39.23 +0.06 (0.15%)
After hours: 7:16PM EDT
|Bid||39.16 x 2900|
|Ask||39.22 x 1800|
|Day's range||39.03 - 39.43|
|52-week range||20.10 - 39.97|
|Beta (5Y monthly)||1.58|
|PE ratio (TTM)||16.81|
|Earnings date||14 Jul 2021|
|Forward dividend & yield||0.72 (1.84%)|
|Ex-dividend date||04 Mar 2021|
|1y target est||42.29|
Is (BAC) Outperforming Other Finance Stocks This Year?
The most respected bank CEO just made some interesting observations.
(Bloomberg) -- Bank of America Corp. is poised to sell $15 billion of bonds, setting a fresh record for the largest bond sale by a bank just a day after rival JPMorgan Chase & Co. sold what was then the biggest such offering, according to data compiled by Bloomberg.Investors poured about $25 billion of orders into the deal, according to a person with knowledge of the matter, which will help BofA borrow at cheaper rates than it initially offered. JPMorgan raised $13 billion on Thursday.Major U.S. banks are pouncing on historically low rates to replenish capital and to get cheap funding and investors have responded enthusiastically. On Thursday, Goldman Sachs Group Inc. sold $6 billion of notes.Read more: Big Banks Pounce on Cheap Rates as They Bust Bond Market RecordsTreasuries rallied Thursday as JPMorgan and Goldman Sachs were selling debt, driving 30-year rates to the lowest since early March. Corporate bond yields are usually set in terms of their spread to U.S. rates.Bank of America joined other banking giants in reporting strong results from Wall Street operations on Thursday, with revenue from sales and trading rising 17% and equity underwriting fees more than tripling. The bank also released $2.7 billion in credit reserves.The longest portion of the six-part offering on Friday -- a 21-year security -- is set to yield 115 basis points above Treasuries, according to the person, who asked not to be identified as the details are private.Bank of America is the sole bookrunner on the sale, and the proceeds will be used for general corporate purposes, the person said.(Updates with deal size beginning in first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.