On Thursday, Shares of Bank of America Corporation (NYSE:BAC), remained flat to $17.38.
Fund managers who trade risky corporate loans that can take weeks to settle are being told by the biggest underwriter of the debt that they can sell their holdings quickly if they’re willing to pay for it, according to Bloomberg.
Bank of America Corp. has been giving money managers the option to pay a premium to ensure that leveraged loan trades will close within three days, according to four people with knowledge of the matter. The service is aimed at funds that need to raise cash to meet redemptions. Zia Ahmed, a spokesman for the Charlotte, North Carolina-based bank, declined to comment.
Unlike other fixed-income assets, the market for speculative-grade loans continues to embrace antiquated trading practices. Delays in closing trades can exacerbate losses, prompting regulators to warn that investors may not fully understand the risks of investing in funds that hold hard-to-sell assets. Bloomberg Reports.
Bank of America Corporation, through its auxiliaries, provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.
Shares of Halliburton Company (NYSE:HAL), declined -2.47% to $44.58, during its last trading session, due to a weaker dollar and a decrease in crude at a key U.S. storage hub, The Wall Street Journal reports.
Crude oil (WTI) was gaining by 0.85% to $60.43 per barrel and Brent crude was rising by 0.44% to $64.15 per barrel last afternoon, according to the CNBC.com index.
The decrease in stockpiles was at a key storage hub Cushing, OK. The data showed an accelerating drop in stockpiles, down more than 1.2 million barrels between Friday and Tuesday, according to a report from data provider Genscape.
Cushing is also the delivery point for the benchmark U.S. futures contract.
Halliburton Company provides a range of services and products to the upstream oil and natural gas industry worldwide. The company operates through two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment provides production enhancement services, counting stimulation services and sand control services; and cementing services that comprise bonding the well and well casing, and casing equipment.
Finally, Exxon Mobil Corporation (NYSE:XOM), ended its last trade with 0.89% gain, and closed at $85.48.
Exxon Mobil Corporation, signed a memorandum of understanding with the Korea Institute of Energy Technology Evaluation and Planning and the Korea Gas Corporation (KOGAS) to hold discussions concerning natural gas technologies and new energy technologies.
The agreement will focus on the natural gas value chain, counting cryogenic materials, hydrogen production and fuel cell utilization, energy efficiency technologies and technologies associated with robotics and automation.
The multi-year agreement was signed in the presence of Youngsam Kim, director general of investment policy at the Korea Ministry of Trade and Industry; Sara Ortwein, president of ExxonMobil Upstream Research Company; Richard Guerrant, vice president of ExxonMobil Gas and Power Marketing Company; and Graham Dodds, president of ExxonMobil in Korea.
Rob Franklin, president of ExxonMobil Gas and Power Marketing, said ExxonMobil is a world leader in LNG across the entire value chain.
Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, counting olefins, aromatics, polyethylene and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products.
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