Bank of America

◆ Tenth syndication probably bloc's last for 2024 ◆ Large subscription ratio as usual ◆ January looking 'extremely positive'

Wallonia and Hamburg tap bonds as bloc mandates tenth syndication

◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves

◆ First SSA euro deal sold in nearly two weeks ◆ Rarity, yield and green label lead to 'strong success' ◆ E-supras' curves referenced for pricing

◆ Cross-currency basis swap moves make trade feasible ◆ Fair value hard to locate after Gilt movement ◆ Book almost covered

◆ Opportunistic move pays off ◆ More balance brought into euro curve this year ◆ ‘Incentive and motivation’ to improve spreads

◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’

◆ US insurance company leads issuance with $5.2bn deal ◆ Bank of America lifts large chunk of subordinated debt ◆ Year to date FIG volume surpasses 2023's full year total after issuers frontload

◆ Issuer lands records in joint largest transaction ◆ Spread to World Bank ◆ Bigger size attracts more investors

◆ Swap spread moves help issuer's spread to US Treasuries ◆ No-grow deal many times covered ◆ Investors expecting rate cuts turning to short end yields

◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark

Issuer almost alone among US and European companies in market this year