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Big banks face challenges in refinancing bonds

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News - Financial News

Written by Hugh

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Banks such as Citigroup [NYSE:C], Bank of America [NYSE:BAC] and JPMorgan Chase [NYSE:JPM] are facing refinancing challenges as some bonds reach maturity.  In the current market, refinancing those bonds may prove challenging further adding to the challenges facing these banking behemoths.  Interest rates have crept up slightly; investors may require a premium from banks, given potential exposure to the mortgage mess.  Currently there are close to $200 billion in bonds coming due; the bulk of the refinancing will likely occur in December.   The increased cost of borrowing will further depress bank earnings over the next few quarters. < Prev   Next >