FARFETCH and Neiman Marcus Group Announce Global Strategic Partnership and Investment, Including Expanding Bergdorf Goodman’s E-Commerce Capabilities and Reach: As part of its commitment to the partnership and NMG’s long-term success, FARFETCH will make a minority common equity investment of up to $200 million in NMG, joining existing investors including PIMCO, Davidson Kempner Capital Management, and Sixth Street.
Westfield Malls’ European Owner Says It Is Done With the U.S. - WSJ: Unibail-Rodamco-Westfield faces potentially steep losses as it aims to unload its American mall portfolio by next year.
Roman Abramovich-Backed Steelmaker Evraz Pays Dollar Bond Coupon on Time - Bloomberg: Evraz was due to wire a $18.4 million coupon to the holders of its dollar-denominated bond maturing in 2024 on Monday. The funds reached the paying agent BNY Mellon, which processed them, said the people, who asked not to be named because they aren’t authorized to speak publicly.
Fed to begin ‘rapid’ balance sheet reduction as soon as May, says top official | Financial Times: Lael Brainard suggests US central bank is prepared to take ‘stronger’ action on raising interest rates
Silver Point, Pimco Cook Up Incora Debt Trade That Has Rivals Fuming - Bloomberg: Aerospace supplier Incora’s deal subordinates rival creditors
PennyMac will lay off 81 in Roseville mortgage office - Sacramento Business Journal: The company told Placer County last week that it would lay off staff permanently, effective May 5.
Fast, the Troubled Fintech Startup, Is Shutting Down — The Information: One-click checkout startup Fast is shutting down entirely and will discontinue its products and brand, according to several people familiar with the matter. It’s a stunning collapse for a fintech company that had raised $120 million in funding
CMBS Delinquency Rate Continues to Fall in March 2022 – Another Big Gain for Hotel Loans: The Trepp CMBS delinquency rate posted another decline in March, continuing a trend that started almost two years ago.
Biden Administration to Extend Student-Loan Payment Pause Through End of August - WSJ: The administration is planning to extend until the end of August a pause on student-loan payments. The extension could be announced as soon as Wednesday.
Deutsche Bank Predicts U.S Recession in 2023 as Fed Boosts Interest Rates - Bloomberg: The U.S. will tumble into a recession next year as the Federal Reserve jacks up interest rates to combat high and widening inflation, Deutsche Bank economists David Folkerts-Landau and Peter Hooper said in a report on Tuesday.
Chicago's convention center pockets enough taxes to cover debt service | Bond Buyer: The public agency that owns and operates Chicago's convention center says operating revenues and tax collections are doing better than forecast in the fiscal 2022 budget but lag pre-pandemic levels.
Bankruptcy filings are creeping back up in early 2022 | Reuters: Bankruptcy filings have started to increase this year and the number of new cases filed in March jumped significantly from February, but remain below last year's numbers, according to data released on Tuesday by legal research firm Epiq.
