Bank of America divides but conquers with fixed-to-floating first

摘要

BANK OF AMERICA CORPORATION divided opinion as it pioneered a new structure in the European senior market, with some onlookers arguing that it had paid over the odds after borrowing from US market convention. The US lender sold a €4bn triple-tranche trade, finding strong demand in Europe for the first fixed-to-floating senior deal with a call option.