BoA breaks euro silence with expensive senior deal
Bank of America has become the first financial institution to launch a new deal in the European credit market for over a month. The US lender paid a huge premium for its €1.5bn senior bond on Tuesday, but it was able to move past its initial price thoughts on the back of a solid set of orders from investors.
US banks have been funding themselves consistently in the dollar bond market through the coronavirus crisis.
But Bank of America is the first of the country’s big financial issuers to turn its attention to euros — a market that hasn’t seen any unsecured bank debt issuance since February 24.Bank ...