JPMorgan Sells $13 Billion of Bonds in Largest Bank Deal Ever
- Five-part offering comes a day after strong earnings report
- Investor demand strong as order books swelled to $26 billion
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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.
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.