Exxon pays more to borrow amid market turmoil

) paid a big premium to raise $8.5 billion in new debt on Tuesday, as a rout in energy prices and stock market jitters fueled by the coronavirus outbreak eroded investor confidence in the largest U.S. oil producer.

Exxon, which is rated Aaa/AA by credit rating agencies, issued its debt at a 60 basis point premium to PepsiCo Inc , which has a lower investment-grade rating of A1/A+. Compounding Exxon’s woes is the coronavirus pandemic, which has infected more than 196,000 people around the world and killed more than 7,800, and caused severe business and travel disruptions across the globe, fueling fears of an economic downturn.

No industry -- not airlines, not hotels, not cruise ships -- should be bailed out. They can stay in business by borrowing at rock-bottom rates, using their assets as collateral. Taxpayer money should be used to bail out people, not corporations.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

4 things that get easier when the stock market falls - Business InsiderWhen stock market is down, it's easier to buy more shares of stocks, to borrow money, and to focus on other parts of your financial plan. Discover This New Online Strategy That Almost Nobody Knows About It is only partial point of view. Also printing huge amounts of paper money which are not covered by any concrete value will cause extreme devastation of currency and thus evaporating investments also for decades. STOP.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Here are some 'stocks for the storm' from BTIGNew for subscribers: There are a handful of stocks that can weather the current market storm, according to BTIG. Check out their list of 'highest conviction investment ideas.' Check out CNBCPro and get your first 30 days free. Pro Hot stock tips! Lotto numbers too!
Source: CNBC - 🏆 12. / 72 Read more »