MBIA Sells Stock to Aid Rating and Raises $1 Billion
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The bond insurer MBIA raised $1 billion on Thursday by selling shares at $12.15 each in an effort to protect its AAA insurance rating.
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The company is the largest percentage gainer on the NYSE today.
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US bond insurer MBIA shocks investors with scale of guarantees for risky US investments linked to home loans.
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MBIA Inc , the world's largest bond insurer, slashed its dividend 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 M.T.A., in an effort to raise more than $1 billion, wants to sell or lease many of its 14,000 properties.
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BHP Billiton Limited (BHP) announced today that it would undertake an off-market share buyback of between $1 billion and $1.5 billion.
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Shares rose on Monday after an investment deal raised hopes that wealthy foreign investors would come to the rescue of Americaâs ailing investment firms.
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By Bloomberg News. Shares of Sirius Satellite Radio Inc. rose sharply yesterday after the company said that it had surpassed a year-end goal of attracting one million subscribers.
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The retailer raises guidance after an impressive first quarter.
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Wall Street opened higher on Tuesday after Warren Buffett, the billionaire investor, offered to take over $800bn in municipal bonds currently insured by bond insurers Ambac, MBIA (NYSE:MBI) and FGIC.
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SYDNEY: James Hardie Industries yesterday struck a deal to pay US$1.1bil to compensate asbestos-related disease sufferers, boosting the company&#39;s stock as much as 8% as a 14-month row over funding neared its end.
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Multiple bids could drive the company's stock even higher.
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The Nasdaq index rose more than 1 percent on Tuesday as news of Research in Motion Ltd's  deal to distribute BlackBerry smartphones in China added to gains among technology shares, along with a boost from strong profits at Apple Inc.
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Under attack from critics who describe the company as effectively insolvent, MBIA presented a spirited defense in a four-hour conference call with investors and analysts Thursday.
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Investors may snap up a planned $1 billion debt sale by a unit of MBIA Inc , after the beleaguered bond insurer was forced to ramp up the deal's yield to about 14 percent to attract greater interest, according to investors familiar with the deal on Friday.
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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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MBIA Inc, a bond insurer struggling to keep the top credit ratings necessary to win new business, posted a record quarterly loss after writing down $3.5 billion and said it was looking at ways to raise equity to shore up capital.