Wall Street’s Biggest Banks' Long-Term Bond Supply Reaches Highest Level Since 2021

The amount of long-term bonds, expiring in about 20 to 30 years, from the six biggest U.S. banks–JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley–has hit its highest three-month pace since June 2021, according to Bank of America credit strategist Yuri Seliger. There are $11.5 billion in 20/30 year bonds in the market from the “Big Six” banks since November, a pace that’s in line with the 2017-2021 run-rate.

The latest offering comes from Goldman Sachs, which is issuing a $3 billion bond with a 31-year maturity, but with a non-callable component period until 2030–meaning it cannot be redeemed for at least the next five years. This is in addition to the $8.5 billion in long-term bonds issued by the group in November.