Hall of Shame – P

The following financial institutions beginning with “P” appear in the 2014 Don’t Bank on the Bomb Hall of Shame. For the full list, or to lookup financial institutions by country, please see here.

Pacific Mutual (United States)

Pacific Mutual has made an estimated 103 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Pacific Mutual (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Pacific Mutual

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 53 1.59 31-Mar-2014
Fluor United States 10 1.20 31-Mar-2014
Northrop Grumman United States 25 0.57 31-Mar-2014
Textron United States 15 0.70 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Peconic Partners (United States)

Peconic Partners has made an estimated 61 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Peconic Partners (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Peconic Partners

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 61 0.50 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Pekin Singer Strauss Asset Management (United States)

Pekin Singer Strauss Asset Management has made an estimated 5 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Pekin Singer Strauss Asset Management (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Pekin Singer Strauss Asset Management

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 5 0.60 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Pennant Capital Management (United States)

Pennant Capital Management has made an estimated 48 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Pennant Capital Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Pennant Capital Management

Company Country Total value (US$ mln) % Outstanding Filing date
Huntington Ingalls United States 48 1.05 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

People’s United Financial (United States)

People’s United Financial has made an estimated 29 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by People’s United Financial (United States) to the nuclear weapon companies since January 2011.

Loans provided by People’s United Financial

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Alliant Techsystems Alliant Techsystems Inc 700 12 08-Oct-2013
1,010 17 08-Oct-2013

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

Piper Jaffray (United States)

Piper Jaffray has made an estimated 80 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by Piper Jaffray (United States) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Piper Jaffray

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Northrop Grumman Huntington Ingalls Ind Inc 600 40 03-Apr-2011
600 40 03-Apr-2011

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

Platinum Asset Management (Australia)

Platinum Asset Management has made an estimated 96 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Platinum Asset Management (Australia) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Platinum Asset Management

Company Country Total value (US$ mln) % Outstanding Filing date
Jacobs Engineering United States 96 1.36 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

PNC Financial Services (United States)

PNC Financial Services has made an estimated 638 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by PNC Financial Services (United States) to the nuclear weapon companies since January 2011.

Loans provided by PNC Financial Services

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Alliant Techsystems Alliant Techsystems Inc 250 14 08-Oct-2013
700 12 08-Oct-2013
1,010 17 08-Oct-2013
200 13 03-Sep-2012
150 7 24-Jun-2014
Babcock & Wilcox The Babcock & Wilcox Co 700 32 22-May-2012
General Dynamics General Dynamics Corp 1,000 35 14-Jul-2011
43 14-Jul-2011
Huntington Ingalls Huntington Ingalls Ind Inc 489 27 23-Sep-2013
650 35 23-Sep-2013
Northrop Grumman Northrop Grumman Corp 500 13 18-Aug-2012
Textron Textron Inc 500 25 23-Jan-2014
1,000 75 30-Sep-2013

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

The table below provides an overview of the underwriting of bond issuances by PNC Financial Services (United States) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by PNC Financial Services

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
General Dynamics General Dynamics Corp 500 19 07-May-2011
500 19 07-May-2011
500 19 07-May-2011
500 21 11-Jan-2012
900 39 11-Jan-2012
1,000 43 11-Jan-2012
Northrop Grumman Northrop Grumman Corp 850 26 28-May-2013
950 29 28-May-2013
1,050 32 28-May-2013
Textron Textron Inc 250 19 23-Jan-2014
350 26 23-Jan-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

Point72 Asset Management (United States)

Point72 Asset Management has made an estimated 46 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Point72 Asset Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Point72 Asset Management

Company Country Total value (US$ mln) % Outstanding Filing date
Alliant Techsystems United States 46 1.07 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Polar Capital Holdings (United Kingdom)

Polar Capital Holdings has made an estimated 34 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Polar Capital Holdings (United Kingdom) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Polar Capital Holdings

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 34 1.06 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Poplar Forest Capital (United States)

Poplar Forest Capital has made an estimated 20 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Poplar Forest Capital (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Poplar Forest Capital

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 20 0.63 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Power Financial Corporation (Canada)

Power Financial Corporation has made an estimated 1,423 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Power Financial Corporation (Canada) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Power Financial Corporation

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 35 1.10 30-Jun-2014
General Dynamics United States 896 2.30 30-Jun-2014
Northrop Grumman United States 423 1.70 30-Jun-2014
URS United States 41 1.30 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Power Financial Corporation (Canada) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Power Financial Corporation

Company Country Total value (US$ mln) % Outstanding Filing date
Rockwell Collins United States 28 1.70 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Primecap (United States)

Primecap has made an estimated 1,667 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Primecap (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Primecap

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 128 4.01 30-Jun-2014
Airbus Group France 468 0.89 30-Jun-2014
Honeywell International United States 873 1.20 30-Jun-2014
Jacobs Engineering United States 198 2.79 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Principal Financial (United States)

