This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MBIA Inc. Reports Third Quarter 2012 Financial Results

Ongoing negative net interest spread in the ALM business, a portion of which is included in the $38 million net loss on financial instruments at fair value and foreign exchange, totaled approximately $22 million in the quarter.

The Conduit segment repurchased $118 million par amount of medium-term notes at discounts during the third quarter, resulting in net gains on the extinguishment of debt that totaled $16 million.

As of September 30, 2012, the ALM business had cash and short-term investments of $284 million, of which $97 million was not pledged directly as collateral. An additional $298 million of cash as of September 30, 2012 was pledged to a swap counterparty. Of this amount, $215 million is netted within “Derivative liabilities,” $17 million is netted within “Other liabilities” and $66 million is included in “Other assets” on the Company’s consolidated balance sheet.

Consent Solicitation

The Company announced today that it launched a consent solicitation pursuant to which it is seeking the consent of its senior noteholders to amend the indentures pursuant to which the senior notes were issued to substitute National for MBIA Insurance Corporation in the definition of “Restricted Subsidiary” and “Principal Subsidiaries” in the respective indentures. The Consent Solicitation Statement is available on the Company’s website at

Conference Call

The Company will host a webcast and conference call for investors tomorrow, Thursday, November 8, 2012 at 8:00 AM (EST) to discuss its third quarter financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.

The dial-in number for the call is (877) 694-4769 in the U.S. and (404) 665-9935 from outside the U.S. The conference call code is 48056925. A live webcast of the conference call will also be accessible on

A replay of the call will be available approximately two hours after the completion of the call on November 8 until 11:59 p.m. on November 22 by dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the U.S. The replay call code is also 48056925. In addition, a recording of the call will be available on the Company's website approximately two hours after the completion of the call.

7 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.00 -0.19%
FB $117.68 0.21%
GOOG $692.99 0.09%
YHOO $35.92 -0.25%
TSLA $233.01 0.30%


Chart of I:DJI
DOW 17,686.19 -64.72 -0.36%
S&P 500 2,049.62 -13.75 -0.67%
NASDAQ 4,732.8370 -30.3870 -0.64%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs