The company behind Trump’s $175 million bond deal shares insights into its creation

Knight Specialty Insurance, a California-based subprime auto loans provider, recently revealed to CNN that the company underwrote former President Donald Trump’s $175 million bond in New York. The deal happened quickly and Hankey, the chairman and majority shareholder of Knight Specialty Insurance, mentioned that Trump posted all cash as collateral for the bond.

While initially, Trump planned to post a mix of investment-grade bonds and cash as collateral, he eventually decided to put up all cash. Knight Specialty Insurance approved the bonds but they were not posted in the end. Hankey confirmed to CNN that he and his family have supported Trump’s presidential campaigns in the past and intend to do so again in 2024. Although Hankey has not been contacted directly by the president, Eric Trump did reach out to thank him for the business.

This recent deal is not the first time that Hankey and Trump’s businesses have been connected. In 2022, Axos Bank, a California lender where Hankey is a leading shareholder, loaned Trump $100 million to refinance the mortgage on Trump Tower. Despite their previous business dealings, Hankey and Knight Specialty Insurance continue to support Trump and his endeavors.

By Samantha Johnson

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