BofA issues floating rate notes issuance referencing BSBY

Bank of America, N.A. announced that it issued a $1 billion six-month floating rate bank note referencing the onemonth tenor of the Bloomberg ShortTerm Bank Yield IndexSM to multiple investors earlier this week. BSBY adheres to the International Organization of Securities Commissions' Principles for Financial Benchmarks and measures the average yields at which large, global banks access US dollar unsecured wholesale funding.

It is dynamic, credit sensitive and reflects marginal funding cost at overnight, one-month, three-month, six-month and twelve-month tenors.

"We are pleased to be in a position to help lead the market's transition away from LIBOR," said Bank of America Treasurer Andrei Magasiner.

"The development of a robust alternative term rate, such as BSBY, is an important development for traditional banking products and for our clients."

"We are continuously looking for ways to innovate and provide creative solutions to the market," said Andrew Karp, Head of Investment Grade Capital Markets. "We have seen interest from US market participants for a credit sensitive rate alongside SOFR in the transition away from LIBOR. We believe BSBY is a viable alternative and we expect to see more transactions referencing credit sensitive rates going forward."

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