JPMorgan gets nod for bond trade
Print Edition
JPMORGAN Chase & Co said yesterday that it has received approval and license to underwrite corporate bonds in China’s interbank bond market, making it the first US-headquartered bank to do so.
The license enables JPMorgan to underwrite debt financing instruments issued by non-financial entities, including commercial papers, medium-term notes and other instruments approved by regulators, it said.
The license was granted by the National Association of Financial Market Institutional Investors, which oversees the Chinese interbank bond market, said a JPMorgan statement.
China is the third-largest bond market in the world, with 43.7 trillion yuan (US$6.4 trillion) outstanding at the end of 2016 and the interbank bond market accounting for over 90 percent, said China Central Depository & Clearing Co.
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