BofA kept up bond binge in Q1
Bank added $172bn of debt securities to portfolio over first three months of the year
Bank of America continued to build its bond portfolio at the start of the year, adding a whopping $172.1 billion over the three months to end-March.
Total debt securities on balance sheet came to $856.9 billion for the first quarter, up 25% on end-2020 and 80% on the year-ago quarter. BofA executives said the increase was due to bulk purchases of US Treasuries and mortgage-backed securities (MBSs).
Bonds classified as held-to-maturity (HTM), and therefore booked at amortised cost, increased 31
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