JPMorgan raises US$9b of bonds in post-earnings spree
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JPMorgan Chase & Co sold US$9 billion of bonds in the US investment-grade market, with the longest portion of the offering yielding 1.07 percentage point above Treasuries. The issuance comes after the bank reported record profit and a multibillion-dollar gain tied to a Visa Inc share exchange. Wells Fargo & Co, Citigroup Inc, and Goldman Sachs Group Inc are also expected to sell debt after posting earnings. The top banks are expected to borrow more than usual due to falling yields and upcoming US elections. JPMorgan credit analyst Kabir Caprihan expects US$21 billion to US$24 billion of issuance from the six biggest domestic banks. Risk premiums on investment-grade bonds have narrowed, and the overall cost to sell debt has fallen to the lowest in five months. JPMorgan was among six companies issuing US$18.1 billion of dollar bonds on Monday.
#Jpmorgan #Bonds #InvestmentgradeMarket #Earnings #DebtIssuance #UsEconomy
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