Boeing Co.’s $20 billion-plus capital raise delivered four banks a hefty payday just as equity market issuance began to cool ahead of the US election.

Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are each expected to earn as much as $75 million for their roles as lead joint bookrunners on the equity raise, based on the Boeing’s filings with the US Securities and Exchange Commission. That accounts for close to 80% of the total fee pool being shared by the roughly 20 banks that worked on the deal.

Boeing this week raised about $23.5 billion in an expanded capital raising in an effort to shore up its balance sheet and stave off a potential credit rating downgrade to junk. The sale was one of the largest ever of its kind by a public company. It comprised a roughly $18.5 billion common share sale, including the over-allotment shares sold by the underwriters later in the week, and $5 billion of depositary shares representing a stake in mandatory convertible preferred stock.

Representatives for Boeing, Goldman Sachs, Bank of America, Citigroup and JPMorgan declined to comment.

Other banks that worked on the sale included Wells Fargo & Co., BNP Paribas SA, Deutsche Bank AG and Morgan Stanley. Those companies were listed as joint bookrunning managers. PJT Partners Inc. acted as Boeing’s financial adviser for the offerings.

Sales of new and existing shares, including initial public offerings, are having their best year since the IPO boom in 2021. But activity during the traditional post-Labor Day window has slowed as companies steel themselves for Tuesday’s US presidential election.