(Bloomberg) -- Goldman Sachs Group Inc. is in the market with investment-grade bonds, just two days after issuing perpetual notes, as the bank taps investors following its surprisingly strong first-quarter results.

The bank on Thursday is selling fixed-to-floating rate notes in two parts, according to a person with knowledge of the matter. The longest portion of the offering, an 11-year security that’s callable after 10 years, will yield 1.22 percentage points above Treasuries, said the person, who asked not to be identified as they are not authorized to speak about it. Initial discussions were for around 1.5 percentage points.

JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co. have combined to issue $21.25 billion of investment-grade bonds this week, the lion’s share of the market’s activity.

Morgan Stanley Sells $8 Billion in Big Banks’ Bond Bonanza (2)

Goldman’s deal could signal a return to a more normalized pace of debt issuance for the firm after a lackluster 2023, Bloomberg Intelligence senior bank analyst Arnold Kakuda wrote in a note. 

Its “below-peer senior debt sales of less than $10 billion in 2023 may normalize closer to $20 billion this year,” he said. That would remove “the positive bond-issuance technical it has enjoyed vs. Morgan Stanley, one of the most-active debt issuers among peers since 2023.”

A representative for Goldman Sachs didn’t reply to a request for comment.

Citizens Financial Group Inc. also launched a deal on Thursday, the first major regional bank to join the bond spree since releasing first-quarter results. Peers including PNC Financial Services Group Inc., U.S. Bancorp and KeyCorp have also disclosed start-of-2024 performance — freeing them up for potential bond issuance.

(Updates with size and pricing margin.)

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