Newmark gains as FDIC taps co to sell billions of failed lender Signature's debt

Newmark

29/03/2023 15:54

** Shares of Newmark Group Inc  NMRK.O  up 5.8% at $6.84 as
FDIC hires real estate firm to sell billions of failed Signature
Bank's loans
    ** NMRK shares on track for biggest one-day pct gain since
Feb 2
    ** NMRK to offload ~$60 bln of debt, a person familiar with
the matter told Reuters on Weds
    ** Earlier this month, state regulators closed NY-based
Signature, making it the third largest failure in U.S. banking
history
    ** Subsequently, Flagstar Bank, a subsidiary of New York
Community Bancorp  NYCB.N , agreed with U.S. regulators to
assume substantially all of Signature's deposits, some of its
loan portfolios and all 40 of its branches
    ** Despite advance on Weds, NMRK shares down ~14% YTD and
have shed nearly 60% over the past 12 months
    ** Signature's shares, which began trading over-the-counter
 SBNY.PK  on Tues, are changing hands at $0.17 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))