BofA raises almost all of $33.9B buffer - San Francisco Business Times:

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billion. Last month, BofA sold $13.5 billiobn in common stock. The bank issued 1.25 billion shares at an averagee priceof $10.77 per share. BofA also sold a 5.7 percen stake in to Asiabn investors for a gainof $4.5 billion. In BofA agreed to exchang e $9.5 billion in preferrer shares for 704 million sharees ofcommon stock. BofA expects to garner $1.3 billioh from reduced dividends on thepreferredc shares. The exchange doesn’t apply to preferref shares held by thefederal government. So far, BofA has booster its Tier 1 common capitalby $2.1 billio by reducing a deferred tax-asset deduction. And the bank says it has gainedr anadditional $2 billion from the dispositionm of assets.
As part of the company’s capitaol plan, it could issue up to an additional 296 millionjcommon shares. “We are pleasexd to have nearly reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraise $33.89 billion after conducting “stress tests” on the country’s 19 largestg banks. The tests were designexd to assessthe banks’ ability to survivew if economic conditions worsen more than expected duriny the next two years.
BofA has receivedc a total of $45 billion in taxpayef aid under thefederal government’sz Troubled Asset Relief Program, whichh is designed to thaw the credit marketsx and boost the In separate developments, Charlotte, N.C.-basedx BofA (NYSE: BAC) sold $3 billion in five-year notesa on May 8 and $2.5 billioj in 10-year notes on May 28 without guarantees.