Bank of America Merrill Lynch on Tuesday carried out a complex, cross-border exchangeable bond deal with a sovereign wealth fund, taking advantage of the market volatility and low interest rate environment to win our choice as investment bank of the week.
Bank of America-Merrill Lynch worked as the sole bookrunner with Singapore's sovereign wealth fund Temasek to issue a bond worth S$650m ($508m) that can be converted into shares in London-listed Standard Chartered bank.