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JPMorgan Gains Entry to China's Bond Market, a First for U.S. Banks
[Photo: by Solomon203 / Wikimedia Commons]
JPMorgan Chase has won approval to underwrite corporate debt in the biggest sector of China's $6.4 trillion bond market, a first for the U.S. banking industry. The license obtained from the National Association of Financial Market Institutional Investors, an SRO overseen by the People's Bank of China, allows JPMorgan to underwrite debt instruments including commercial paper and medium-term notes from non-financial companies.
The largest U.S. lender, JPMorgan has been doing business in China since 1921. Its expansion into the so-called interbank bond market, which is restricted to institutional investors and accounts for 90% of the country's total bond market, takes advantage of the Chinese central bank's decision last year to loosen entry restrictions.
Bond financing accounted for only 12% of China's corporate debt at the end of 2015, compared with well over 20% in emerging markets such as Mexico and Korea.
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