Bonds
BofA Joins Bank Bond Sales Spree With $3.5 Billion Offering
- The firm priced subordinated bond maturing in 11 years
- JPMorgan, Goldman, Morgan Stanley had sold $19.3 billion
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Bank of America Corp. is the latest big Wall Street bank to tap the US investment-grade bond market after reporting third-quarter results that beat analysts’ estimates.
The second-largest US bank sold $3.5 billion of subordinated bonds in a single tranche maturing in 11 years, and which are callable after 10, according to a person with knowledge of the matter. The self-led deal yields 1.32 percentage point above Treasuries after initial discussions of around 1.55 percentage point, said the person, who asked not to be identified as the details are private.