JP enters eye of the storm as virus vol increases

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By David Rothnie
12 Mar 2020

JP Morgan faced down a global market rout this week to print its first senior unsecured dollar bond of 2020, jumping ahead of Wall Street rivals before markets froze in fear over the coronavirus pandemic.

The bank hit the market on Tuesday — the only day with an open issuance window — with a $2.25bn six year non-call five fixed-to-floating rate note. It printed the self-led trade at 145bp over US Treasuries.

JP Morgan adopted a similar strategy to the one pursued by ...

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