US FINANCIALS: More subprime commentary
Subprime Lender PrimaLend Enters Bankruptcy After Default -BBG
Don't Let Tricolor Sink Fund That Gave It Wings: Robert Burgess -BBG
PrimaLend had been negotiating with lenders months after missing loan payment; it lends to auto dealerships focused on ‘buy here, pay here’ subprime customers.
- Tricolor was certified Community Development Financial Institution (CDFI), thus received federal subsidies. CDFI was terminated recently under government efficiency initiative. Covid era policies enhanced CDFI, prompted upswing in CDFI certifications. Regulated banks like FITB, JPM can meet Community Reinvestment Act obligations via financing to CDFI entities like Tricolor.
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UN: Key Speakers For 1st Day Of GA On 23 Sep Inc. Trump, Lula, & Macron
The United Nations' General Assembly's general Debate gets underway tomorrow (Tuesday, 23 September), with a number of prominent national leaders set to speak. The general debate gets underway at 09:00ET/14:00BST/15:00CET. As has been the case in almost every UNGA General Debate since 1955, Brazil will open the session. The UN seeks to limit addresses from heads of state/gov't/ministers to a maximum of 15 minutes. Given this timeframe, key speakers on 23 September are listed below with their (likely) timings. Livestream available here.
- 09:00ET/14:00BST/22:00JST - Brazilian President Luiz Inacio Lula da Silva
- 09:15ET/14:15BST/22:15JST - US President Donald Trump
- 09:30ET/14:30BST/22:30JST - Indonesian President Prabowo Subianto
- 09:45ET/14:45BST/22:45JST - Turkish President Recep Tayyip Erdogan
- 10:30ET/15:30BST/23:30JST - South Korean President Lee Jae Myung
- 12:30ET/17:30BST/01:30JST - South African President Cyril Ramaphosa
- 15:30ET/20:30BST/04:30JST - Chilean President Gabriel Boric
- 16:15ET/21:15BST/05:15JST - French President Emmanuel Macron
- 16:45ET/21:45BST/05:45JST - Colombian President Gustavo Petro
- 17:00ET/22:00BST/06:00JST - Polish President Karol Nawrocki
FED: US TSY 13W BILL AUCTION: HIGH 3.860%(ALLOT 33.51%)
- US TSY 13W BILL AUCTION: HIGH 3.860%(ALLOT 33.51%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 19.35% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 6.40% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 74.25% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 3.33
FED: US TSY 26W BILL AUCTION: HIGH 3.705%(ALLOT 21.38%)
- US TSY 26W BILL AUCTION: HIGH 3.705%(ALLOT 21.38%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 24.55% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 10.07% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 65.39% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.01
