FIG

摘要

Three US financial institutions were in the US high-grade primary on Friday, led by a five-part deal from BANK OF AMERICA that adds to a prolific year of issuance for the sector. Before Friday, the big six banks - Bank of America, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley and Wells Fargo -had raised US$117.26bn so far this year, up from US$88.35bn during the full year of 2019, according to'lFR data. Bank of America has been the most active and was looking to raise another US$7bn-$9bn on Friday, according to one banker away, on top of the more than US$28bn it has already issued this year. The five-part deal contained a four-year non-call three floating-rate note and four fixed-to-floating rate notes. On offer was four-year non-call three, six-year non-call five, 11-year non-call 10 and 31-year non-call 30 maturities at initial price thoughts in the area of Treasuries plus 80bp, 105bp, 135bp and 155bp, respectively. Friday's issuers had looked to announce on Thursday but a bad market tone at the open caused them to stand down until things improved, a second banker away said. According to ICE BofA data, average US credit spreads widened 1bp to 134bp over Treasuries on Thursday amid renewed concerns about the spread of Covid-19 cases across Europe and higher-than-expected initial jobless claims. Bank issuance has slowed in the second half of the year, with the big six raising just US$13.75bn since the start of June.