April 24 (Bloomberg) -- JPMorgan Chase & Co., the largest U.S. bank by assets, sold $2 billion of 10-year subordinated debt.
The bank issued the 3.375 percent notes due May 2023 to yield 175 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. They may be rated A3 by Moody’s Investors Service, said a person familiar with the offering, who asked not to be identified because the terms weren’t set at the time.
Proceeds from the offering will be used for general corporate purposes, including debt repayment, investments in its units, redemption of securities or funding possible acquisitions, according to a company filing today.
JPMorgan’s $750 million of 6.125 percent subordinated bonds due June 2017 traded at 117.5 cents on the dollar on April 9 to yield 1.79 percent, or 110 basis points more than Treasuries, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
To contact the reporter on this story: Victoria Stilwell in New York at email@example.com
To contact the editor responsible for this story: Alan Goldstein at firstname.lastname@example.org