Intel stock extends gains after report of possible U.S. government stake
NEW YORK - PPG (WA:IBSP) Industries (NYSE:PPG), Inc., a global supplier of paints, coatings, and specialty materials, has concluded a post-stabilization period without the need for intervention, according to a notice from J.P. Morgan Securities PLC. The announcement on Thursday indicated that the stabilization manager did not undertake any stabilizing actions in relation to the company’s recent issuance of EUR 7-year Senior Unsecured Notes.
The securities, which are SEC-registered and listed on the New York Stock Exchange, had an aggregate nominal amount of EUR 900 million. They were offered at 99.422%. Stabilization efforts, if any had been required, would have been carried out under the rules of the Market Abuse Regulation (EU/596/2014) and the Financial Conduct Authority.
Stabilization activities are typically executed by stabilization managers to support the market price of securities immediately after their issuance. However, in the case of PPG Industries’ offering, J.P. Morgan Securities PLC, serving as the stabilization coordinator, and BNP Paribas (OTC:BNPQY), acting as the stabilization manager, did not find it necessary to engage in such activities.
The absence of stabilization actions suggests a stable or favorable reception of the new securities by the market. Investors often view the lack of need for stabilization as a positive indicator of the demand and stability of the newly issued securities.
This information is based on a press release statement and is intended for informational purposes only. It does not serve as an invitation or offer to underwrite, subscribe for, or otherwise acquire or dispose of any securities of PPG Industries in any jurisdiction.
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