Bank of America cancelled its €400m exchangeables issued through merrill lynch into AXA last Tuesday. The cash-settled three-year EBs were offered on Monday with a yield to maturity of minus 2.31% to minus 2% and a fixed 10% premium. Notably the placing was on the public side of the business by the equities team, not ECM or syndicate, in contrast to other bank-issued exchangeables.
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