JPMorgan Chase

The trust's sixth issue of the year is backed by higher-income borrowers.

The move was led by the two-year yield, which at one point fell nearly 8 basis points below 4.69% — short of last week's low 4.65%.

Some buyers in the JPMorgan deal — and in multiple other SRT trades — borrowed money from other banks to help finance their stakes and inflate returns, people familiar with the matter say.

The $39 billion 10-year note sale was awarded at 4.438%, compared with a yield of 4.458% in pre-auction trading at 1 p.m. New York time, the bidding deadline.

Slated to close on June 13, Regional Management Issuance will pay notes on the 15 of each month, beginning in July 2024. With a May 31, 2024 initial cut-off date, the transaction has a three-year revolving period ending May 31, 2027.

The chief executive officer of JPMorgan Chase & Co. told shareholders the timetable is "not five years anymore," in response to a question about how long he planned to remain CEO.

The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.

With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.

First-quarter results at the companies were promising for other banks looking to reel in fees from capital markets activities as deposit costs put pressure on net interest income.

Four tranches of class A notes make up the capital structure, and they all benefit from 3.00% in total initial hard credit enhancement.