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Business Wire
a day ago
- Business
- Business Wire
Franklin BSP Realty Trust, Inc. Announces Issuance of Unsecured Senior Notes
NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ('FBRT' or the 'Company') today announced that through its operating partnership, FBRT OP LLC, it has successfully issued, in a private offering, $107 million aggregate principal amount of unsecured senior notes, consisting of $82 million of 8.25% unsecured senior notes due 2030 (the 'Fixed Rate Notes') and $25 million of floating rate unsecured senior notes due 2028, with an initial coupon of approximately 8.33% (the 'Floating Rate Notes,' and together with the Fixed Rate Notes, the 'Notes'). The Fixed Rate Notes will mature on April 25, 2030 and the Floating Rate Notes will mature on April 25, 2028. The Company expects to use the net proceeds from the issuance of the Notes for general corporate purposes, which may include funding a portion of the purchase price for the recently announced acquisition of NewPoint Holdings JV LLC. There is no guarantee such acquisition will close, and the issuance of the Notes was not contingent on the closing of such acquisition. The Notes were offered only to persons reasonably believed to be qualified institutional buyers and accredited investors in reliance on Rule 144A and Regulation D under the Securities Act of 1933, as amended (the "Securities Act"), and non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes will not initially be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Franklin BSP Realty Trust, Inc. Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of March 31, 2025, FBRT had approximately $5.7 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit Forward-Looking Statements Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. The Company's forward-looking statements are subject to various risks and uncertainties. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic factors in the United States including inflation, changing interest rates and economic contraction, the extent of any recoveries on delinquent loans, the financial stability of our borrowers and the other, risks and important factors contained and identified in the Company's filings with the Securities and Exchange Commission ('SEC'), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.
Business Wire
5 days ago
- Business
- Business Wire
Citigroup Announces $650 Million Redemption of Floating Rate Notes Due 2026
NEW YORK--(BUSINESS WIRE)--Citigroup Inc. is announcing the redemption, in whole, constituting $650,000,000 of its Floating Rate Notes due 2026 (the 'notes') (ISIN: US172967MB43). The redemption date for the notes is July 1, 2025 (the 'redemption date'). The cash redemption price for the notes payable on the redemption date will equal par plus accrued and unpaid interest, to but excluding, the redemption date. The redemption announced today is consistent with Citigroup's liability management strategy and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citigroup will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, capital impact, as well as overall market conditions. Beginning on the redemption date, interest will no longer accrue on the notes. Citibank, N.A. is the paying agent for the notes. For further information on the notes, please see the related prospectus supplement at the following web address: About Citi Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Time of India
5 days ago
- Business
- Time of India
RBI's new step on Rupee Interest Rate Derivatives; issues draft norms
The Reserve Bank of India (RBI) on Monday released a fresh set of draft regulations aimed at updating the rules for Rupee Interest Rate Derivatives (IRD), in a move designed to bring the regulatory framework in line with evolving market practices and increased participation from non-resident entities. The current framework, last revised in June 2019, is being overhauled to reflect the changes in the financial landscape, including the introduction of new products and a rise in the non-residents involvement in the market. 'Accordingly, a comprehensive review of the IRD Directions was undertaken, and the draft directions have been prepared to align it with the market and other related developments,' the RBI said while releasing the Draft Master Direction, Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025. Interest Rate Derivatives refer to financial contracts whose value is based on one or more rupee interest rate, prices of rupee interest rate instruments, or rupee interest rate indices. Among the proposed changes, the draft allows non-residents to undertake IRD transactions through their central treasuries or group entities, where applicable. However, market-makers must ensure such entities are properly authorised to act on behalf of the end user. The draft also proposes to simplify existing reporting requirements, aiming to ease the compliance load on market participants. In addition, the apex bank plans to introduce a new mandate requiring the reporting of Rupee IRD transactions carried out globally, in an effort to improve transparency across the market. The RBI has invited feedback from banks, market participants, and other interested parties on the draft by 7 July 2025. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
5 days ago
- Business
- Time of India
RBI's new regulation? Issues draft norms on Rupee interest rate derivatives; allows non-resident to undertake transactions
