JP Morgan continues to try and distance itself from the crowd of merely mortal banks. The issue spread on the notes will be curious as it provides yet another datapoint of how much incremental cost of debt all the other FDIC insured bank issuers will have to pony up eventually once (if) the government decides to pull its support from the banking sector and have banks fare on their own yet again.

Still waiting with (a)baited breath to see BofA/Merrill Lynch to set off on the non-guarantee path.