Major U.S. and European banks are facing tougher times in the riskiest parts of the loan market.
The biggest U.S. lenders, including Bank of America and Citigroup, wrote down $1bn in the second quarter on leveraged and bridge loans as rising interest rates made it tougher for banks to offload debt to investors and other lenders.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Below is a compilation of write-downs that global banks took during the second quarter:
BANK OF AMERICA
Bank of America said it took mark-to-market losses related to leveraged finance positions in the second quarter.
Chief Financial Officer Alastair Borthwick said the market turmoil and abrupt slowdown in the second quarter sparked a downturn in leveraged finance markets, causing a number of deals to get marked down.
Citigroup Inc wrote down $126 million in the second quarter.
CFO Mark Mason said leveraged finance was under considerable pressure, but noted that Citigroup was not a big player in the market.
Wells Fargo & Co took a $107 million write-down due to a widening of credit spreads.
Credit Suisse said it suffered mark-to-market losses of 235 million Swiss Francs ($247.45 million) in leveraged finance.
Mawer and M&G say £9.5bn bid from French group undervalues UK software developer A top-10...
Nordic private equity groups are investing in cyber security companies amid growing demand for...
XpertDox, a Birmingham-based software company, announced the closing of $1.5m of TN3, an Arizona...