diff --git a/src/core/ext/filters/client_channel/client_channel.cc b/src/core/ext/filters/client_channel/client_channel.cc
index 931fc17b858..be57bf8d4c7 100644
--- a/src/core/ext/filters/client_channel/client_channel.cc
+++ b/src/core/ext/filters/client_channel/client_channel.cc
@@ -3017,6 +3017,8 @@ void ClientChannel::FilterBasedLoadBalancedCall::RecvInitialMetadataReady(
     // recv_initial_metadata_flags is not populated for clients
     self->call_attempt_tracer()->RecordReceivedInitialMetadata(
         self->recv_initial_metadata_);
+    auto* peer_string = self->recv_initial_metadata_->get_pointer(PeerString());
+    if (peer_string != nullptr) self->peer_string_ = peer_string->Ref();
   }
   Closure::Run(DEBUG_LOCATION, self->original_recv_initial_metadata_ready_,
                error);
@@ -3060,12 +3062,8 @@ void ClientChannel::FilterBasedLoadBalancedCall::RecvTrailingMetadataReady(
       }
     }
     absl::string_view peer_string;
-    if (self->recv_initial_metadata_ != nullptr) {
-      Slice* peer_string_slice =
-          self->recv_initial_metadata_->get_pointer(PeerString());
-      if (peer_string_slice != nullptr) {
-        peer_string = peer_string_slice->as_string_view();
-      }
+    if (self->peer_string_.has_value()) {
+      peer_string = self->peer_string_->as_string_view();
     }
     self->RecordCallCompletion(status, self->recv_trailing_metadata_,
                                self->transport_stream_stats_, peer_string);
diff --git a/src/core/ext/filters/client_channel/client_channel.h b/src/core/ext/filters/client_channel/client_channel.h
index 112b274376a..e43b8ce7b97 100644
--- a/src/core/ext/filters/client_channel/client_channel.h
+++ b/src/core/ext/filters/client_channel/client_channel.h
@@ -65,6 +65,7 @@
 #include "src/core/lib/resolver/resolver.h"
 #include "src/core/lib/resource_quota/arena.h"
 #include "src/core/lib/service_config/service_config.h"
+#include "src/core/lib/slice/slice.h"
 #include "src/core/lib/surface/channel.h"
 #include "src/core/lib/transport/connectivity_state.h"
 #include "src/core/lib/transport/metadata_batch.h"
@@ -556,6 +557,7 @@ class ClientChannel::FilterBasedLoadBalancedCall
   CallCombiner* call_combiner_;
   grpc_polling_entity* pollent_;
   grpc_closure* on_call_destruction_complete_;
+  absl::optional<Slice> peer_string_;
 
   // Set when we get a cancel_stream op.
   grpc_error_handle cancel_error_;