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Wells Fargo: Adios Puerto Rican Auto Lending

Worth Watching: 14 Feb 2018, 8:57 PM ET - Wells Fargo (A2/A-) agreed to sell its auto finance business in Puerto Rico- Reliable Financial Services, a unit of Wells Fargo Financial, to Banco Popular of Puerto Rico in an all-cash transaction. The transaction value of $1.7 bn represents a ..

Euro Bank Capital Model 1H15: Build Me Up

Sector Analysis: 14 Sep 2015, 10:03 PM ET - A detailed revamp of our European Bank Capital Model at 1H15 shows transitional and fully-loaded capital data, and for AT1 issuers,  the distance to trigger, MDA cushion and Distributable Items. 

Popular: Completes Sale of Non-Performing Loans

Worth Watching: 02 Oct 2011, 10:31 PM ET - Popular (Ba1(Neg)/B+(Pos)) completed the sale of a portfolio of non-performing construction and commercial real estate loans with an unpaid principal balance of ~$358 million and a net book value of ~$148 million, to a joint venture between Carrib ..

Popular: Upgraded to B+ by S&P, Outlook Positive

Worth Watching: 01 Aug 2011, 7:17 PM ET - Popular (Ba1(Neg)/B+(Pos)) had its credit rating upgraded by S&P to B+ from B. S&P also upgraded its rating on Popular's primary subsidiary, Banco Popular de Puerto Rico, to BB- from B+. The outlook on both ratings is positive. The ratings agency ..

Popular: 2Q11 Core Beat, Provisions Rising

Worth Watching: 20 Jul 2011, 8:55 PM ET - Popular (Ba1(Neg)/B(Pos)) reported 2Q11 EPS of $0.11, beating the Street consensus by $0.06. Reported earnings increased sequentially to $111 million, up compared to $10 million in the prior quarter. Results were driven by a $60 million (~$0.05) t ..

Popular: Completes Exchange Offer for 2012 Notes

Worth Watching: 19 Jun 2011, 9:34 PM ET - Popular (Ba1(Neg)/B(Pos)) completed an exchange offer for $233 million of its bank-level 6.85% senior notes due 2012. The company exchanged the debt for $78 million of 7.47% notes due 2014, $35 million of 7.66% notes due 2015, and $120 million of ..

Discover: Reaches Acceptance Agreement with BPOP

Worth Watching: 07 Feb 2011, 11:10 PM ET - Discover (Baa1/BBB-) announced that it has reached an agreement with Banco Popular de Puerto Rico to expand the acceptance of Discover cards in Puerto Rico. The company noted that the agreement would enable merchant acceptance of the Discover and ..

Popular: To Sell $500M of Loans, Reclassify Others

Worth Watching: 31 Jan 2011, 10:58 PM ET - Popular (Ba1(Neg)/B(Pos)) announced that it intents to sell approximately $500 million of construction and CRE loans to a new joint venture (JV). Roughly 75% of the loans to be sold are currently non-performing, and the purchase price for the loan ..

Banks: Moody's Actions on Regional Bank Ratings

Worth Watching: 02 Nov 2010, 10:05 PM ET - Banks: Moody's Investors Service announced that it has downgraded the ratings of ten U.S. regional banks following a reduction in its assumption of government support.  The banks' ratings were originally placed on review for downgrade on July 27, ..

Popular: Sells Majority Stake in EVERTEC to Apollo

Worth Watching: 30 Sep 2010, 9:21 PM ET - Popular (Ba1(Neg)/B(Pos)) completed its previously announced sale of a 51% stake in its EVERTEC processing subsidiary to funds managed by Apollo Management. The transaction was announced in July 2010 (see: Popular: To Sell Majority Stake In Proces ..

Popular: To Sell Majority Stake In Processing Unit

Worth Watching: 05 Jul 2010, 11:49 PM ET - Popular (Ba1(Neg)/B) entered into an agreement to sell a 51% stake in its processing subsidiary, EVERTEC, and related processing businesses to Apollo Management. The transaction was structured such that Apollo Management would acquire a 51% stake ..

Banco Popular: President/COO Chafey Departs

Worth Watching: 25 May 2010, 12:24 AM ET - Banco Popular (Ba1(Neg)/B(Pos)) announced that its President and COO David Chafey, Jr., would no longer be employed by the company effective May 24, 2010. The company did not elaborate on his departure. Banco Popular's board of directors has appoi ..

Banco Popular: Upgraded by S&P, Positive Outlook

Worth Watching: 05 May 2010, 11:23 PM ET - Banco Popular (Ba1(Neg)/B(Pos)) had its counterparty credit rating raised to B from B- by S&P Ratings Services. The ratings action reflected S&P's view that the company stands to make modest improvements following its acquisition of assets and lia ..

Banco Popular: Completes $1.1B Secondary Offering

Worth Watching: 19 Apr 2010, 11:26 PM ET - Banco Popular (Ba1(Neg)/B-(Neg)) completed its secondary equity offering and raised $1.1 billion in common equity. In total, the company issued 46 million convertible preferred shares that would convert into common stock, including 6 million as un ..

Banco Popular: Prices $1.0 Billion Stock Offering

Worth Watching: 14 Apr 2010, 11:12 PM ET - Banco Popular (Ba1(Neg)/B-(Neg)) announced that it has priced its $1.0 billion secondary offering of common stock equivalent securities. The company is issuing common stock equivalents until its shareholders approve the increase in its authorized ..

Popular: Downgraded from BB- to B- by S&P

Worth Watching: 14 Dec 2009, 11:09 PM ET - Popular (Ba1(Neg)/B-(Neg)) had its counterparty credit rating downgraded to B- from BB- by Standard & Poor's Ratings Service. The ratings agency attributed the downgrade to a review of the company's operating performance, and a reassessment of S&P ..

Banco Popular: Completes Exchange of TARP to TruPS

Worth Watching: 25 Aug 2009, 10:29 PM ET - Banco Popular As part of its pending exchange offer, Banco Popular, with the agreement of the U.S. Treasury, converted its TARP preferred stock to trust preferred securities. Under the terms of the agreement, the Treasury exchanged its preferred s ..

Popular Inc.: Extends Exchange Offer

Worth Watching: 02 Aug 2009, 11:21 PM ET - Popular Inc. (Ba1▼/BB-(Neg)) announced that it extended its expiration date for exchange offer issuing up to 390 million common shares until August 13, 2009. The exchange offer is for series A and series B preferred stock as well as certain trust ..

Popular: Commences Coercive Exchange, Amends Terms

Worth Watching: 05 Jul 2009, 11:30 PM ET - Popular commenced its coercive exchange offer for its non-TARP preferred stock and trust preferred securities. Under the proposed exchange, the company is offering 80 cents on the dollar in common stock for its Series A and Series B preferred stoc ..

Banco Popular: Launches Coercive Exchange Offer

Worth Watching: 14 Jun 2009, 10:19 PM ET - Banco Popular launched a coercive exchange offer for its non-TARP preferred stock and trust preferred securities. Under the proposed exchange, the company is offering 80 cents on the dollar in common stock for its Series A and Series B preferred s ..

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