Summary
JPMorgan Chase & Co. (JPM) has announced the closing of two public offerings of debt securities on July 24, 2023. The offerings include $2 billion in Fixed-to-Floating Rate Notes due 2034 and $2.5 billion in Fixed-to-Floating Rate Notes due 2029. This issuance represents an additional tranche of the 2034 notes, which were previously offered in June 2023, and consolidates them into a single series. These new notes were registered under the Securities Act of 1933. The company has also filed legal opinions from Simpson Thacher & Bartlett LLP regarding the legality of these notes. Investors should note that this filing primarily concerns the issuance of debt and does not contain new financial performance data. The primary impact for investors is the company's continued access to capital markets and the increase in its outstanding debt.
Key Highlights
- 1JPMorgan Chase & Co. closed public offerings for two series of debt securities on July 24, 2023.
- 2The company issued $2 billion in Fixed-to-Floating Rate Notes due 2034.
- 3The company issued $2.5 billion in Fixed-to-Floating Rate Notes due 2029.
- 4The 2034 Notes are an additional issuance and form a single series with previously issued notes from June 1, 2023.
- 5The offerings were registered under the Securities Act of 1933.
- 6Legal opinions regarding the legality of the notes have been filed as exhibits.