Bank of America

  • 09 Mar 2007
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Rating: Aa1/AA

Amount: $2bn

Maturity: 15 March 2017

Issue/re-offer price: 99.907

Coupon: 5.30%

Spread: 80bp over US Treasuries

Launch date: Thursday 8 March

Payment date: 13 March

Sole manager: BAS.

Market appraisal:

"...the deal came at 80bp over which is 27bp over Libor compared to the 20bp over Libor that you would expect BoA to pay. The transaction is wider now at 82/80bp.

I would say they paid about a 6bp premium, whereas CIT and GE paid no new issue concession at all by sticking to the short floating rate end of the curve.

GECC did $4bn at 3bp over Libor which is exactly where they priced themselves last time they were in the market.

HSBC did a floater at 8bp over Libor., which was great. Basically all the other frequent issuers except for BoA avoided the fixed rate market because they don't want to pay wider spreads on a Libor basis than they have in the recent past.

When volatility dies down and corporate spreads trade close to swap spreads, then you will see frequent issuers coming in to the market to do term deals.

  • 09 Mar 2007

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%