The It's Tuesday, May 19, 2020, just after market closed in New York.

This is the Real Vision Daily Briefing.

I'm Ash Bennington.

Joining me is going to be Ed Harrison from Washington, DC.

But first, for the latest market news,

let's go to Jack Farley.

Thanks, Ash.

Yesterday, we discussed PNC Financial's sale of its massive stake in Black Rock.

Today, I want to look at that deal in greater depth and explore why it's so significant within the banking world.

The deal which totaled just over 14 billion dollars

is the largest equity offering since Alibaba's 25 billion dollar offering

in 2014, but that's not the reason that this deal turned heads.

Nor is it about the 140 million in fees or the 1.1 billion dollar buyback that Black Rod managed to do?

Nor is it even about the fact that PNC Financial sold its Black Rock shares at a 7%

discount? No, the reason this deal is setting shockways throughout the banking world is that

this sale leaves PNC extremely well capitalized at a times when banks,

particularly regional banks, are facing perhaps the greatest insolvency crisis in

their history. In addition to booking a $5 billion gain on the sale

after taxes, the deal raises PNC's common equity tier ratio

from 9.4% to 11.4% above many of its peers.

PNC Financial CEO Bill Demcheck told the Financial Times

that the purpose of the sale was explicitly

...