MBIA to Sell Stock in Effort to Ensure AAA Bond Rating
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The bond insurance company MBIA said on Wednesday that it planned to sell $750 million in common stock as it tries to maintain its crucial AAA credit rating.
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Wall Street stocks were mixed after MBIA (NYSE:MBI), a bond insurer, revealed billions of dollars in exposure to high-risk securities, causing its shares to drop as much as 30 per cent.
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The company may be hinting at going public.
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Investors in the market for mutual funds may want to consider a promising alternative: shares of asset management companies that sell the funds.
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Shares of MBIA, the nationâs biggest insurer of financial risk, fell 26 percent after it disclosed it was guaranteeing billions of dollars of the kind of complex debt that have unnerved the credit market.
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The Hong Kong Housing Authority said bankers will devise a new plan to sell a record $2.7 billion real estate investment trust through an initial public offering after a legal challenge forced the postponement of the listing.
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The bond firm plans to tackle riskier investments.
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Bargain-minded investors might want to start paying attention.
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WASHINGTON, Jan. 29  â MBIA, the large insurer of municipal bonds, has agreed to pay $75 million to settle civil securities-fraud charges by federal and New York State authorities over what they said was a sham $170 million transaction in 1998, the company and regulators announced Monday.
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The government may try to sell off its loans to Northern Rock to investors as bonds, the BBC has learned.
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Owners of the AA, Britain's largest motoring group, plan to either sell or float it on the stock market, a report suggests.
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MBIA Inc , the world's largest bond insurer, said it has exposure to $30.6 billion in complex mortgage securities that it insures, an amount that eclipses its entire net worth.
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The CAPS community wants to insure some nice returns from this stock.
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MBIA Inc , the world's largest  bond insurer, on Wednesday slashed its common stock dividend 62  percent as part of a plan to strengthen capital and preserve  the "triple-A" credit ratings it depends on to operate  normally.
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This year may be the year of the maple leaf for European agency borrowers if Canadian investors snap up their Canadian dollar bond issues in the same way Australians bought their kangaroo bonds last year. The main reason for the boost for triple-A-rated agency bonds in Australia and Canada is the same -- both have a budget surplus which has cut the respective governments' borrowing needs, leaving domestic investors starved of top quality paper.
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MBIA Inc , the world's largest bond insurer, slashed its dividend by 62 percent on Wednesday and said it would sell $1 billion of debt to preserve capital and the "triple-A" ratings it needs to operate normally in a mortgage market under siege.
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The proposal to break-up the businesses of bond insurers into two separate segments, with one covering "good" municipal debt and the other covering "bad" structured finance debt, may lead to years of litigation, said Bank of America analysts, in a note to clients, late last week.