Bank of America, BNY Mellon, PNC, LeasePlan price notes; Toyota prints

By Cristal Cody

Tupelo, Miss., Oct. 17 – Bank of America Corp. led volume in the high-grade primary market on Thursday with a $4 billion two-tranche offering of fixed-to-floating-rate senior notes.

Additional bank issuers also were in the primary market.

Bank of New York Mellon Corp. sold $750 million of five-year senior notes.

PNC Bank, NA priced $750 million of 10-year subordinated notes.

In other issuance, LeasePlan Corp. NV priced $750 million of five-year notes on Thursday following its roadshow this week.

Also on Thursday, Toyota Motor Credit Corp. sold $1.55 billion of one-year floating-rate medium-term notes using the SOFR benchmark.

Bank supply has been anticipated following the release of third quarter earnings reports this week.

Bank of America released its third quarter earnings report on Wednesday, while Citigroup Inc. posted its profit results on Tuesday.

On Thursday, Morgan Stanley released its profit report before the financial markets opened.

On Wednesday, Bank of Montreal priced a $500 million inaugural offering of three-year sustainability notes.

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