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JPMorgan Chase (NYSE:JPM) was mentioned to have managed to maintain its distance from most of the 12 months’s leveraged mortgage offers that costed funding banking friends billions of {dollars} in unrealized losses amid uneven markets.
These offers embody a few of the high-profile ones through which different lenders underwrote debt backing corporations like Twitter (TWTR) and Citrix Programs (CTXS), The Wall Road Journal reported. In September, various banks had been reportedly on the hook for Citrix Programs’ $16.5B sale to Elliott and Vista Fairness, the place banks that underwrote debt backing the deal are collectively headed for $500M in losses when the debt was auctioned off at a reduction.
However JPMorgan (JPM) dodged the bullet this 12 months because the agency’s low publicity to huge leveraged mortgage offers was attributed to its decreased ties to personal fairness corporations in recent times, The WSJ famous.
“There aren’t any actual ranges of mortgage write-down this quarter, and that market isn’t but clear,” JPM CEO Jamie Dimon mentioned throughout his firm’s Q3 earnings name. “Our share of it is vitally small. So, we’re very comfy.”
Beforehand, (Oct. 21) Banks funding Twitter deal had been mentioned to maintain $13B in debt, moderately than syndicate it.
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