(Yicai Global) Feb. 7 -- JPMorgan Chase & Co [NYSE:JPM] has received a license to underwrite corporate bonds in China's interbank bond market, making it the first American lender to do so.
With the license, issued by the National Association of Financial Market Institutional Investors, the New York-based firm will be permitted to underwrite debt financing instruments issued by non-financial firms including commercial newspapers, medium-term notes and other regulator-approved instruments, reported state-owned news agency China News Service citing a JPMorgan statement.
China is the world's third largest bond market and had CNY43.7 trillion (USD6.4 trillion) outstanding at the end of 2016, with the interbank bond market accounting for over 90 percent, according to data from China Central Depository & Clearing Co., the country's central bond registry.
Last September, JPMorgan was granted a business license to operate the first wholly foreign-owned asset management company in China and set up an office in Shanghai's free trade zone. Its business scope included asset management, investment management, investment advice and other general consulting services.