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Global Systemically Important Banks (GSIBs) Heavy Issuers

PIPELINE

$15B Priced Friday, record for sole issuer Bank of America; $72.2B total for week.

  • Date $MM Issuer (Priced *, Launch #)
  • 04/16 $15B *Bank of America $2.25B 4NC3 +65, $600M 4NC3 FRN SOFR+69, $3.75B 6.25NC5.25 +90, $400M 6.25NC5.25 FRN SOFR+97, $4.5B 11NC10 +110, $3.5B 21NC20 +115.
Note, this comes after BoA issued $5.5B last month on March 8: $2.5B 6NC5 +80, $2B 11NC10 +105, $1B 31NC30 +115. Compares to total of $9.5B debt issued by BoA for all of 2020.
  • Global systemically important banks (GSIBs) are seasonally large debt issuers around the end of Q1/beginning of Q2. Over the last week: JPM issued $13B (adds to $5B late Jan), GS issued $6B (adds to $7B early March), World Bank (IBRD) issued $8B, IADB issued $4.25B, BNP Paribas' $2.25B bringing up the rear; MS $7.5B mid-Jan.
  • Market chatter is Citigroup expected to issue in the coming days, adding to $2.5B issued mid-Jan; compares to $3.5B 6NC5 +275 issued early April 2020.
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