BofA Raises $9B in FDIC-Backed Debt
BofA Raises $9B in FDIC-Backed Debt
Bank of America has sold $9 billion of debt in the largest bank bond sale after the Federal Deposit Insurance Corp agreed to guara.
BofA Raises $9B in FDIC-Backed Debt
12-03-2008
People & Companies in the News
Bank of America has sold $9 billion of debt in the largest bank bond sale after the Federal Deposit Insurance Corp agreed to guarantee the debt, Bloomberg News reports.
New York-based Citigroup intends to sell FDIC-backed notes, which will float with three-month London interbank offered rate.
Bank of America’s sale includes $6.75 billion of 3.125% fixed-rate notes due June 15, 2012, $1 billion of two-year notes, $750 million of three-year notes and $500 million of three-year notes. Citigroup and Wells Fargo are also marketing FDIC-backed debt under FDIC’s Temporary Liquidity Guarantee Program.
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