Bank of America smashes hybrid record with 4.3% coupon

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By David Rothnie
23 Jan 2020

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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