JPMorgan Chase still leader in corporate bonds
Posted on July 02, 2012 at 23:43 PM EDT
JPMorgan Chase still leader in corporate bonds JPMorgan Chase is tightening its grip on the global corporate bond market while Bank of America sees its market share decline with issuance on pace to exceed $3 trillion for a fourth straight year. The New York lender is the top choice of companies even as it suffers more than $2 billion of losses from derivatives tied to corporate credit markets. "There's no doubt that having insight on those investor flows, we're definitely able to translate that into international borrowers" coming to market to issue dollar-denominated debt. JPMorgan's share has increased even as it faces congressional scrutiny after its London chief investment office built a portfolio of credit derivatives so large it distorted prices and earned trader Bruno Iksil a nickname: "the London Whale." "Looking across the investment banking landscape, JPMorgan is one of the best placed to pick up market share" as European competitors cut employees, he said.
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