61-0309 USAF KC-135 tanker over Not AF1 Joe at Camp David position
Joe don't eben 'get up' for another 45 minutes or so........
10:00am EST Not AF1 Joe receives the President’s Daily Brief
morning
99-6143 USAFSOC C-32B on descent for Bragg from Ft. Benning, GA
SAM014 USAF G5 departed JBA nw
On friday this AC had a trip to JB Lewis-McChord and back to JBA and arrived just after one of deez AFSOC C-32B's departed from a ground stop and inbound from Hawaii-dat one went to Salt Lake City
RCH612T USAF C-17 Globemaster departing Los Angeles Int'l Airport after a load out and inbound from Boston-Logan Int'l early this morning
Tail # 05-5151=17
Kneepads gonna 'campaign' for Hair Boi out here so this is likely for yet another trip to LA for pretty much nuffin-will be the 6th trip to LA since Jan 20th
Bank of ~~America~~ Italy files shelf to offer up to $123 billion in debt and equity securities over time
Bank of America Corp. BAC, -0.87% filed a shelf registration Monday with the Securities and Exchange Commission to allow it to issue up to $123 billion in debt securities, warrants, preferred stock and equity securities over time. Proceeds of any offerings will be used for working capital, to fund investments in or credit to subsidiaries, to repay debt, to invest in other businesses and for general corporate purposes. Shares were down 0.2% but have gained 26% in the year to date, while the S&P 500 SPX, +0.12% has gained 17%.
https://www.marketwatch.com/story/bank-of-america-files-shelf-to-offer-up-to-123-billion-in-debt-and-equity-securities-over-time-2021-08-02
What Is a Shelf Offering?
A shelf offering is a Securities and Exchange Commission (SEC) provision that allows an equity issuer (such as a corporation) to register a new issue of securities without having to sell the entire issue at once. The issuer can instead sell portions of the issue over a three-year period without re-registering the security or incurring penalties. A shelf offering is also known as a shelf registration; it is formally known as SEC Rule 415.
*A shelf offering allows a company to register a new issue with the SEC but allowing for a three year period to sell the offering instead of all-at-once.
*This lets a company adjust the timing of the sales of a new issue to take advantage of more favorable market conditions should they arise in the future.
*The company maintains any un-issued shares as treasury stock, where they remain "on the shelf" until offered for public sale.
https://www.investopedia.com/terms/s/shelfoffering.asp
Treasury Yields Are Puking Again
It's the start of the month and it would appear the rule is "buy all the things" as bonds, stocks, and gold are all higher this morning with Treasury yields making headlines with the biggest relative move.
10Y Yields are down 8bps from overnight highs, testing back to last week's cycle lows sending real yields to new record (negative). yields...German 30Y bond yields went negative for the first time since February. After a chaotic open which saw Small Cap big, Nasdaq dumped and then both reverse, equities remain higher on the day..There is one asset that is being sold... hard... crude oil.
So who will be right, bonds or stocks?
-I'll take none of them for $1000 please-
https://www.zerohedge.com/markets/treasury-yields-are-puking-again
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
82-8000 USAF 747 out from JBA doin' go arounds on cert/maintenance flight
Still no 92-9000................
Pretty sure dis is MbS
Royal Saudi AF HZ-101 737 nw from Riyadh departure
Paschi Bondholders to Be Shielded in UniCredit Takeover
Banca Monte dei Paschi di Siena SpA’s bondholders are expected to be shielded from any losses in the event of a takeover by UniCredit SpA, according to people familiar with the matter.
UniCredit and the Italian Treasury are looking at options to protect holders of Paschi debt from losses if the deal is finalized, including the possibility for Italy’s second-biggest bank to assume the liabilities of junior bonds, said the people, who asked not to be identified because the matter is private. While UniCredit and the Italian Treasury have agreed on finding a way to keep a takeover from weighing on Paschi bonds, talks are at a preliminary stage and they haven’t yet discussed specific ways to do that, the people said. Paschi’s 750 million euros ($890 million) of 5.375% bonds maturing in 2028 pared declines to 77 cents on the euro, up from about 75 cents earlier on Monday. Representatives for Paschi, UniCredit and the Treasury declined to comment.
UniCredit said it started talks to buy Monte Paschi last week, opening the way to the Italian government’s favored solution for the long-troubled lender. The parties have already approved the prerequisites for a transaction that has to ensure capital neutrality, the exclusion of Paschi’s bad loans and all the extraordinary litigation, as well as adequate protection from other potential credit risk. Monte Paschi’s Tier 2 bonds have fallen as much as seven cents on the euro after analysts warned of potential risks to Monte Paschi’s junior noteholders. UniCredit CEO Andrea Orcel in a conference call on Friday said that talks with Treasury involve a “sub-set” of the Siena-based lender, raising questions on what will be excluded.
Monte Paschi, the world’s oldest bank, has become a burden to the Italian state since it was first bailed out in 2009. After two state rescues and more than 8 billion euros of public money, the lender is still struggling to restore profitability, as the government seeks to exit the troubled lender by a year-end European Union deadline. Based on the current conditions set by Orcel, the deal could have a price tag of as much as 10 billion euros for the government, taking into account a tax sweetener for banking deals, compensation for thousands of workers that are expected to lose their jobs and the management of Paschi’s legal risks.
https://www.bnnbloomberg.ca/paschi-bondholders-to-be-shielded-in-unicredit-takeover-1.1635716
In other words, the parties that NEED to feel the hurt will not-wut a surprise.....s
>>77450 pb UniCredit chief upbeat on Monte dei Paschi deal as takeover talks start
>>77524 pb Monte dei Paschi capital wiped out in EU banking stress test