Bank of America raised $1.5 billion from the sale of three-year, floating-rate notes. The offering was led, of course, by Banc of America Securities LLC. The amount was 50 percent more than BOA executives had originally hoped to raise. The issue was priced at 3 basis points over the three-year Libor rate.
Bond mutual fund outflows hit a five-week peak last week by reaching $915 million last week, according to Merrill Lynch. The average outflow from high-yield funds declined.
Did someone say stagflation? The economy grew slower than originally reported and inflation was higher than expected in the first quarter, according to U.S. Commerce Department. Commerce revised its first-quarter gross domestic product figure downward, to a 3.9 percent annual rate from 4.4 percent reported a month ago. The core consumer price index climbed at an annual rate of 2 percent in the quarter, up from the 1.7 percent reported earlier.
Boeing Capital Corp. will redeem about $1 billion to senior-note holders. It will use some of the roughly $1.7 billion it expects to get from the recent sale of its Commercial Financial Services business for the redemption.