HONG KONG Feb 6 JPMorgan Chase & Co < JPM.N>
said on Monday it had received approval and licence to
underwrite corporate bonds in China's interbank bond market,
making it the first U.S.-headquartered bank to do so.
The licence 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 licence was granted by the National Association of
Financial Market Institutional Investors (NAFMII), which
oversees the Chinese interbank bond market, said a statement
issued by JPMorgan.
China is the third largest bond market in the world with
43.7 trillion yuan ($6.37 trillion) outstanding at the end of
2016 with the interbank bond market accounting for over 90
percent, according to China Central Depository & Clearing Co.
In September last year, JPMorgan was granted a business
licence to operate a fully owned fund management business in
China, allowing it to set up an office in Shanghai free-trade
($1 = 6.8615 Chinese yuan renminbi)
(Reporting by Sumeet Chatterjee; Editing by Vyas Mohan)