By Cristal Cody
Chicago, Oct. 15 – Bank of America Corp. sold $3.25 billion of 2.572% fixed-to-floating rate 11-year notes on Friday, according to a market source.
The notes priced with a Treasuries plus 100 basis points spread, low to initial price talk in the 115 bps area.
The initial rate resets to SOFR plus 121 bps.
The notes were in demand with an order book that was over $9 billion.
BofA Securities Inc. is the bookrunner.
The notes are non-callable for the first 10 years.
The financial services company is based in Charlotte, N.C.
| Issuer: | Bank of America Corp.
|
| Issue: | Fixed-to-floating rate notes
|
| Amount: | $3.25 billion
|
| Maturity: | Oct. 20, 2032
|
| Bookrunner: | BofA Securities, Inc.
|
| Coupon: | 2.572% initial rate; resets to SOFR plus 121 bps
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | 10 years
|
| Trade date: | Oct. 15
|
| Price talk: | Treasuries plus 115 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
