JPMorgan Raises $2 Billion With Sale of Fixed-to-Floating NotesCharles Mead
JPMorgan Chase & Co., the U.S. bank that today ended its three-year streak of record annual earnings, sold $2 billion of depository receipts.
The lender issued 6.75 percent, variable rate notes due in 2049, according to data compiled by Bloomberg. The fixed-to-floating, junior subordinated bonds are callable at par in February 2024.
JPMorgan’s quarterly profit fell 7.3 percent on $2.6 billion of settlements tied to Bernard Madoff’s Ponzi scheme. Fourth-quarter net income declined to $5.28 billion, or $1.30 a share, from $5.69 billion, or $1.39, a year earlier, according to a statement today from the New York-based bank.