|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||7.38 - 7.54|
|52-week range||6.04 - 11.65|
|PE ratio (TTM)||N/A|
|Earnings date||1 Mar 2018|
|Forward dividend & yield||0.00 (0.00%)|
|1y target est||11.54|
Hedge funds are increasingly betting on whether bond insurer MBIA can survive heavy losses expected from Puerto Rico’s bankruptcy in the wake of Hurricane Maria.
The market doesn’t seem too concerned about a Barron’s feature that scolded MBIA (MBI) for using the funds of its regulated insurance subsidiary to buyback 25% of MBIA's stock (see "Muni Insurer MBIA Courts Risk in Share Buyback"). Its shares have gained 2.7% to $8.30 despite our concerns about MBIA betting a quarter of a billion dollars of the insurer's capital on the muni bond guarantor when it faces $3.4 billion exposure to defaulted bonds in Puerto Rico. In a note this morning, MKM Partners analyst Harry Fong came out in defense of the muni bond insurer.
In the years following the 2008 financial crisis, bond insurer MBIA tried to get back in the game of guaranteeing the timely payment of municipal bonds. Then Hurricane Maria ravaged the Puerto Rican locales whose MBIA-insured bonds were already in arrears. After these disasters, a funny thing happened to MBIA’s stock (MBI): It rose 50% in late October, to $9.66.
On a per-share basis, the Purchase, New York-based company said it had a loss of $2.17. Losses, adjusted for non-recurring costs, came to 92 cents per share. The insurance and reinsurance company posted ...
MBIA Inc. will host a webcast and conference call for investors on Wednesday, November 8 at 8:00 a.m. to discuss its third quarter 2017 financial results and other issues related to the Company.
National Public Finance Guarantee Corporation , an indirect subsidiary of MBIA Inc. , today announced that National and other creditors have voluntarily dismissed without prejudice the adversary complaint filed on August 7, 2017 which sought to compel the Puerto Rico Electric Power Authority to deposit revenues with the bond Trustee as required by the terms of the PREPA Trust Agreement, PROMESA and ...
National Public Finance Guarantee Corporation , an indirect subsidiary of MBIA Inc. , today announced that, together with the other plaintiffs in the case, it has voluntarily dismissed without prejudice the adversary complaint filed on May 3, 2017 which challenged the Commonwealth of Puerto Rico’s fiscal plan dated March 13, 2017.
It's unlikely the "King of Debt" can erase Puerto Rico's debt, but President Trump's interest in the island may make life harder for bondholders.
Puerto Rican bonds take a huge hit following President Trump's comments on the island's massive debt.