A customer uses an ATM machine at a Bank of America branch in New York City on October 5, 2024. Photographer: Michael Nagle/Bloomberg.
Bank of America Corp. (BofA) is the latest big Wall Street bank to tap the U.S. investment-grade bond market after reporting third-quarter results that beat analysts' estimates.
The second-largest U.S. bank sold $3.5 billion of subordinated bonds in a single tranche, which mature in 11 years and 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.
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