JPMorgan Sells $8 Billion of Corporate Bonds After Earnings
- Bank sold debt in four parts, including floating-rate notes
- Top banks may borrow up to $24 billion after reporting results
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JPMorgan Chase & Co. sold $8 billion of US investment-grade corporate bonds on Tuesday after posting earnings on Friday, setting the stage for a potential flood of issuance from top Wall Street banks.
The biggest lender in the US by assets sold the bonds in four parts, according to a person with knowledge of the matter. Earlier discussions with investors were for a size between $6 billion and $7 billion, according to separate people familiar with the matter. The bank raked in about $34 billion in orders, allowing it to increase the final deal size.