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Bond Market News
Boeing Workers Accept New Offer, Ending Seven-Week Strike
November 6, 2024
Boeing’s West Coast factory workers voted to accept the company’s new contract offer proposal, thus ending the seven-week strike that has plagued the planemaker. The union said members voted 59% in favor of the offer, after two prior offers were voted down earlier. The new offer involves a 38% pay hike over four years and a combined cash bonus of $12k – including a $7k ratification bonus and a $5k contribution to 401(k) accounts, although its old pension will not be restored. Some analysts noted that the strike cost the company $100mn a day in revenue. As per analysts from Jefferies, the pay increase may add $1.1bn to Boeing’s wage bill over the four year period, while the $12k ratification bonus would likely lead to another $396mn in outflows.
Boeing’s bonds were trading positive, with its 3.3% 2035s up 0.5 points to 79.73, yielding 5.96%.
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