JP Morgan bond sees strong demand

New York

JP MORGAN had received US$5 billion of orders by mid-morning on Thursday for its first public US dollar bond issue of the year, according to an investor following the deal. The self-led five-year deal, issued through JP Morgan's holding company, comes after Goldman Sachs' well-received US$3.6 billion new issue on Monday and a recovery in bank spreads over the past two weeks.

Goldman's deal was only the second bond from a US money centre bank since a savage sell-off in early February that sent spreads to record wides and shuttered the new issue market.