Capital issue boosts BofA’s AT1 capital by 11%
Bank of America increased the portion of its regulatory capital made up of Additional Tier 1 (AT1) instruments in Q1 2019, following the sale of $2.4 billion worth of perpetual preferred stocks in June.
The bank posted AT1 capital of $24 billion at end-June, up 11% quarter-on-quarter and 6% year-on-year. This represents 10.5% of BofA’s overall capital of $229 billion, up from 9.7% in Q1 2019.
BofA issued two slugs of perpetual preferred stocks in the second quarter, of $1 billion and $1.4
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