Bank of America to Be First U.S. Issuer of Dollar-Based Covered Bonds

(Bloomberg) -- Bank of America Corp. will become the
first domestic seller of U.S. dollar denominated covered bonds
with the sale of $2 billion of the securities backed by U.S.
residential mortgages, ratings companies said.

The bonds, like all covered bonds, will receive AAA ratings,
Moody's Investors Service and Fitch Ratings said. The securities
get AAA ratings because they are backed by home loans held by the
bank, which also promises to pay back the debt.


Read more at Bloomberg Bonds News