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Bond Market News
Boeing’s Workers Reject Latest Hike Offer
October 25, 2024
Boeing’s workers rejected the company’s latest contract offer with 64% voting against the deal. The contract proposal included a 35% wage increase over four years but did not address a key demand for a defined-benefit pension plan, leading to concerns about the strike’s duration and its potential impact on Boeing’s financial recovery. Boeing expressed disappointment over the outcome. Rating agencies are closely monitoring the situation, with warnings that a prolonged strike could hurt Boeing’s credit rating, possibly pushing it toward junk status. Analysts suggest Boeing may need to offer a higher deal to resolve the strike, as the company faces significant cash flow pressures. Following the vote, Boeing’s shares dropped 1.5%, and its suppliers like Spirit AeroSystems saw declines as well.
Its bonds were stable with its 3.5% 2045s at 66.3, yielding 6.52%.
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