New Issue: Bank of America details $3 billion 2.592% fixed-to-floaters due 2031

By Devika Patel

Knoxville, Tenn., April 23 – Bank of America Corp. offered further details about a $3 billion sale of 2.592% medium-term fixed-to-floating rate senior notes due April 29, 2031 (A2/A-/A+) that priced on Wednesday at a spread of Treasuries plus 197 basis points, according to an FWP filed with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 225 bps area with guidance tightened to a 200 bps spread.

The rate on the notes will convert to a floating rate of SOFR plus 215 bps on April 29, 2030.

BofA Securities, Inc. was the bookrunner.

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

Issuer:	Bank of America Corp.
Amount:	$3 billion
Description:	Medium-term fixed-to-floating rate senior notes
Maturity:	April 29, 2031
Bookrunner:	BofA Securities Inc.
Senior co-managers:	ABN Amro Securities (USA) LLC, ANZ Securities, Inc., Banca IMI SpA, Banco de Sabadell, SA, BBVA Securities Inc., BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., CIBC World Markets Corp., Citizens Capital Markets, Inc., Commerz Markets LLC, Commonwealth Bank of Australia, Credit Agricole Securities (USA) Inc., Danske Markets Inc., DBS Bank Ltd., Huntington Securities, Inc., ING Financial Markets LLC, KeyBanc Capital Markets Inc., Lloyds Securities Inc., Mizuho Securities USA LLC, MUFG, nabSecurities, LLC, Natixis Securities Americas LLC, NatWest Markets Securities Inc., Nomura Securities International, Inc., Nordea Bank ABP, RB International Markets (USA) LLC, Regions Securities LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Standard Chartered Bank, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and UniCredit Capital Markets LLC
Junior co-managers:	Apto Partners, LLC and Drexel Hamilton, LLC
Coupon:	2.592%; converts on April 29, 2030 to floating rate of SOFR plus 215 bps
Spread:	Treasuries plus 197 bps
Call features:	Callable after April 29, 2030
Trade date:	April 22
Settlement date:	April 29
Ratings:	Moody’s: A2
	S&P: A-
	Fitch: A+
Price guidance:	Treasuries plus 200 bps; initial talk at Treasuries plus 225 bps area

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