JPMorgan Targeting Gulf Leaps to No. 2 for Bonds: Arab Credit
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JPMorgan Chase & Co. is gaining ground in the debt markets of Gulf Cooperation Council states after the biggest U.S. bank helped manage this month’s Islamic bond sale by Saudi Arabia’s utility.
JPMorgan is the biggest bond underwriter after HSBC Holdings Plc in the six-nation GCC in 2014, its best start to a year since 2007, according to data compiled by Bloomberg. The New York-based lender advised on six deals, including Saudi Electricity Co.’s $2.5 billion sukuk sale on April 1.