(Bloomberg Opinion) — At first look, the most recent memo from JPMorgan Chase & Co. Chief Government Officer Jamie Dimon reads like nothing in need of a kumbaya second from the billionaire who leads the largest U.S. bank.Forward of JPMorgan’s annual shareholder assembly, Dimon highlighted a $250 million world enterprise and philanthropic dedication that may assist “vulnerable and underrepresented communities”; a collaboration with Marriott Worldwide Inc. and others that may present as much as $10 million of lodge stays for health-care employees addressing Covid-19 within the U.S.; a lifeline to “hundreds of thousands of homeowners” to delay mortgage funds for 3 months; and virtually $1 billion in new loans for small-business purchasers. The listing goes on.The numbers that caught out to me, nonetheless: JPMorgan has helped investment-grade corporations elevate $664 billion and an extra $104 billion in excessive yield thus far this yr. It’s not solely clear what “helped” means, however the bank’s earnings presentation final month stated it had “helped clients raise $380B+ through the investment-grade debt market in 1Q20,” implying that regardless of the standards, it has accomplished an extra $284 billion of it within the second quarter with six weeks to go.April was a report month for the broad high-grade bond market, with some $300 billion of offers pricing, and Might has proven little indicators of slowing down with about $168 billion within the books. Excessive-yield quantity rebounded in April to $37.Three billion, essentially the most in a month this yr, and thus far an extra $23.8 billion has priced in Might. As Federal Reserve Chair Jerome Powell stated in his “60 Minutes” interview in regards to the central bank’s company credit score services, “we haven’t actually had to lend anyone any money because now the markets are working because the markets know that we’re there.”Functioning bond markets could be sufficient for Powell, however for Dimon and his counterparts like Bank of America Corp.’s Brian Moynihan, it’s nonetheless market share that issues. In a refined manner, Dimon might need been letting his aggressive aspect present by lauding the bank’s underwriting figures thus far in 2020.In line with Bloomberg’s league tables, JPMorgan completed No. 1 in each investment-grade and high-yield underwriting in 2019. Because it stands now, JPMorgan is on monitor to reclaim its titles in 2020. A back-to-back end atop the rankings hasn’t occurred for the bank since 2013, which capped off a four-year string of first-place finishes after the final recession.The league tables, which use a stricter standards on which offers qualify for a given bank, present simply how slim the margins could be on the prime. For example, Bank of America snatched first place in investment-grade underwriting in 2018, the one time previously decade that JPMorgan didn’t maintain the highest spot. The 2 banks underwrote $141 billion and $139.9 billion, respectively. That very same yr, JPMorgan edged out Credit score Suisse in excessive yield, $17 billion to $16.1 billion. To date in 2020, JPMorgan has elevated its investment-grade market share year-over-year by 3.28 share factors, greater than every other bank. Its closest competitor, Bank of America, has elevated its share by 2.21 share factors. In excessive yield, Bank of America has picked up essentially the most market share and has accomplished essentially the most offers, although it nonetheless trails JPMorgan in general quantity, in response to the Bloomberg league tables.All that is to say, charges from debt underwriting will play an essential function within the second-quarter earnings outcomes of the largest U.S. banks. With Treasury yields close to report lows, web curiosity earnings will inevitably come underneath stress. Market volatility is nowhere close to the degrees seen in March, as measured by the VIX Index, which implies buying and selling income received’t be the lifesaver it was within the earlier quarter. And provisions for credit score losses will nonetheless eat into profitability. One of many few constants thus far within the second quarter has been the flood of recent bond offers hitting the market.JPMorgan and different massive banks are clearly attempting to tone down their aggressive aspect throughout this pandemic to keep away from showing grasping throughout a time of worry. As I’ve stated earlier than, bankers are positioning themselves to be the great guys on this disaster, provided that they’re properly capitalized and have the capability to be there for purchasers, not like in 2008.Story continuesDimon’s memo, in that sense, successfully summarizes the temper. “Let’s leverage this moment to think creatively about how we can mobilize to address so many issues that inhibit the creation of an inclusive economy and fray our social fabric,” he wrote. “By doing the right thing during times of crisis, we can emerge stronger and more cohesive in its wake.” On the similar time, he has an obligation to have JPMorgan emerge stronger from this financial downturn as properly. A part of that’s protecting a good grip on its debt-underwriting throne.This column doesn’t essentially replicate the opinion of the editorial board or Bloomberg LP and its homeowners.Brian Chappatta is a Bloomberg Opinion columnist masking debt markets. He beforehand coated bonds for Bloomberg Information. He’s additionally a CFA charterholder.For extra articles like this, please go to us at bloomberg.com/opinionSubscribe now to remain forward with essentially the most trusted enterprise information supply.©2020 Bloomberg L.P.