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Wednesday, May 23, 2012

Larry Fink Holds A Sale

News summary by MFWire's editors

Following Monday's announcement [see MFWire.com] that minority owner Barclays will sell its $6.1 billion billion stake in BlackRock [profile], Larry Fink's company has issued $1.5 billion of bonds at its lowest coupons on record.

Sarik Gangar covers the move for Bloomberg, reporting that the New York-based money manager sold $750 million each of 1.375 percent, three-year notes to yield 100 basis points more than similar-maturity Treasuries and 3.375 percent, 10-year debt at 165 basis points, the lowest rates ever issued by the company based on Bloomberg data.

Blackrock intends to use proceeds to fund the repurchase of shares from Barclays.  

Edited by: HFD

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