JAKARTA, Jan 9 (Reuters) - Indonesia has barred investment bank JPMorgan Chase & Co from submitting an underwriting proposal for its next U.S. dollar sukuk issuance, a finance ministry official said on Monday.
“The point is (JPMorgan) will no longer do business with the government,” said Suahasil Nazara, head of the fiscal policy office at the ministry of finance.
The comments come after a November downgrade by the U.S. bank in its Indonesian stocks recommendation to “underweight” from “overweight”.
The government has asked other banks to submit proposals by Thursday for a planned U.S. dollar sukuk offering, IFR, a Thomson Reuters publication wrote on Monday.
Reporting by Hidayat Setiaji; Writing by Kanupriya Kapoor; Editing by Jacqueline Wong