JPMorgan Chase Unveils $7 Billion Bond Offering, Kicking Off Wall Street Lending Surge After Earnings

JPMorgan Chase issued $7 billion in investment-grade bonds on Tuesday, setting the stage for a wave of financing by major Wall Street banks following their third-quarter earnings. A source familiar with the matter said the issuance was split into three tranches with maturities of four and 11 years, both callable one year before maturity. The source also noted that the yield on the longest-dated tranche would be 0.9 percentage points above U.S. Treasuries, narrowing about 25 basis points from initial price guidance. Another source said JPMorgan was seeking at least $5 billion in financing at the time. According to Barclays, the six largest Wall Street banks are expected to raise approximately $41 billion this quarter through high-grade bond issuances, 30% higher than the average for the same period since 2015. (Caishengshe)