Bonds

JPMorgan, Wells Fargo Tap High-Grade Bond Market After Earnings

Post-earnings debt rush set to make up for slow 2023 start
JPMorgan Chase and Wells Fargo bonds price on Monday

The JPMorgan Chase & Co. headquarters in New York.
Photographer: Michael Nagle/Bloomberg

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By Allison Nicole Smith

July 17, 2023 at 1:14 PM UTC

Updated on

July 17, 2023 at 8:34 PM UTC

This article is for subscribers only.

JPMorgan Chase & Co. and Wells Fargo & Co. both tapped the US investment-grade primary market Monday, kicking off a potential deluge of fresh bank bonds in the wake of second-quarter earnings.

JPMorgan tested investor appetite with a $4.5 billion debt sale split into two parts. The bank’s six-year bond, which isn’t callable for five years, will yield 1.28 percentage points over Treasuries after initial talks in the range of 1.5 to 1.55 percentage points, according to a person familiar with the matter. The notes are fixed-to-floating rate.