JPMorgan Underwrites Intel’s $6.5B Bond with $50B Demand, Walmart $3B Deal
JPMorgan Chase joined Citigroup and others to underwrite Intel’s $6.5 billion five-part bond, which drew $50 billion of investor orders and includes a 2066 maturity at 130 basis points over Treasuries. The bank also co-managed Walmart’s planned $3B investment-grade bond, joining a total of $20–25B of US high-grade issuance this week.
1. Intel Bond Sale
JPMorgan Chase & Co. joined Citigroup, Barclays, Bank of America and Deutsche Bank as joint lead managers on Intel’s $6.5 billion five-part bond, which attracted $50 billion of orders and spans maturities from five to 40 years, including a 2066 note yielding 130bps over US Treasuries.
2. Walmart Offering
The bank co-managed Walmart’s planned five-tranche, $3 billion investment-grade bond sale alongside Citigroup and Mizuho, with the longest 10-year tranche expected to yield 70bps above Treasuries and proceeds earmarked for general corporate purposes.
3. Capital Markets Context
This week’s US high-grade debt pipeline totals $20–25 billion across a dozen issuers, underscoring robust demand for investment-grade bonds as companies seek funding for expansions, buybacks and refinancing.
4. Impact on JPMorgan Revenue
Strong subscription levels on these transactions could bolster JPMorgan’s capital markets fees in the second quarter, reinforcing its position among top global underwriters competing for large corporate bond deals.