US DOLLARS

摘要

Bank of America helped push the week's volumes to a respectable US$6bn in an otherwise slow period for high-grade issuance. The bank had the field to itself last Thursday, surprising the late-summer high-grade market with a US$4.5bn three-part deal that amassed a whopping US$13.8bn in orders. The self-led trade was heard to be targeting between US$1.5bn and US$2bn when first announced, envisaged as just a single 10-year subordinated note tranche with IPTs of T+190bp-195bp. As bookbuilding progressed into the late morning, though, the bank added a three-year fixed tranche. Books were then said to be approaching USS10bn on the 10-year and US$1.5bn on the three-year.