(Bloomberg) — Truist Financial Corp. and Fifth Third Bancorp tapped the US investment-grade market on Monday, growing the pile of domestic bank debt that has been issued so far this month to $40 billion, as Wall Street firms emerge from fourth-quarter earnings.
Truist sold $3.5 billion of bonds in two parts, according to a person with knowledge of the matter. The longest portion of the offering, an 11-year fixed-to-floating rate security, yields 162 basis points above comparable Treasuries after initial price discussions of around 190 basis points, said the person, who asked not to be identified as the details are private.
