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.
