Goldman Sachs (GS.US) issued $10 billion in investment-grade bonds on Tuesday, marking its largest bond offering in nearly four years. The move came after the bank reported record third-quarter revenue, making it the first among the six largest U.S. banks to issue bonds during this earnings season.

According to sources, the transaction consists of five tranches, with the longest being an 11-year combined fixed and floating rate bond yielding 0.92 percentage points above U.S. Treasuries. The initial pricing spread was approximately 1.15 percentage points.

This bond sale represents Goldman Sachs' largest issuance since January 2022, when the company raised $12 billion through a six-part transaction. A series of large-scale mergers and acquisitions deals are boosting Wall Street traders, after trade uncertainties had previously suppressed transaction activity.

Goldman Sachs' third-quarter investment banking fee income reached $2.66 billion, surpassing analyst expectations of $2.18 billion. The company's overall revenue totaled $15.18 billion, ranking as the third-highest quarterly revenue in the company's history.

According to dealers, following the quarterly earnings announcements from these six major Wall Street banks, they had initially expected approximately $20 billion in bond issuances from these banks this week. However, JPMorgan strategists predicted last week that the total issuance from these six banks would only reach $15 billion this month, down from the $20 billion raised following second-quarter earnings announcements.

"Given the narrow bond spreads and lack of management guidance, investors remain skeptical about the issuance pace. However, we believe issuance volume will decrease," they wrote in a report.

The bonds are expected to receive an A2 rating from Moody's and a BBB+ rating from S&P Global Ratings.