The world seemed like a very uncertain place for financial institutions in April last year. Corporate borrowers were drawing down credit lines in unprecedented volumes. Insurers faced Covid-19 losses of tens of billions of dollars, perhaps more.
The subsequent desire by some clients to bolster their capital played to Morgan Stanley’s equity capital markets strength. In those early days of the pandemic, in May 2020, a $13.3 billion secondary follow-on offering of PNC’s stake in BlackRock bolstered the lender’s balance sheet and gave PNC more firepower to take advantage of strategic acquisition opportunities.
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