MGM Resorts International, the casino operator that issued expensive debt during the 2009 fiscal crisis to stave off bankruptcy, may look to refinance about $1.1 billion in bonds due in 2013 and 2014, said MGM CFO and treasurer Dan D’Arrigo. MGM wants to eventually reduce its debt to five times earnings. The ratio was 6.79 times on Dec. 31, according [...]
At least six major post-crisis rules aimed at making markets safer have stalled in the past 10 weeks because of industry opposition, global disagreements and regulators’ concerns that haste may cause more harm than good, bank executives and financial analysts said. Click here to continue reading.
The U.S. economic expansion will probably continue in 2013 at last year’s subdued pace. A substantial fiscal drag as payroll taxes are reset back to 6.2 percent from 4.2 percent, and an increase in income taxes on households earning more than $450,000, will both play a major role in this slow growth scenario. Fiscal restraint, weak wage growth and muted household expenditures all indicate [...]
2013 US Eco Outlook from Bloomberg Briefs
In this special issue: *2012 Fundraising overview *2013 Funds expected and LP commitment plans *Buyout and venture deal-making review *Exits: a round-up of trade sales, secondary buyouts and IPOs *Views from the industry Download the Private Equity 2012 Review and 2013 Outlook here.
Carlyle Group LP has raised about $150 million for a new private-equity fund that will invest in residential mortgage-backed securities after the market rebounded in the past four years, according to a person familiar with the situation. Carlyle Realty Credit Partners LP, which closed in September, will invest in AAArated residential mortgage-backed bonds, the person said. The firm [...]
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Hedge funds that use computer algorithms to follow trends lost money for a second straight year in 2012 as political debates over the U.S. fiscal cliff and Europe’s sovereign debt crisis roiled markets. The Newedge CTA Trend Sub-Index, which tracks the performance of the largest quant funds, fell 3.4 percent last year after a 7.9 percent decline [...]
The Treasury Department’s inspector general has threatened to punish JPMorgan Chase & Co. for failing to turn over documents to regulators investigating the bank’s ties to Bernard Madoff’s Ponzi scheme. Inspector General Eric Thorson gave the largest U.S. bank a Jan. 11 deadline to cooperate with the Office of the Comptroller of the Currency probe or risk sanctions [...]