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Sotheby’s Financial Services Announces Groundbreaking $700 Million Securitization

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NEW YORK, April 17, 2024 /PRNewswire/ — Sotheby’s Financial Services, Inc. (“Sotheby’s Financial”), the world’s leading full–service art financing company, announced today the launch of a first-of-its kind securitization program. The inaugural issuance, which priced yesterday, consists of $700 million of asset-backed notes (the “Notes”) backed by art secured loans. Morningstar DBRS is expected to rate the four classes of Notes at closing with the senior-most class expected to receive the highly coveted AAA (sf) rating.

“We are thrilled to achieve another milestone with the launch of a landmark securitization program” said Ron Elimelekh, Co-Head, Chief Operating Officer, and Chief Capital Officer, Sotheby’s Financial. “This highly successful transaction, which saw strong demand from institutional investors resulting in a significant upsize to the transaction, will help further our mission of unlocking the power of our clients’ collections through the delivery of innovative financial solutions. Now with over $2 billion of funding capacity, Sotheby’s Financial has a flexible and committed funding framework supported by an existing credit facility and this groundbreaking securitization program.”

Over the last two and half years, under the leadership of Mr. Elimelekh and Scott Milleisen, Co-Head and Global Head of Lending, and their dedication to delivering the highest standard of client experience, Sotheby’s Financial has seen significant portfolio growth, ending 2023 with nearly 100% growth over a two-year period and its highest ever portfolio balance. By leveraging its unparalleled expertise in art and luxury, and on the strength of a best-in-class lending ecosystem, Sotheby’s Financial is creating the world’s leading finance company for fine art, cars, collectibles, and luxury goods.

Scott Milleisen added: “Our clients rely on Sotheby’s Financial to provide dependable lending solutions, and today’s news only furthers our commitment to enhancing our offerings to clients. Thanks to our continued access to capital markets, we are the only lender in the marketplace who can consistently offer loans of up to $250 million underwritten based on the value of one’s collection.”

Sotheby’s Financial has originated over $10 billion of loans since inception. Following a renewed strategic focus and investment in Sotheby’s Financial, the majority of lending activity has occurred within the last few years. Jean-Luc Berrebi, Sotheby’s Chief Financial Officer, added: “This transformational moment for Sotheby’s Financial Services is another step forward in our journey to innovate and lead the market in all aspects of our business, giving us significant advantage as a leader for art & luxury lending. With expanded access to capital, we can now significantly increase the scale of SFS to enhance the exceptional client experience that is central to Sotheby’s.”

The securitization transaction is scheduled to close on April 23, 2024, subject to customary closing conditions.

This press release is not an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.


SOTHEBY’S COMMUNICATIONS TEAM

KARINA SOKOLOVSKY | [email protected]
DEREK PARSONS | [email protected]


About Sotheby’s Financial Services

Sotheby’s Financial is the world’s leading full–service art financing company. Sotheby’s Financial enables clients worldwide to unlock liquidity in fine art, luxury items, and other collectibles through financing solutions and innovation. Sotheby’s Financial is vertically integrated with Sotheby’s, one of the world’s largest and most-trusted marketplaces for world-class works of art and rare objects.  Sotheby’s has been uniting collectors with world-class works of art and luxury items since 1744. Sotheby’s empowers an international community of collectors and connoisseurs to discover, acquire, and consign fine art and rare objects.

https://www.sothebys.com/en/about/services/sothebys-financial-services

About Sotheby’s

Established in 1744, Sotheby’s is the world’s premier destination for art and luxury. Sotheby’s promotes access to and ownership of exceptional art and luxury objects through auctions and buy-now channels including private sales, e-commerce and retail. Our trusted global marketplace is supported by an industry-leading technology platform and a network of specialists spanning 40 countries and 70 categories which include Contemporary Art, Modern and Impressionist Art, Old Masters, Chinese Works of Art, Jewelry, Watches, Wine and Spirits, and Design, as well as collectible cars and real estate. Sotheby’s believes in the transformative power of art and culture and is committed to making our industries more inclusive, sustainable and collaborative.

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Stream live auctions and place bids in real time, discover the value of a work of art, browse sale catalogues, view original content and more at sothebys.com, and by downloading Sotheby’s app for iOS and Android.

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PB Fintech slips 2% after over 8 million shares change hands via block deal

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PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

The post PB Fintech slips 2% after over 8 million shares change hands via block deal appeared first on HIPTHER Alerts.

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US fintech Yendo secures $165m in mix of debt financing and equity

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Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

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Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

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