SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

US banking major Bank of America (BofA) raised $5.5bn via a three part debt offering. It raised:

  • $2.5bn via 6Y non-call 5Y (6NC5) bonds at a yield of 1.658%, or T+80bp, 20bp inside initial guidance of T+100bp area
  • $2bn via 11Y non-call 10Y (11NC10) bonds at a yield of 2.651%, or T+105bp, 20bp inside initial guidance of T+125bp area
  • $1bn via 31Y non-call 30Y (31NC30) bonds at a yield of 3.483%, or T+115bp, 20bp inside initial guidance of T+135bp area

The SEC-registered bonds have expected ratings of A2/A-/A+ and proceeds from the offering will be used for general corporate purposes

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