Regional Bank Gets Wall Street Rates in This Little-Used Market [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: BNN Bloomberg
Buffalo, New York-based M&T Bank Corporation issued preferred shares, which banks in the US use to raise capital beyond common equity. This market is roughly divided into two categories: one sold in retail investor-friendly pieces of $25 and another that comes in much larger chunks of $1,000, with the latter having dominated issuance in recent years. Instead M&T Bank opted for the former, raising $750 million at a fixed-for-life rate of 7.5%. That was as much as 100 basis points lower than market talk for what it might have got in the bigger market, where deals usually have fixed-to-floating rates, according to Bloomberg Intelligence. And it was the same rate as Goldman Sachs recently achieved from a preferred sale to institutional buyers. The deal looks set to draw other regional lenders into a corner of the market that has been ignored by banks for years as they focused on big investors to build capital after the financial crisis. Even after recovering from the aftershock of Si
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