GE, BofA Lead Drop in U.S. Rate-Tied Note Sales
General Electric Co. and Bank of America Corp. have all but stopped issuing U.S. structured notes tied to interest rates, leading a 3.7 percent decline in sales of the securities this year.
Bank of America’s only such offering in 2013 has been $7.35 million of 10-year notes on June 24, after selling $730.7 million during the same period a year earlier, according to data compiled by Bloomberg. GE, which issues the securities through its GE Capital Corp. unit, hasn’t sold any since Aug. 2. The two companies’ issuance accounted for more than a third of the volume at this time last year.
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