BNP Paribas, Deutsche bag full bond underwriting licences in China, but little impact on DCM expected

Digital China_230px
By Rebecca Feng
05 Sep 2019

BNP Paribas and Deutsche Bank have become the first two foreign banks to receive approvals to underwrite all bonds from non-financial corporations in the Chinese interbank market. While the new licence will expand their underwriting scope in the mainland, it is unlikely to make a big dent to their DCM businesses, or challenge state-owned banks’ dominance. Rebecca Feng reports.

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