Bank of America got a senior unsecured bond over the line Thursday after a one-notch downgrade, despite being forced to delay pricing before the rating move. The bank received word late on Wednesday that S&P was about to cut its holding company rating to BBB+, and decided to hold off on the deal even though it had been set to price on the day. Instead, the bank priced the trade - a US$1.25bn fixed rate note at 80bp over Treasuries and a US$350m floater at 76bp over Libor - at the tight end of guidance on Thursday. That implied a new issue premium of 12bp over the issuer's 2018 bonds, which were trading at a G-spread of 63bp when the deal was announced on Wednesday morning.
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