Bank of America revealed a $15 billion bond deal, the largest ever from a bank
The week seems to have started on the right foot for Bank of America. According to data from Bloomberg.com, the bank is ready to sell $15 million of bonds, which will set a fresh record for the largest bond sale conducted by a bank.
Bank of America’s announcement came just a day after JP Morgan Chase sold what was at the time the biggest offering. The latter managed to raise $13 billion on Thursday.
According to a person familiar with the matter, investors poured approximately $25 billion of orders into the deal, which will help Bank of America to borrow at cheaper rates than initially offered.
The announcement came after the bank reported quarterly figures that came ahead of consensus. In Q1 2021, it had an EPS of 86 cents on revenues of $22.9 billion. The market was looking for 66 cents a share, and $22.1 billion in revenue.
Following the news, Bank of America stock price closed 1.06% higher. Its shares surged 32% year to date.
Sources: Bloomberg.com, finance.yahoo.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.