JPMorgan issues $7 billion in bonds, kicking off Wall Street banks' post-earnings financing wave

PANews October 14 news: JPMorgan announced the issuance of $7 billion in investment-grade bonds, kicking off a wave of financing by large Wall Street banks after the release of third-quarter results.

A person familiar with the matter said the offering was split into three tranches, with maturities of 4 and 11 years, both callable one year before maturity. The person also said the longest-dated tranche will yield 0.9 percentage points more than U.S. Treasuries, about 25 basis points narrower than initial price guidance. Another person familiar with the matter said JPMorgan was then seeking to raise at least $5 billion. According to Barclays forecasts, the six largest Wall Street banks are expected to raise about $41 billion this quarter through high-grade bond issuance, 30% above the average for the same period since 2015.

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