The Reserve Bank of India (RBI) on Monday released a fresh set of draft regulations aimed at updating the rules for Rupee Interest Rate Derivatives (IRD), in a move designed to bring the regulatory framework in line with evolving market practices and increased participation from non-resident entities. The current framework, last revised in June 2019, is being overhauled to reflect the changes in the financial landscape, including the introduction of new products and a rise in the non-residents involvement in the market. 'Accordingly, a comprehensive review of the IRD Directions was undertaken, and the draft directions have been prepared to align it with the market and other related developments,' the RBI said while releasing the Draft Master Direction, Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025. Interest Rate Derivatives refer to financial contracts whose value is based on one or more rupee interest rate, prices of rupee interest rate instruments, or rupee interest rate indices. Among the proposed changes, the draft allows non-residents to undertake IRD transactions through their central treasuries or group entities, where applicable. However, market-makers must ensure such entities are properly authorised to act on behalf of the end user. The draft also proposes to simplify existing reporting requirements, aiming to ease the compliance load on market participants. In addition, the apex bank plans to introduce a new mandate requiring the reporting of Rupee IRD transactions carried out globally, in an effort to improve transparency across the market. The RBI has invited feedback from banks, market participants, and other interested parties on the draft by 7 July 2025. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
6 days ago
- Business
- Economic Times
Christy Mathai, Fund Manager- Equity, Quantum AMC
I hail from Palakkad in Kerala, but thanks to my parents' postings in the armed forces, I ended up changing schools 6–7 times across the country. While it was challenging at the time, it gave me early exposure to diverse cultures, languages, and people—something I deeply value today. After school, I pursued engineering. A standout experience was my internship with the Mumbai Monorail project—India's first attempt at this form of urban transport. It offered a real-world view of infrastructure planning and execution, and it was here that I first came across financial concepts like project viability and IRR (Internal Rate of Return). Post engineering, I joined TCS and worked at CRL (Computational Research Laboratories), which developed 'EKA'—the 4th fastest supercomputer in the world at the time. It was used by ISRO during the Chandrayaan mission. Working with professionals across fields on cutting-edge applications like weather modelling, drug discovery, and Formula 1 simulations was incredibly formative. During this time, I became increasingly curious about what makes companies and management teams succeed. Conversations with colleagues who actively invested in equities pushed me to explore further. I started taking finance courses and enrolled in the CFA program to build a structured strengthen this interest, I pursued an MBA in Finance from IMT Ghaziabad. My internship during the MBA introduced me to value investing through two mentors whose guidance shaped my thinking. That experience was pivotal—and it eventually led me to begin my investing career at internship experience in value investing reaffirmed my desire to pursue investing as a full-time career. Around the same time, I discovered that my father had been a long-term investor with Quantum AMC and appreciated its long-term, disciplined investment approach. I also admired Quantum's thought leaders like Ajit Dayal and I. V. Subramaniam (Subbu). As luck would have it, Quantum Advisors —the parent company of Quantum AMC—was hiring around the time I was completing my MBA. I joined the Emerging Markets (EM) team, where I covered sectors like Indian IT services, Chinese internet, and Asian semiconductors. I had the privilege of being mentored by Aureole Foong and Francisco Alzuru—industry veterans in global value investing. Working with them helped me gain a deeper understanding of how industries evolve across geographies and the importance of global time, I transitioned to tracking additional sectors, constructing portfolios, and eventually began focusing exclusively on the Indian equity market.I currently manage the Quantum Value Fund and the Quantum ELSS Tax Saver the funds follow a disciplined value investing approach—focusing on fundamentally sound companies available at a discount to their intrinsic value. While our Value Fund is a diversified, benchmark-agnostic equity fund, ELSS Tax Saver Fund combines long-term investing with tax-saving benefits under the ELSS investment philosophy is straightforward: we aim to invest in stocks of companies trading at a minimum 25% discount to their fair or intrinsic value. Often, these opportunities arise because the market is fixated on short-term disappointments, while we take a long-term perspective. However, every investment must meet our rigorous filters of corporate governance, liquidity, and estimate fair value, we focus on what we believe are the company's normalised earnings two years ahead. We have a large team covering various sectors and we spend considerable time understanding and analysing that. A visible catalyst—something that can help the stock move toward its intrinsic value—is also important. Once a stock approaches its fair value, we may consider trimming or exiting the position, unless there is a material change in its earnings trajectory. As a result, in a bull market, we may end up holding cash because many stocks hit our sell thresholds and there are new ideas to deploy. In a bear market, however, we may be fully invested. The portfolio is benchmark-agnostic and has a large-cap tilt due to our liquidity filters. It is a fairly concentrated portfolio with characteristics like valuation, growth, and dividend yield reflecting a clear value bias. A mutual fund is an excellent vehicle to help investors reach their long-term financial goals. Managing other people's money is both a privilege and a responsibility. I see it as stewardship—something that must be approached with care, discipline, and a long-term mindset.
