Bank of America

◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights

◆ BofA taps market with a perp in post-earnings appearance ◆ Varied issuance from US and Japanese insurers ◆ Citi the only large US bank not to have issued in dollars after quarterly results

◆ Larger new issue premiums required ◆ 6bp tighter than Bpifrance ◆ Size set at €2bn

◆ Level set at fair value, price not tightened ◆ French agency follows on in same maturity ◆ Books of under €1bn

◆ Volatility causes spread losses ◆ Issuer ‘flirted’ with intraday execution ◆ Level ropes in $2.35bn book

Move follows hiring of John Kolz as co-head of global ECM

◆ Issuer sets level flat to supra peer ◆ No new issue concession ◆ CEB takes €1bn, book easily covers

Upheaval in US-Europe relationship could reshape the M&A landscape

◆ Bankers say deal was postponed ◆ Book covers size four times ◆ 'Safety first' in current environment

◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?

◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance

◆ Bank of America and National Bank of Canada opt for Monday issuance in shortened week ◆ Somewhat weaker backdrop results in lower price tightening versus recent senior deals ◆ BofA boosts euro funding this year to €6.25bn