Principal Financial has made an estimated 343 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Principal Financial (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Principal Financial

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 58 1.81 30-Jun-2014
Gencorp United States 7 0.62 30-Jun-2014
Raytheon United States 147 0.51 30-Jun-2014
Rockwell Collins United States 87 0.83 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Principal Financial (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Principal Financial

Company Country Total value (US$ mln) % Outstanding Filing date
Airbus Group France 9 0.87 31-Jul-2014
Gencorp United States 6 0.72 31-Jul-2014
Leidos United States 29 2.23 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Protective Life Corp (United States)

Protective Life Corp has made an estimated 104 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Protective Life Corp (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Protective Life Corp

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 19 2.29 31-Mar-2014
Leidos United States 19 1.42 31-Mar-2014
Raytheon United States 37 0.70 31-Mar-2014
Rockwell Collins United States 10 0.61 31-Mar-2014
Textron United States 19 0.87 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Prudential (United Kingdom)

Prudential has made an estimated 609million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Prudential (United Kingdom) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Prudential

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 240 1.04 07-Aug-2014
Serco United Kingdom 30 0.91 07-Feb-2014
Textron United States 58 0.54 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Prudential (United Kingdom) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Prudential

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 96 2.90 31-Mar-2014
Boeing United States 55 0.84 31-Mar-2014
Leidos United States 10 0.79 31-Mar-2014
Northrop Grumman United States 50 1.15 31-Mar-2014
Raytheon United States 50 0.95 31-Mar-2014
Textron United States 20 0.93 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Prudential Financial (United States)

Prudential Financial has made an estimated 2,553 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Prudential Financial (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Prudential Financial

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 18 0.57 30-Jun-2014
Boeing United States 1,304 1.42 30-Jun-2014
Fluor United States 131 1.08 30-Jun-2014
Huntington Ingalls United States 35 0.75 30-Jun-2014
Northrop Grumman United States 197 0.79 30-Jun-2014
Raytheon United States 161 0.56 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Prudential Financial (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Prudential Financial

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 20 0.62 31-Mar-2014
Boeing United States 95 1.45 31-Mar-2014
Fluor United States 6 0.69 31-Mar-2014
General Dynamics United States 53 1.36 31-Jul-2014
Honeywell International United States 224 3.55 31-Mar-2014
Lockheed Martin United States 64 0.67 31-Mar-2014
Raytheon United States 115 2.19 31-Mar-2014
Rockwell Collins United States 88 5.35 31-Mar-2014
Textron United States 42 1.94 31-Jul-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Pzena Investment Management (United States)

Pzena Investment Management has made an estimated 88 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by Pzena Investment Management (United States) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Pzena Investment Management

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 24 0.76 30-Jun-2014
URS United States 64 2.02 30-Jun-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

 

Hall of Shame Methodology

Which financial institutions are involved in the financing of the selected nuclear weapon companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). Used resources are clearly mentioned.

Financial institutions can be involved in financing companies by providing corporate loans, by assisting companies with share- and bond issues, and by (managing) investments in shares and bonds of these companies. For asset managers and pension funds, the only relevant type of financial involvement is (managing) share- and bondholdings of the selected companies.

In this report, we have focussed on the financial institutions which are found to have most significant financing relationships with one or more of the selected nuclear weapon companies. To select these financial institutions, the following criteria are used:

  • All financial institutions involved in loans and underwriting deals for one or more of the companies since 1 January 2011;
  • All financial institutions which own at least 0.5% of the outstanding shares or bonds of at least one of the companies.

What is included

Each section provides the following information for each financial institution:

The types of financial relations which the financial institution has with one or more nuclear weapon companies. The relations are grouped by loans, investment banking and asset management. Financial activities are listed alphabetically by nuclear weapons company for each category.

The name of the receiving company, the amount, the date and (if known) the purpose for each financial relation.

All data is presented in tables. For loans, the first column represents the names of the selected companies that received the loans, the second column shows which subsidiary or part of the selected company has issued the loan. The third column is the purpose of the loan. The fourth column (# FI’s), shows the number of financial institutes participating in loans as loans are often offered by a syndicate of financial institutions. The fifth column represents the value of the total loan offered by the syndicate to the company. The sixth column is the amount for which this specific financial institute participated in the loan. This amount is calculated depending on the role the financial institute plays in the syndicate, as explained below. The last column shows the date the loan was issued.

The tables for underwriting of share and bond issuances have the same columns. The method for calculating these the value per financial institute can be below.

The tables for share and bondholdings managed by the financial institutions show the nuclear weapon producing companies, the country in which this company is situated, the percentage of all bonds or shares outstanding hold or managed by the specific institution, and the total value of the shares or bonds held by the financial institution in the indicated company.

When comparing this report with last years report please keep in mind that we have excluded some Indian sources due to recently identified errors in the Bloomberg databases regarding Indian Mutual Funds.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers from many different countries. They have provided various types of financial services to nuclear weapon companies.