Concession decline debated as BofA, BFCM print sevens
Some FIG bankers heralded the start of a decline in senior unsecured new issue premia this week after they judged Bank of America had paid less than 10bp for its seven year. But others are adamant that borrowers looking at pre-summer trades will still have to pay double digits for access.
BofA printed its €1.5bn deal — its first in euros for nearly three years — at 112bp over mid-swaps on Thursday.
The spread included a single digit premium, according to some bankers, after a two week period where FIG borrowers have paid 15bp-20bp or more for euro funding.“We could ...