JP Morgan Sells $13 Billion in Bonds in Largest Ever Bank Deal

(Bloomberg) — JPMorgan Chase & Co. sold $13 billion of bonds Thursday, the largest deal ever by a bank, taking advantage of some of the cheapest borrowing costs in years to boost its capital after the Federal Reserve let pandemic relief measures lapse.

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The deal, which followed the bank’s best quarter ever, hit the market as corporate borrowers continue to see heavy demand for debt that provides a decent premium over Treasuries. Order books grew to about $26 billion, allowing JPMorgan to trim the interest on the debt from the relatively high spreads it initially offered, according to a person with knowledge of the matter.

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The jumbo offering may have been related to recent changes in regulatory relief for banks, according to Bloomberg Intelligence analyst Arnold Kakuda.

finance.yahoo.com/news/jpmorgan-sell-13-billion-bonds-184602000.html

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