Cerberus Capital Management LP is entering the booming market for single-family homes to rent, planning to lend billions of dollars to investors too big for government programs and too small to get Wall Street funding.
Every workday morning in London, at about 10 o’clock, representatives from 19 banks make a series of decisions that affect financial transactions around the world, from what homeowners pay on their mortgages to the underlying value of credit-default swaps and corporate bonds.
Investors from London to Tokyo to Pittsburgh are plowing money back into Treasuries after the biggest decline in 19 months, betting that even an improving global economy won’t ignite a bear market in bonds.
Spain’s bad bank turned down an offer by three private-equity firms including Cerberus Capital Management LP to invest in its shares because they sought preferential terms, a person familiar with the information said.
The London interbank offered rate, the benchmark for $360 trillion of securities, may not survive allegations of being corrupted unless it’s based on transactions among banks rather than guesswork about the cost of money.
Stocks fell, pulling the Standard & Poor’s 500 Index down from an almost four-year high, and commodities slid amid concern growth will slow in China. Treasuries rebounded following the longest drop since 2006.