- Bank of America Corp. is tapping the U.S. market for investment grade bonds with a self-driven deal on Friday, joining Morgan Stanley in issuing new debt following a better-than expected earnings report
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What is Front Line? The bank is selling 11 - year floating rate notes with initial price discussions in the area of 1.15 percentage points above Treasuries, according to a person familiar with the matter. The proceeds are earmarked for general corporate purposes.
BofA beat analysts estimates on Thursday as fees were re-inflated at the dealmaking unit of the company, which was driven by a record-breaking period for mergers and acquisitions.
Blowout results from the big U.S. banks might spur even more bond issuance from the financial sector, which is eyeing still attractive borrowing costs that could get worse if rates kept rising. In this week, Benchmark 10 year Treasury yields increased the highest since mid-year. The bond deal comes as risk premiums in corporate debt remain low, increasing the appeal to investors and raisers.
Morgan Stanley took advantage of favorable sales conditions on Thursday to price $5 billion of debt in a deal that performed well and priced at a level tighter than initially discussed.
JPMorgan Chase Co. and Citigroup Inc are also candidates to sell debt before the year-end, Bloomberg Intelligence s Arnold Kakuda said on Thursday as large U.S. banks look to boost their cash holdings to support ballooning balance sheets.
Would JPMorgan Issue PMI related debt and they can also issue sub or preferred notes, Kakuda said. Bank of America will do only one bond deal until end of year while Citi may start slowing down going forward. Wells Fargo was likely not to issue for the rest of the year. Attempt is Jane Fraser. That she has a plan to Remake Citigroup while tormenting Rivals.
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