Bank of America smashes hybrid record with 4.3% coupon
Records tumbled in the US bond market this week, as Bank of America and Toronto Dominion set new pricing records.
BofAgrabbed the record for the lowest-ever coupon for a fixed-to-float preferred trade on Tuesday, when it priced $1.1bn of perpetual non-call five year $1,000 preferreds at 4.3%. The previous record had been set at 4.5% by BNY Mellon in 2013.The trade means that US banks ...
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