinions are my own.
International
Matt Wirz's coverage primarily focuses on finance, particularly investment analysis with a significant emphasis on the U.S. market. He would likely be interested in pitches that offer unique perspectives or insights related to the U.S. economy, credit markets, and developments within Wall Street and banking.
Given Matt's focus on investment analysis, he may be receptive to expert commentary from individuals with deep knowledge of financial instruments and markets trends affecting the U.S. Specifically, he might appreciate sources who can provide detailed insight into emerging investment trends or shifts within the finance industry.
Pitches relevant to topics such as asset management strategies, changes in risk assessment methodologies by banks, and analyses of corporate funding through private funds could align well with his coverage interests.
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By: Matt Wirz
MAPS needs the money to fund the final stages of its application for regulatory approval to sell MDMA, also known as Ecstasy, to treat post-traumatic stress disorder.
Pagaya’s stock has lost about one-third of its value in the last five trading days after the fintech consumer-lending platform issued about $95 million of stock at a deep discount. Pagaya is delivering strong financial performance and has provided adjusted Ebitda guidance of $150 million to $190 million for 2024, up from an earlier $137 million, she noted. The fintech industry is grappling with persistently high interest rates and signs of weakness in the U.S. consumer.
By: Matt Wirz
Ailing hospital landlord Medical Properties Trust’s bonds and stock got a shot in the arm yesterday after the company announced an $886 million asset sale that would be used to pay down debt and fund operations. The company’s $500 million bond due in 2026 jumped 2% yesterday to 92 cents on the dollar and is up about 10% this year, according to data from MarketAxess. Medical Properties sold 75% stakes in five Utah hospitals in the transaction and took on $190 million in new secured debt.
Asset managers are growing into huge and complex financial supermarkets that mint billionaires by the dozen.
Paramount Global bonds jumped about 6% in recent days as momentum built for a revised purchase offer for the company from Skydance Media. The stock and cash offer from Skydance could be better for Paramount's existing creditors than other previous offers that involved raising new debt. Demand for the bonds slumped further in March when S&P cut its credit rating of the bonds to junk territory and the Wall Street Journal reported that private-equity firm Apollo Global had also made a bid.
After a wave of failures, the lenders are paying the fund managers to share their risk.
Regional banks around the U.S. are striking complex and costly bargains with hedge funds, hoping to insulate themselves from a replay of the turmoil that followed Silicon Valley Bank's failure last year.
Hertz Global Holdings shares and bonds are driving lower today as the company issues a new $750 million high-yield bond deal to investors. The new funds are meant to bolster the ailing car rental company’s balance sheet, but Hertz’s stock has been tanking since management announced the deal two weeks ago. Hertz shares fell about 4% today and are down 44% over the past month.
Defaults in a corner of the commercial real-estate debt market are surging and triggering losses.
Carlyle and KKR, two of the largest public alternative fund managers, teamed up to win an auction of $10 billion in private student loans from Discover Financial Services. The purchase will be financed with a combination of debt and cash from the partners and is part of a rush by private-credit firms into asset-based finance, a market worth trillions of dollars that encompasses consumer loans, real estate, infrastructure and other non-corporate finance.
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