Bank of America Corp.'s (BofA's) Dan Mead expects U.S. blue-chip bond market activity to slow down through the end of this year, after borrowers gorged on debt in the first half, enticed by attractive yields now and avoiding election volatility later.
"The overriding theme we expect is for supply to be quieter," said Mead, who is head of U.S. investment-grade syndicate at the bank. So far this year, his team has overseen about $78.4 billion of high-grade bond issuance including self-led transactions, making BofA the third-biggest underwriter in the market, according to Bloomberg league tables. Excluding self-led deals, the lender is the top underwriter for high-grade bonds.
Mead spoke with Bloomberg News on June 11. Below are highlights of the conversation, condensed and edited for clarity.
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