JPMorgan Comes First in Wall Street’s Bank Bond Sales Spree
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JPMorgan Chase & Co. became the first of Wall Street’s six biggest banks to tap the US investment-grade bond market after reporting second-quarter earnings. The bank is selling bonds in as many as four parts, with the longest portion of the offering, an 11-year security, expected to yield 1.35 percentage point above Treasuries. Wells Fargo & Co., Citigroup Inc., and Goldman Sachs Group Inc. have also posted earnings and are potential candidates to sell debt. Bank of America Corp. and Morgan Stanley are scheduled to report on Tuesday. The top banks are expected to borrow more than usual after posting earnings to take advantage of falling yields and get ahead of upcoming US elections. JPMorgan credit analyst Kabir Caprihan expects $21 billion to $24 billion of issuance from the six biggest domestic banks, while Barclays Plc is calling for about $30 billion of sales from the set in the third quarter. The funding backdrop is attractive for bank issuers, with risk premiums on investment-grade bonds narrowing and the overall cost to sell debt falling to the lowest in five months.

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https://finance.yahoo.com/news/jpmorgan-comes-first-wall-street-153034316.html