JPMorgan To Pay 8.625% for $1.6 Billion

JPMorgan Chase on Thursday raised $1.6bn in hybrid securities to bolster its balance sheet but had to pledge to pay a high interest rate to lure investors. Bankers close to the deal said JPMorgan's issuance of preferred debt, a security that is a mixture of equities and bonds, paid an annual interest rate of 8.625 per cent.