Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

JPMorgan, Wells Fargo, and Morgan Stanley boost bond market with $23 billion issuance

Published 2024-01-17, 03:32 a/m
Updated 2024-01-17, 03:37 a/m
© Reuters.

NEW YORK - In a robust day for the U.S. investment-grade bond market, JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo (NYSE:WFC) & Co., and Morgan Stanley (NYSE:MS) stood out by issuing a combined total of $23 billion in bonds. The substantial issuances contributed to the broader market's $30 billion total for the day, aligning with market expectations of $35 billion in sales for the week.

JPMorgan led the charge with a multi-part deal worth $8.5 billion. Following close behind, Wells Fargo offered bonds totaling $8 billion, and Morgan Stanley completed the trio with a $6.75 billion issuance. These moves are part of the banks' strategies to refinance looming debts set to mature by 2025 and to position themselves favorably ahead of upcoming regulatory changes that could mandate higher capital reserves.

The market's response to these issuances has been positive, showcasing confidence in these financial institutions. This is reflected in the borrowing costs, which remain low, with high-grade spreads near their lowest in two years.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.