Swift Transportation shares bounced after hours after the company reported better-than-expected earnings. The trucking services
company posted adjusted earnings of 53 cents a share, more than the guidance of $0.47 to $0.51. Swift attributed the boost to "strong operational execution, declining fuel prices, gains on sale of equipment, and a better than anticipated tax rate."
GasLog Ltd., 8.75% Series A Cumulative Redeemable Perpetual Preference Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 4/7/2020 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8.75% per annum ($2.1875 per annum or $0.546875 per quarter) will be paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date that will be the business day immediately prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-22 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preference shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company.
Greek bank stocks are a shadow of their former selves in U.S. trading. Alpha Bank (ALBKY) shares were up 22% today, or 1 penny, to 3 cents, while Eurobank Ergasias (EGFEY) was up 18%, in a fractional move to one penny. Alpha and Eurobank also have conducted international institutional offerings. Piraeus Bank (BPIRY) was up 51%, or 1 penny, to 4 cents in recent trading.
National Bank of Greece (ADR) (NBG) Receives $128 million From ECB In Capital Actions
Published by Ariel M. Scott on November 16, 2015 at 2:55 pm EST
img National Bank of Greece (ADR) (NBG) Receives $128 million From ECB In Capital Actions
Business Finance News talks about the positive news for National Bank of Greece, after a long spell of troubles
National Bank of Greece (NYSE:NBG) announced that European Central Bank's (ECB) Single Supervisory Mechanism (SSM) has approved $128.17 million (#$%$120 million) in capital actions. This will reduce NBG's capital shortfall.
NBG claimed that as a result of this measure, its capital shortage ? now under the baseline scenario of ECB's stress test ? stands at $1.55 billion (#$%$1.45 billion). On the other hand, its shortfall, according to the adverse scenario, is $4.79 billion (#$%$4.48 billion).
Greece?s biggest lender also mentioned that the SSM approved its plan to issue contingent convertible bonds (CoCos), which will later be repaid after its Turkish subsidiary, Finansbank?s sale. The sale will be able to raise enough funds to meet CoCos? requirement, and partially meet the shortfall as well.
NBG lost 20.61% of its stock value last week, and has declined 23% last month. However, on November 13, the stock?s value rose 3.87% in response to the news of European Bank for Reconstruction and Development?s (EBRD) support.