We advised the underwriters on the investment-grade debt offering

Davis Polk advised the lead manager, sole book-runner and representative of the several underwriters in connection with an SEC-registered offering by Bank of America Corporation of $1.25 billion floating-rate senior notes, due May 2024. The notes bear interest by reference to the three-month tenor of the Bloomberg Short-Term Bank Yield Index (“BSBY”). BSBY measures the average yields at which large, global banks access U.S. dollar unsecured wholesale funding. It is a credit sensitive rate and reflects marginal funding cost at overnight, one-month, three-month, six-month and twelve-month tenors.

The Davis Polk tax team also advised Bank of America Corporation in connection with the foregoing offering.

The Davis Polk corporate team included partners John G. Crowley and John Banes and associates Michael J. Russo and Nicollette Farkas. Partner Po Sit and associate Shay Moyal provided tax advice. All members of the Davis Polk team are based in the New York office.