We advised the underwriters on the a 3(a)(2) offering

Davis Polk advised the lead manager, sole book-runner and representative of the several underwriters in connection with a 3(a)(2) offering by Bank of America, N.A. of its $1 billion floating-rate senior bank notes, due October 2021. The notes bear interest by reference to the one-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 N.A. in connection with the foregoing offering.

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

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