Walt Disney Co , JPMorgan Chase & Co and United Parcel Service Inc were among se...
), raised a combined $18.6 billion through the issuance of investment-grade bonds, according to Refinitiv IFR data.
The higher borrowing costs indicate that strain persists in the credit markets, despite the efforts of governments and central banks to support the financial system. The U.S. Federal Reserve has taken a series of steps over the last two weeks to boost liquidity, including cutting borrowing costs to near zero and embarking on large-scale asset purchases.
JPMorgan raised $2.5 billion at a 340 basis point premium, compared to 100 basis points in November on debt with a similar duration, albeit worth only $750 million. Citigroup issued debt with a maturity of 21 years, longer than anything it has issued in at least 12 months, according to Refinitiv IFR records. The 2041 debt was at a 350 basis point premium to U.S. Treasuries, compared to 90 basis points on debt maturing in 2031 done in January.
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