JPMorgan is marketing its latest batch of U.S. investment-grade bonds, just hours after the bank reported third-quarter results and projected strong growth in net interest income for 2027.

A person familiar with the matter said the bond offering is divided into as many as three tranches, with maturities of 4 years and 11 years, all callable one year before maturity.

The person, who asked not to be identified because the details are not public, said the longest-dated tranche carries initial price guidance of about 115 basis points over U.S. Treasury yields.

According to Barclays forecasts, the six largest Wall Street banks are expected to raise about $41 billion through high-grade bond issuance this quarter, 30% above the average for the same period since 2015.

Banks typically arrange financing after reporting quarterly results. Barclays analysts Peter Troisi and Ishika Goyal said in a note to clients earlier this month that banks have incentive to keep building reserves as client demand for AI-related financing continues to rise and bank bond spreads remain stable even as interest rates climb.

JPMorgan has issued $31 billion of investment-grade bonds through five transactions so far this year, the largest being a $10 billion sale in April.