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摘要

In a rare move for banks, jp morgan and bank of America have been issuing senior long-term bonds as they seek to take advantage of exceptionally flat, or even inverted, yield curves. Bank of America raised a total US$4.25bn through maturities of 20 years or longer during the first four months of 2019, more than it had raised with such tenors in the 2017-2018 period, accordingto IFR. While banks typically like shorter but cheaper senior debt, some financial institutions are seizing the opportunity to lock in 30-year spreads that are nearly identical to what they would achieve on 10-year paper.