Bank of America CEO: March was busiest month ever for IG debt issues

By Devika Patel

Knoxville, Tenn., April 15 – Bank of America Corp.’s top executive reported that last month was the busiest month ever for high-grade debt issuances in the United States, with $260 billion of issuances, and April has continued to be busy with high-yield issuers also accessing the debt markets.

The bank provided loan commitments to business clients in the uncertain market environment.

“These commitments are a much-needed liquidity bridge for many clients, especially in light of the rapid changes that occurred in March in the commercial paper markets and in debt markets,” chairman and chief executive officer Brian Moynihan said on the company’s first quarter ended March 31 earnings conference call on Wednesday.

“As those markets opened up, we also saw strong debt capital markets issuances for our clients.

“In fact, March ended up being the busiest month ever for the U.S. high-grade market, with approximately $260 billion of total issuances.

“The previous record was $171 billion.

“April has continued this busy pace, and it’s been good to see that access has expanded to high-yield clients,” Moynihan said.

The financial services company is based in Charlotte, N.C.

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