Eric Platt

How Wall Street offloaded $13bn of debt tied to Elon Musk’s Twitter deal Trump’s election helped revive loans that once threatened to hit banks with big losses

Elon Musk promised his bankers they would not lose money on the $13bn they lent to finance his Twitter takeover in 2022. The world’s richest man has now largely made good on his vow after Donald Trump’s re-election helped rescue the debt deal.  
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Best ever yield from a request for comment

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Wall Street nears sale of $3bn of debt tied to Elon Musk’s Twitter buyout Billionaire’s close ties to re-elected US president have piqued investors’ interest

Banks are close to selling $3bn worth of loans backing Elon Musk’s takeover of Twitter, offloading another huge portion of the risk they’re holding. Demand has been so strong, they’ve eliminated a discount they had initially offered, expecting to price the loans at par

www.ft.com/content/653b...

Wait, how many banks were run in 2023? More than you’d think!

Great read from @scaggs.bsky.social - Fed research found 22 banks that suffered a run during the 2023 ructions, significantly more than the two that failed
www.ft.com/content/a92f...

UnitedHealthcare tried to deny coverage to a chronically ill patient. He fought back, exposing the insurer’s inner workings. After a college student finally found a treatment that worked, the insurance giant decided it wouldn’t pay for the costly drugs. His fight to get coverage exposed the insurer’s hidden procedures for r...

“You are giving zero weight to the treating doctor’s opinion on the necessity of the treatment regimen?” a lawyer asked [an internal UnitedHealthcare doctors reviewing a patient's appeal for coverage] in his deposition. He responded, “Yeah.” www.propublica.org/article/unit...

Jane Street and Millennium settle legal dispute over trading strategy Both firms confirm resolution but decline to disclose details stemming from departure of two former employees

Jane Street and Millennium settle legal dispute over trading strategy

https://www.ft.com/content/da6eef56-09fb-4f9d-b8ed-79605ebacf73

The positive flipside of rampant inflation The biggest debt reduction scheme in history?

OK OK, arguing that inflation can have positive side-effects is a lot harder today than, say, exactly a month ago. But it has led to one of the biggest declines in global indebtedness in history — possibly the biggest? www.ft.com/content/2988...

BlackRock confirmed our scoop on HPS this morning. The deal accelerates its expansion into alternatives, moving it further beyond publicly traded equities and bonds that have powered its growth since its founding in 1988. It also sets up an interesting fight for retail
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BlackRock has deal to buy private credit manager HPS Transaction for prized lender could cost $12bn and be announced after Thanksgiving holiday

A scoop before Thanksgiving: BlackRock has a handshake deal to buy HPS Investment Partners, as it looks to bolster its alternative investment business with the addition of one of the biggest private credit groups @arashmassoudi.bsky.social @brookeamasters.bsky.social www.ft.com/content/971b...

The EU has joined Bluesky

Warren Buffett picks 3 potential new trustees to execute his will (in the event his children die before he does) www.ft.com/content/435e...

US retailers stretch Black Friday deals for weeks to draw in flagging shoppers

Tonight’s front. #tomorrowspaperstoday

It’s a new day on Wall Street. Buyout shops that struggled with financing deals in 2022 as markets seized up are taking advantage of the recent rally to pay themselves dividends and cut borrowing costs. The list includes Blackstone, Elliott and Vista just in the past week
www.ft.com/content/631f...

How is private credit weathering its first big rate hiking cycle? Not great, Bob

Private credit has been one of the hottest asset classes over the past decade. Possibly the hottest.

But how is it weathering the first proper interest rate hiking cycle in its life as a “proper” trillion-dollar-plus asset class? FTAV thought we'd take a look. www.ft.com/content/91f8...

BofA targets regional banks to expand risk transfer market [FREE TO READ] Lenders are on course to issue a record amount of synthetic risk transfers this year

Bank of America is drawing up plans to structure risk transfer deals (SRTs) for smaller lenders, a move that could turbocharge the nascent market at a time of heightened scrutiny. @ortenca.bsky.social Steve and I have the scoop:
on.ft.com/3ANWAvR

‘Trump bump’ makes Paul Taubman Wall Street’s newest billionaire Stock surge at boutique PJT Partners values Blackstone co-founder Stephen Schwarzman’s stake at over $900mn

@sindap.bsky.social

www.ft.com/content/4887...

From the NYT on the slow choice for the treasury pick www.nytimes.com/2024/11/17/u...

It’s always difficult when a group of new friends meet together for the first time to get acquainted. So I'm perfectly prepared to start the ball rolling. I mean, I have absolutely no idea what we're doing here. Or what I'm doing here, or what this place is about, but I am determined to enjoy myself