The cost to protect against losses on corporate bonds in the U.S. fell for the first time in a week. PNC Financial Services Group Inc. issued $750 million in its first three-year, fixed-rate offering in seven months.
On the same day prosecutors charged two former JPMorgan Chase & Co. employees with concealing $6.2 billion of losses on derivatives trades, the bank persuaded bond investors to lend it money for 30 years at an interest rate less than similar securities.
Alcoa Inc. may be running out of chances to post earnings that will keep ratings companies from lowering its debt to junk, which would raise borrowing costs and reduce the largest U.S. aluminum maker’s access to capital. Following “mediocre” first-quarter results last week, ratings companies may downgrade Alcoa’s debt if earnings don’t improve this quarter, said Joel Levington, managing director of corporate credit for Brookfield Investment Management Inc. in New York, which o
Pfizer Inc. , the world’s biggest drugmaker, said first-quarter profit rose more than analysts estimated as products added from the acquisition of Wyeth overcame costs from the U.S. health overhaul. The shares gained.
Potash Corp. of Saskatchewan Inc. ’s borrowing costs are converging with those of BHP Billiton Ltd. as the world’s biggest mining company makes a hostile $40 billion takeover bid for the fertilizer producer.
Royal Dutch Shell Plc was penalized by the bond market in a $2.75 billion debt offering and Anadarko Petroleum Corp. notes tumbled on concern the worst oil spill in U.S. history will depress profits across the industry.