Wall Street banks sell US$23bil worth of bonds

Increased vigour: People walk past a Wells Fargo bank on Broadway in New York City. The bank is issuing US investment-grade bonds in what is a big exercise of blue-chip company debt being raised. — AFP

NEW YORK: JPMorgan Chase & Co, Wells Fargo & Co and Morgan Stanley are issuing US investment-grade bonds, kicking off what is expected to be a busy week in debt sales as big banks emerge from earnings blackouts.

All told, the three Wall Street giants accounted for US$23bil of the US$30bil in blue-chip company debt being raised, making it the busiest day in terms of new bond sales so far this year, according to data compiled by Bloomberg.