TLAC evolution: BoA brings fixed to FRN first

By Tyler Davies
02 Feb 2017

Bank of America set a new precedent for the callable TLAC senior product in euros this week, bursting into the market with a €4bn trade bearing the first fixed to floating rate notes the sector has seen. The structure will come to define the future of the callable market in Europe, writes Tyler Davies.

US banks have used the fixed to floating rate note structure for total loss absorbing capacity eligible (TLAC) eligible trades in the dollar market, into which they have plugged about 30 new callable deals since last October.

But ...

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