JPM bags $350m from Asia’s first bank-issued EB

JP Morgan5
By John Loh
18 Jul 2018

JP Morgan pocketed $350m on Tuesday from a cash-settled exchangeable bond that was the first of its kind in Asia, drawing huge support from long-only investors. The deal is among a handful globally that not only lets bank issuers raise funds, but also helps with hedging out their corporate derivative exposure. John Loh reports.

The issuer, JPMorgan Chase Bank, launched the 2.5 year bullet through its own investment bank. The instrument has no put or call options, but it is linked to the share price of Hong Kong-listed Ping An Insurance (Group) Company of China.

Sole bookrunner JPM marketed the trade with a ...

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