Six weeks ago, when J.P. Morgan & Co. came to market with a $1 billion issue of debt, its 10-year bonds were among the worst performers in the banking industry. But more recently investors have been stuffing their portfolios with the bank's paper.

The spread on J.P. Morgan's 10-year bonds-the difference between their yields and the yields on 10-year Treasuries-has tightened as much as 17 basis points in the last three weeks, indicating that investors are warming to the securities.

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