Bank of America refills AFS book with T-Bills

Bank makes head start on peers in reshaping battered fair-value investments

Bank of America topped up its inventory of marked-to-market bonds by 25% during the third quarter, allocating part of its growing pile of excess cash to short-term US Treasuries.

Available-for-sale (AFS) securities, measured at amortised cost, rose $34.4 billion to $170.1 billion during the period, reversing part of the almost-$90 billion slide recorded between January and June.

The surge was mostly driven by additions of $32.4 billion in US government debt, helped to a lesser extent by a $3

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