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Citi and JPMorgan Kick Off Post-Earnings Bank Borrowing Binge

  • Other big U.S. banks may follow after posting results
  • Citigroup bonds to finance affordable housing assets
Citigroup headquarters in New York.

Citigroup headquarters in New York.

Photographer: Victor J. Blue/Bloomberg
Updated on

Citigroup Inc. and JPMorgan Chase & Co. were the first of the six biggest Wall Street banks to tap the U.S. investment-grade market after reporting earnings, setting the stage for a potential flood of issuance from the financial giants.

Citi sold $5.5 billion of bonds in three parts on Tuesday, according to a person with knowledge of the matter. The longest portion of the offering, an 11-year fixed-to-floating-rate security, will yield 1.18 percentage points above Treasuries, said the person, who asked not to be identified as the details are private.