BAC Unlikely To Issue Material Equity Through Issuance To Employees, J.P. Morgan Reports

This morning, J.P. Morgan said that, based on a conversation with Bank of America Corporation (NYSE: BAC), the company “should likely not need to issue any material amount of common equity through issuance to employees to meet $1.1 bil remaining asset sale requirement due to equity benefits from two sales: gains from the sale of China Construction Bank (CICHY) stock offering rights and BlackRock, Inc. (NYSE: BLK) stock.”

Temasek Holdings purchased BAC's share of CCB's 7% rights offering, a move that J.P. Morgan says should bring BAC's ownership closer to the Basel 3 limit and close to completing its asset sale requirement by YE '10 under its agreement to repay TARP last year.

Bank of America currently trades at $12.12; BlackRock trades at $173.07.