Banc of America Securities Announces Support of Covered Bond Market
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Banc of America Securities LLC, the broker-dealer and wholly owned subsidiary of Bank of America Corporation, today announced its support for the development of a covered bond market in the United States.
The support follows the framework outlined in the Federal Deposit Insurance Corporation’s (FDIC) July 15 covered bond policy statement * and the Best Practices for Residential Covered Bonds* statement introduced today by the U.S. Treasury Department, with the support of the FDIC, Federal Reserve, Office of Thrift Supervision, Office of the Comptroller of the Currency and the U.S. Securities and Exchange Commission.
Consistent with its position, Banc of America Securities is a member of the Securities Industry and Financial Markets Association’s (SIFMA) Covered Bonds Traders Committee, as indicated in a SIFMA statement released earlier today.
Banc of America Securities, a market-maker in fixed income products, including treasuries and agencies, mortgage- and asset-backed securities and corporate bonds, views the development of the covered bond market in the U.S. as a viable instrument to enhance the liquidity of the mortgage market. Banc of America Securities will act as a market-maker for covered bonds issued by various financial institutions.
* Agency statements available on respective Internet Web sites, www.fdic.gov and www.ustreas.gov
Source: Bank of America