(Bloomberg) — Citigroup Inc. and JPMorgan Chase & Co. were the first of the six biggest Wall Street banks to tap the U.S. investment-grade market after reporting earnings, setting the stage for a potential flood of issuance from the financial giants.

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Citi sold $5.5 billion of bonds in three parts on Tuesday, according to a person with knowledge of the matter. The longest portion of the offering, an 11-year fixed-to-floating-rate security, will yield 1.18 percentage points above Treasuries, said the person, who asked not to be identified as the details are private.

Two of the tranches totaling $2.5 billion were issued under the U.S. lender’s affordable housing bond framework, with proceeds set to finance or refinance the bank’s portfolio of affordable housing assets, the person said. That matches Citi’s own $2.5 billion deal from October 2020 for the largest social bond issued by a U.S. corporation, according to data compiled by Bloomberg.

Read More: Citi Bolsters Social Bond Market With Biggest Housing Deal Ever

Meanwhile, JPMorgan sold a $3.5 billion 11-year fixed-to-floating rate note that will yield 1.1 percentage points above Treasuries, a separate person said. Proceeds are earmarked for general corporate purposes.

Financial companies are leading a rush to lock in still-attractive borrowing costs before the Federal Reserve hikes interest rates, potentially adding to volatility and market uncertainty. The sector accounted for 65% of U.S. high-grade bond sales in 2022 as of Thursday, according to data compiled by Bloomberg. JPMorgan credit research analysts expect big banks to borrow a combined $24 billion to $32 billion following their earnings reports.

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“There is a widespread expectation of heavy financials supply in the weeks ahead,” JPMorgan credit strategist Eric Beinstein wrote Tuesday.

Read more: Top Wall Street Banks Seen Flooding Debt Markets After Earnings

Citi and JPMorgan both reported fixed-income and equities trading revenue that fell short of analyst estimates on Friday.

Both banks are the sole bookrunner on their own bond sales.

(Updates to include final pricing information.)

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