BAC · News · 20261020N

Financing Activities

BANK OF AMERICA CORP /DE/ · 2026-10-20 · Importance 79 · Surprise 66 · No source text

Bank of America returned to the investment-grade bond market with a perpetual-notes offering shortly after an $8 billion capital raising. The new notes were initially marketed at a 7.5% to 7.625% yield and are first callable in five years, compared with a 6.25% yield on $2.5 billion of comparable notes sold in July 2025. Separately, the bank filed a Form FWP for a $2 billion Series WW preferred-stock offering carrying a fixed 7.200% annual dividend until its first reset date in October 2031.

Key facts

• Bank of America kicked off an investment-grade bond sale offering perpetual notes following last week's $8 billion capital raising. source
• Bank of America filed a Form FWP for a new offering of Preferred Stock, Series WW, totaling $2,000,000,000. source
• Vail Resorts amended its credit agreement with Bank of America to remove a board-composition change from the definition of a Change of Control Transaction and to eliminate the requirement for administrative agent approval for financial hedges. source
• Bank of America sold $2.5 billion of such notes in July 2025 at a 6.25% yield. source
• The Series WW preferred offering has an initial fixed dividend rate of 7.200% per annum until the First Reset Date in October 2031. source
• The perpetual notes Bank of America is offering would be first callable in five years, with initial price discussions involving a yield of 7.5% to 7.625%. source
• The Series WW preferred offering includes depositary shares, each representing a 1/25th interest in the preferred stock. source
• The Series WW preferred offering is managed by BofA Securities, Inc. as lead book-runner, with a syndicate of co-managers. source

Impact estimates