-- Goldman Sachs Group Inc. and Wells Fargo & Co. are joining rival JPMorgan Chase & Co. in the tapping the US investment-grade market after reporting second-quarter earnings.Xi Jinping’s Great Economic Rewiring Is Cushioning China’s Slowdown
Wells Fargo, meanwhile, is tapping the US high-grade market with a $2 billion perpetual securities offering a day after it raised €2.75 billion in the European debt market. JPMorgan kicked off the issuance spree from the big banks on Monday, borrowing $9 billion in a four-part offering that garnered over $28 billion in investor demand. The longest portion of the deal, an 11-year tranche, drew upwards of $12 billion in orders. That allowed the lender to pay just low single-digit concessions to sell the debt, Bloomberg’s Brian Smith wrote in a note.
“Many investors tend to be cautious on bank spreads heading into these heavy supply weeks but the historical data suggests this is unwarranted,” wrote the analysts. Cathie Wood says she wouldn't have sold Nvidia stake 'had we known that the market was going to reward it'