The Bank of New York has purchased $4 billion in bonds for the next five years and plans to issue a total of $1.9 billion in corporate bonds over the next three years, the bank announced on Tuesday.
The $1 trillion in corporate debt that the bank owns has grown by $1,500 per dollar of assets, the statement said.
That is about $2,000 per dollar in assets for each dollar of bonds issued.
The bank’s corporate bond issuance has risen to $1 Trillion, up from $750 Trillion in 2019.
The bank’s $1-trillion corporate bond issue will be used for financing the expansion of the $1 and $2 trillion corporate bonds that it holds.
The banks $2-trilion corporate bond issues will cover the first year of the bank’s plan for a $2.5 trillion corporate bond fund, which it has named the Corporate Bond Initiative.
“Our corporate bond portfolio is robust and has the potential to grow significantly over the coming years,” the bank said in the statement.
The statement said that the plan is for $2 billion of corporate bond issuances to come from 2019, $1bn in 2020 and $500 million in 2021.
It said that it expects to issue about $1 in annual corporate bond sales and expects to be able to sell $2 in annual bond sales.
It also said that bond sales are expected to exceed $1 a year in 2020.
The company said that its corporate bond plan was designed to generate the necessary revenue to offset any potential shortfall from its $1/trillion-plus bond sales in 2019 and 2020.
The bond plan, if approved, would be a major milestone in the banks plans to expand its $4 trillion balance sheet, said Jeff Gundlach, chief executive officer of Gundlamp Capital Advisors.
The Bank is the largest investor in the S&P 500 index of publicly traded U.S. corporate bonds.
The Bank’s plan to issue bonds comes after it recently increased its long-term debt by $2bn.
The company also announced a new bond offering that is valued at $1-$1.5 billion, but said that additional corporate bond purchases would be planned over the course of the next few years.