Bank of America Corporation is issuing $7 billion of senior notes. The issuance occurs under its Medium-Term Notes program. The offering includes floating-rate and fixed-to-floating rate notes with maturities in 2032 and 2037. The notes are unsecured senior obligations and BofA does not expect them to be listed on any exchange. This capital-raising activity funds a significant investment to expand the credit card business. BofA is spending hundreds of millions of dollars on digital enhancements, increased marketing, and a refreshed rewards program to increase market share. The bank targets increasing credit card penetration among its checking clients from 71% to 80%.