BofA raises almost all of $33.9B buffer - Atlanta Business Chronicle:

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billion. Last month, BofA sold $13.5 billion in common stock. The bank issued 1.25 billioh shares at an average priceof $10.77 per BofA also sold a 5.7 percent stakse in to Asian investors for a gain of $4.5 billion. In BofA agreed to exchange $9.5 billion in preferred share for 704 million shares of common BofA expects togarner $1.3 billionn from reduced dividends on the preferred The exchange doesn’t apply to preferred shares held by the federaol government. So far, BofA has boostec its Tier 1 common capitakby $2.1 billion by reducing a deferreds tax-asset deduction. And the bank says it has gained anadditional $2 billiojn from the disposition of assets.
As part of the company’s capitak plan, it could issue up to an additionakl 296 millioncommon shares. “We are pleased to have nearlyh reached our goalthis quickly,” said Joe chief financial officer. The governmentr said BofA had toraise $33.9 billionh after conducting “stress tests” on the country’s 19 largest The tests were designed to assess the banks’ abilitgy to survive if economic conditions worsen more than expected durin the next two years. BofA has received a total of $45 billiobn in taxpayer aid under thefederal government’s Troublee Asset Relief Program, whichg is designed to thaw the credit markets and boosft the economy.
In separate developments, N.C.-based BofA (NYSE: BAC) sold $3 billion in five-yeard notes on May 8 and $2.5 billion in 10-year notew on May 28 withouy guarantees.