On Tuesday, PNC Financial Services Group Inc (NYSE:PNC)’s shares inclined 0.02% to $94.64.
US financials emerged as the largest issuers of high grade bonds in the week to May 29. They broke a four-week streak of dominant issuance by US corporates. Last week, high grade bonds issued by US financials made up 42.4% of all issues, while US corporates accounted for 25% of all issues. Yankee bond issuances made up 17.7% of total issuance. The week ended May 29 brought the year-to-date issuance of corporate high grade bonds to $760.7 billion.
Details of PNC Bank’s issue
PNC Bank is a partner of the PNC Financial Services Group (PNC). It issued bonds worth $3.0 billion, the largest last week. The four-tranche issue rated A2/A comprised of:
- $550 million in three-year FRNs (floating rate notes) at three-month LIBOR + 42 basis points.
- $1.3 billion in 1.60% three-year notes at a spread of 65 basis points over similar maturity Treasuries.
- $750 million in 2.30% five-year notes at a spread of 83 basis points over similar maturity Treasuries.
- $400 million in 3.25% ten-year notes at a spread of 115 basis points over similar maturity Treasuries.
Details of UBS AG’s issue
UBS AG (UBS) also issued high grade bonds worth $3 billion. The four-tranche issue rated A2/A compriseed of:
- $750 million in two-year FRNs at three-month LIBOR + 56 basis points.
- $1.25 billion in 1.375% two-year notes at a spread of 80 basis points over similar maturity Treasuries.
- $250 million in five-year FRNs at three-month LIBOR + 85 basis points.
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. It operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Administration Group, Residential Mortgage Banking, BlackRock, and Non-Planned Assets Portfolio.
Glu Mobile Inc. (NASDAQ:GLUU)’s shares gained 1.87% to $6.53.
Glu Mobile Inc. (GLUU) a leading global developer and publisher of free-to-play games for smartphone and tablet devices, celebrates the 10-year anniversary of the company’s brand. After acquiring European studio and technology provider, Macrospace, Ltd. in December 2004, on May 31, 2005, U.S. developer and publisher, Sorrent Inc., rebranded to become Glu Mobile Inc. A decade later, Glu has evolved its business model, product portfolio, and global footprint to become one of the most innovative mobile gaming companies in the industry. In that time, Glu has more than tripled its headcount, raised non-GAAP revenue from $25.7 million for the year ended December 31, 2005, to $241.8 million for the year ended December 31, 2014, and expanded into six game genres.
Glu Mobile Inc. develops, publishes, and markets a portfolio of games for the smartphones and tablet devices users. The company offers free-to-play action, casual, racing, and sports genre mobile games.
At the end of Tuesday’s trade, AerCap Holdings N.V. (NYSE:AER)‘s shares surged 3.50% to $49.93.
AerCap Holdings N.V. (AER) declared that it has reached a contract with American International Group, Inc. (“AIG” or the “selling shareholder”), the beneficial owner of 46% of AerCap`s ordinary shares outstanding as of March 31, 2015, to repurchase $750 million of the Company`s ordinary shares at a price per share equal to the price per share being paid by the underwriters to the selling shareholder in the formerly declared secondary offering of AerCap ordinary shares by AIG, subject to certain adjustments and limitations. Consideration for the share repurchase will comprise of the issuance of $500 million of junior subordinated notes to AIG and $250 million of cash on hand. The closing of the share repurchase transaction is contingent on all conditions precedent to the closing of the formerly declared secondary offering and certain other customary conditions. The Company anticipates the closing of the share repurchase to occur right away prior to the closing of the secondary offering. The closing of the secondary offering is not contingent on the closing of the share repurchase.
AerCap Holdings N.V., an independent aircraft leasing company, engages in the leasing, financing, sale, and administration of commercial aircraft and engines. The company provides aircraft asset administration and corporate services, counting remarketing aircraft; collecting rental and maintenance payments, monitoring aircraft maintenance, monitoring and enforcing contract compliance, and accepting delivery and redelivery of aircraft; and conducting ongoing lessee financial performance reviews.
SYSCO Corporation (NYSE:SYY), ended its Tuesday’s trading session with 0.19% gain, and closed at $37.30.
SYSCO Corporation (SYY) declared that its Board of Directors declared a regular quarterly cash dividend of $0.30 per share, payable on July 24, 2015, to common shareholders of record at the close of business on July 2, 2015.
Sysco Corporation, through its auxiliaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates in Broadline and SYGMA segments.
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